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DE 6770 98-1602789 251 West 30th Street 5th Floor New York NY 10001 (347) 212-5075 Sameer Maskey 251 West 30th Street 5th Floor New York NY 10001 (347) 212-5075 false Non-accelerated Filer true true 500000 266000 1420000 1088000 113000 80000 0 505000000 1865000 181000 219000 176000 4117000 1791000 348000 416000 187000 113000 4000 22000 10000 870000 1005000 5000 2000 5541000 3349000 6537000 1166000 3693000 1969000 54000 21000 8986000 255000 700000 191000 74000 87000 20299000 3434000 2261000 6524000 3764000 200000 945000 430000 1000000 948000 878000 979000 29846000 11816000 0.0001 0.0001 500000000 500000000 901955000 1372687000 0.00001 0.00001 9076724 9076724 9043234 9043234 9043234 9043234 7865000 7865000 0.00001 0.00001 24200000 24200000 11716680 9220534 11039388 9220534 2000 2000 667000 0 2903000 4698000 2307000 -34217000 -18834000 250000 193000 -24305000 -8467000 5541000 3349000 8811000 7438000 3976000 3199000 4835000 4239000 1964000 1895000 10333000 7025000 732000 604000 13029000 9524000 -8194000 -5285000 -234000 -451000 -601000 -143000 -70000 -6104000 -611000 -148000 -261000 -7157000 -1466000 -15351000 -6751000 31000 11000 0 0 1000 -15383000 -6762000 -15383000 -6762000 -57000 6000 -15326000 -6768000 -1.45 -1.45 -0.73 -0.73 10574934 10574934 9220534 9220534 9005197 7840000 9220534 2000 153000 -12072000 199000 -3878000 38037 25000 25000 2154000 2154000 -6762000 -6762000 -6000 -6000 9043234 7865000 9220534 2000 2307000 -18834000 193000 -8467000 9043234 7865000 9220534 2000 2307000 -18834000 193000 -8467000 1067000 1067000 -15383000 -15383000 -667000 667000 -2903000 -2903000 26146 12000 12000 343000 343000 2459708 899000 899000 70000 70000 57000 57000 9043234 7865000 11039388 2000 667000 -2903000 4698000 -34217000 250000 -24305000 9043234 7865000 11039388 2000 667000 -2903000 4698000 -34217000 250000 -24305000 -15383000 -6762000 109000 97000 70000 11000 540000 103000 1067000 2154000 110000 145000 57000 -5589000 -581000 515000 30000 80000 59000 122000 2000 120000 -601000 -143000 -70000 -49000 -11000 904000 328000 39000 -10000 85000 68000 -18000 22000 2000 -2000 3715000 560000 -87000 -83000 1744000 1009000 33000 -172000 -2201000 -2474000 -144000 -96000 15000 160000 3000 20000 -38000 -176000 -294000 455000 6500000 700000 2905000 300000 500000 150000 3000000 53000 161000 300000 995000 150000 111000 2000 2000000 -12000 2612000 2138000 -1000 -7000 234000 -637000 266000 903000 500000 266000 26000 248000 10000 14000 81000 1684000 181000 38000 899000 903000 400000 25000 122000 4091000 3818000 81000 <p id="xdx_80F_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z90kP4rMpeV" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1. <span id="xdx_827_z2ClfUp1XEL3">Organization</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines Inc. and its subsidiaries (“Fusemachines” or the “Company” or the “Parent”), listed under the Parent company below, is a Delaware corporation headquartered in the United States. Founded in 2013 and headquartered in New York with operations across North America, Latin America and Asia. Fusemachines, a privately-held company, is a provider of enterprise artificial intelligence (“AI”) Solutions (Products and Services). The Company accelerates its customers’ data to AI journey by offering a suite of AI services that addresses the strategic goals and vision of their enterprise. The Company operates under five legal entities and one branch (as noted below):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines Inc. (Parent) </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines Nepal Inc. (Wholly Owned Holding Company) </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines Nepal Private Ltd. (Majority Owned Subsidiary) </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines Canada Inc (Wholly Owned Subsidiary) </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines India Inc. (Dormant Holding Company) </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachine Inc. Dominican Republic (Wholly Owned Branch) </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Oxygen Private Limited (“BO2”), a Company domiciled in Nepal holds certain redeemable common and preferred stock of Fusemachines Nepal Private Ltd. (Refer to “Note 10 – Cumulative Mandatorily Redeemable Financial Instruments”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Merger Agreement </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, CSLM, Merger Sub, and Fusemachines entered into the Merger Agreement, which was subsequently amended in August 2024 (the First Amendment to the Merger Agreement) and February 2025 (the Second Amendment to Merger Agreement), collectively referred to herein as the Merger Agreement. Pursuant to the terms of the Merger Agreement:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At least one business day prior to the Closing Date, CSLM will undergo the Domestication which involves CSLM merging with and into a newly formed Delaware corporation, CSLM Holdings, Inc or Pubco. Following this merger, CSLM will cease to exist and the newly formed Delaware corporation, Pubco, will be the surviving entity. </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger Sub will merge with and into Fusemachines, the separate corporate existence of Merger Sub will cease to exist and Fusemachines will be the surviving company and a wholly owned subsidiary of Pubco. </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The business combination will be accounted for as a reverse recapitalization in accordance with generally accepted accounting principles in the United States (“GAAP”) and not as a business combination under ASC 805. Under this method of accounting, CSLM, will be treated as the acquired company for accounting purposes, whereas Fusemachines Inc. will be treated as the accounting acquirer. Under the Merger Agreement, the Fusemachines equity holders that hold shares of company common stock, shares of convertible preferred stock, company stock options, or convertible notes will receive an aggregate of number of common stock equal to the quotient obtained by dividing (a) $<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20240131__20240131__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zU86AmVju8ud" title="Issuance of share value">200,000</span> thousand, by (b) $<span id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20240131__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zACpax6eGL1e" title="Common stock, par value">10.00</span> in exchange for all Fusemachines’ fully diluted company common stock. The Merger Agreement will become effective upon the filing of the certificate of merger with the Secretary of State of the State of Delaware or upon certain conditions as specified in the articles of the merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2025, CSLM entered into a second amendment to the Merger Agreement (the “2nd Amendment”) to (a) amend the definition of the “PIPE Investment Amount” to mean the sum of (i) $<span id="xdx_90E_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pp0p0_c20250228__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zQ7BfJcss0Ih" title="Line of credit facility">8,840,000</span>, and (ii) the Contingent PIPE Investment Amount, if any; and (b) remove the delay fees incurred in connection with delivery of Fusemachines’ audited financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Covenant Fees </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Merger Agreement, the Company was covenanted to deliver to CSLM its audited financial statements for the twelve month periods ended December 31, 2023 and 2022 for inclusion in the registration statement on Form S-4 to be filed by CSLM in connection with the Merger, and that such audited financial statements had been prepared in conformity with GAAP applied on a consistent basis and in accordance with the requirements of the Public Company Accounting Oversight Board for public companies. The Company had covenanted to provide the audited financial statements no later than February 29, 2024, or incur delay fees in the amount equal to $<span id="xdx_901_eus-gaap--PaymentsForFees_pn2n3_c20240331__20240331__us-gaap--AwardTypeAxis__custom--FirstOneMonthMember_znqPOwc6YjJe" title="Delay fees">35.0</span> thousand for the first one-month delay to March 31, 2024 (pro-rated for a partial month), $<span id="xdx_90C_eus-gaap--PaymentsForFees_pn2n3_c20250430__20250430__us-gaap--AwardTypeAxis__custom--SecondOneMonthMember_z4UfcrCZIK22" title="Delay fees">50.0</span> thousand for the second one-month delay to April 30, 2024, and thereafter $<span id="xdx_902_eus-gaap--PaymentsForFees_pn2n3_c20250531__20250531__us-gaap--AwardTypeAxis__custom--EachSubsequentOneMonthMember_zm8ZEg89Ald5" title="Delay fees">70.0</span> thousand for each subsequent one-month delay (pro-rated for any partial month). The Company provided the audited financial statements to CSLM in September 2024. As such, the Company has recorded $<span id="xdx_90E_eus-gaap--DeferredCostsCurrentAndNoncurrent_iI_pn3n3_c20241231_z3hbXLbpduOc" title="Deferred transaction costs">505.0</span> thousand of deferred transaction costs on the consolidated balance sheet as of December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, the company entered into a second amendment of the original agreement wherein the above-mentioned delay fee provision is deleted and provides the Company with relief from future penalties related to the delivery of the 2023 financial statements. (Refer to Note 23 – Subsequent events)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 200000000 10.00 8840000 35000.0 50000.0 70000.0 505000.0 <p id="xdx_800_eus-gaap--SignificantAccountingPoliciesTextBlock_zveFzhQdhiNk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2. <span id="xdx_829_znfVllsdglZf">Summary of Significant Accounting Policies</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zuNisTyQC0pd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis of Presentation and Principles of Consolidation </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company prepares its consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding financial reporting. The consolidated financial statements include the financial statements of Fusemachines Inc. and its subsidiaries. Investments in entities where we hold at least a 20% ownership interest and have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. All intercompany balances and transactions have been eliminated. These consolidated financial statements are presented in United States Dollars (“USD”or $), which is the functional currency of the Parent Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zw9y72Xh4ac2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Prior Period Reclassifications </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in prior periods have been reclassified to conform with current period presentation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--UseOfEstimates_zjoLQNl6E5Zf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to the valuation of operating lease right-of-use assets, convertible notes, cumulative mandatorily redeemable common and preferred stock liability, common stock warrants, common and convertible preferred stock, current expected credit losses (“CECL”), stock-based compensation, useful lives of property and equipment and intangible assets, impairment of long-lived assets, capitalization of software development costs, equity method investments and income taxes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company bases its estimates and judgments on historical experience, knowledge of current conditions and its beliefs of what could occur in the future, given available information. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. Changes in facts and circumstances may cause the Company to revise its estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zbcwBpOGv39d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. These investments are carried at cost, which approximates fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zeTm0UzNqEDb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounts Receivable and Related Allowance for Expected Credit Losses </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company classifies its right to consideration in exchange for deliverables as an accounts receivable. A receivable is a right to consideration that is unconditional (i.e., only the passage of time is required before payment is due) regardless of whether the amounts have been billed. Accounts receivable represents amounts due from the Company’s customers for AI solutions (products and services). The Company receives payments from customers based upon agreed-upon contractual terms. The timing of revenue recognition may differ from the timing of invoicing to customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable are stated net of allowance for expected credit losses. Outstanding receivables are reviewed periodically, and allowances are provided for the estimated amount of receivables that may not be collected. The allowance for expected credit loss is based on the probability of future collection determined by applying a loss-rate method using the Company’s historical loss experience. The Company also considers reasonable and supportable current and future conditions in determining its estimated loss rates, such as external forecasts, macroeconomic trends or other factors including customer specific credit risk characteristics. The adequacy of the allowance is evaluated on a regular basis. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible, which occurs when balances reach 365 days past due. Subsequent recoveries are credited to the allowance. Changes in the allowance are recorded as adjustments to bad debt expense in the period incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bad debt expense is included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zik372zDGvuh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property and Equipment, net </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment acquired in the ordinary course of the Company’s operations are stated at cost, net of accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the term of the lease or the estimated useful life of the improvement. Maintenance and repairs are expensed as incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation expense is included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_ecustom--ScheduleOfPropertyPlantAndEquipmentTableTextBlock_zwYdIqpvoVj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciable lives by major classification generally are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zCfaFjmBJQIl" style="display: none">Schedule of Property and Equipment, Net</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful lives</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Computers and other hardware</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MinimumMember_zqPAa8B1APtd" title="Property and equipment, estimated useful lives">5</span>-<span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MaximumMember_zdtGIIkRiBWk" title="Property and equipment, estimated useful lives">8</span> years</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Vehicles and other fixed assets (excluding computers)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember__srt--RangeAxis__srt--MinimumMember_zd0IV6gQMcE9" title="Property and equipment, estimated useful lives">2</span>-<span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember__srt--RangeAxis__srt--MaximumMember_zLj67r8dSpAb" title="Property and equipment, estimated useful lives">10</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Office, furniture, and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember__srt--RangeAxis__srt--MinimumMember_zoTGbojFtltb" title="Property and equipment, estimated useful lives">2</span>-<span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember__srt--RangeAxis__srt--MaximumMember_zxq9Py7Od7Fc" title="Property and equipment, estimated useful lives">10</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Leasehold improvements - shorter of lease term of estimated useful life</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MinimumMember_zIu5GUdX0Ksj" title="Property and equipment, estimated useful lives">2</span>-<span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MaximumMember_z3SxeDuDduW9" title="Property and equipment, estimated useful lives">10</span> years</span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AA_z3ureVtOXwe6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p id="xdx_847_eus-gaap--GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_zIc4pQBRH3K8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intangible assets, net </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets consists of internally developed capitalized software, which will help in the management of the AI solutions business and will be sold on a license basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Internal use software </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company capitalizes certain costs related to internal use software acquired, modified, or developed related to the Company’s services in accordance with <i>ASC 350, Internal use software</i>. These capitalized costs are primarily related to salaries and other personnel costs. Costs incurred in the preliminary stages of development and the post implementation phase are expensed as incurred. The company adopts agile method of software development which is generally characterized as an iterative and more dynamic process where the planning, design and coding are less distinct and performed in short sprints. The Company, analyses the nature of the development and implementation activities – i.e. whether Subtopic 350-40 characterizes them as capitalizable application development stage activities – when deciding whether the costs of those activities should be capitalized or expensed as incurred. Maintenance and training costs are expensed as incurred. The amortization expense is recorded in “General and administration” on the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software costs that are expensed are recorded in “Research and Development” on the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Software developed for sale </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The costs incurred for the development of computer software to be sold, leased or otherwise marketed are capitalized in accordance with <i>ASC 985, Costs of Software to be sold, leased or marketed, </i>when technological feasibility has been established. Technological feasibility generally occurs when all planning, designing, coding and testing activities are completed that are necessary to establish that the product can be produced to meet its design specifications, including functions, features, and technical performance requirements. These capitalized costs are primarily related to salaries and other personnel costs.</span></p> <p id="xdx_896_ecustom--ScheduleOfFiniteLivedIntangibleAssetTableTextBlock_zre5EYS1KrKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B7_zNdOInZkKkvl" style="display: none">Schedule of Intangible Assets, Net Useful Lives</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Useful Lives</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">Internally developed software</td><td style="width: 2%"> </td> <td style="width: 16%; text-align: center"><span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20241231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--InternallyDevelopedSoftwareMember_z9OlNV6KxLU4" title="Intangible assets, net useful lives">3</span> years</td></tr> </table> <p id="xdx_8A7_zBqujZI0wPK9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p id="xdx_848_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zu5WUx3QhG5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment reporting</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under Topic 280, an operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the CODM to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines operates as <span id="xdx_906_eus-gaap--NumberOfOperatingSegments_dc_uSegment_c20240101__20241231_zxIKTUrPuHff" title="Number of operating segment">one</span> operating segment with a focus on data engineering, AI consulting, and technical services. The Company’s Chief Executive Officer (“CEO”), as the Company’s chief operating decision maker, manages and allocates resources to the operations of the Company on a consolidated basis. This enables the Company’s CEO to assess the overall level of available resources and determine how best to deploy these resources across service lines in line with the Company’s long-term company-wide strategic goals.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The CODM considers the Company’s net income/(loss), expenses and the components of total assets to assess the segment’s performance and make resource allocation decisions for the Company’s single segment which is consistent with that presented within these financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As the Company’s operations are comprised of a single reporting segment, the Company’s segment assets are reflected on the accompanying Consolidated Balance sheet as “total assets” and its significant segment expenses and net loss are listed on the accompanying Consolidated Statements of Operations and Comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p id="xdx_897_eus-gaap--ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock_zU9jKDNyl583" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; display: none; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zlYzuyI27kh9" style="display: none">Schedule of Restatement Items on the Financial Statements</span></p> <p id="xdx_8A6_zC9bx3OuBcmc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; display: none; text-align: justify"><span style="display: none"> </span></p> <p id="xdx_84F_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zwTgysHN90f3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_za3eUnpk29C9">Impairment of Long-Lived Assets</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived assets, such as property and equipment and finite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company uses the straight-line method of depreciation and amortization. When the carrying value of an asset is more than the sum of the undiscounted expected future cash flows, an impairment is recognized. An impairment loss is measured as the excess of the asset’s carrying amount over its fair value. Intangible assets that have finite useful lives are amortized over their estimated useful lives on a straight-line basis. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset, or a significant decline in the observable market value of an asset, among others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_zaZGiPdFMPBe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company holds Long-lived assets in several countries worldwide, with the majority of those assets being held in Nepal. The table below presents the breakdown of the Company’s Long-lived assets, based on geographic region (in thousands).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zFCgg4bwENW9">Schedule of Long-lived Assets, Based on Geographic Region</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_z0yC2EiVp6H7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20231231_zq5ZdJl7mrq5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Long lived assets<br/> As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NoncurrentAssets_iI_pn3n3_hsrt--StatementGeographicalAxis__country--NP_zv4DZq5QIySk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: justify">Nepal</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">286</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">343</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NoncurrentAssets_iI_pn3n3_hsrt--StatementGeographicalAxis__country--US_zMZLOBEBgv31" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">186</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NoncurrentAssets_iI_pn3n3_zQpQ6DdjAzT1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Total Long-lived assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">535</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">529</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zbtsWdVN5Nyd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zCRqvOJwaqWa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zPWnl1dCyy2a">Fair Value Option (“FVO”) Election</span></b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into related party convertible notes payable, at fair value in October 2019, September 2021, and Convertible Notes payable at fair value in January 2024, (the “Convertible Notes at Fair Value”). (Refer to “Note 12 – Long-Term Debt”). As permitted under ASC 825, <i>Financial Instruments </i>(“ASC 825”), the Company elected the FVO to account for the Convertible Notes at Fair Value. In accordance with ASC 825, the Company recorded them at fair value. The FVO may be applied instrument by instrument, but it is irrevocable. Subsequent changes in fair value would be recorded as a separate line in the consolidated statements of operations and comprehensive loss. As a result of applying the FVO, direct costs and fees related to the Convertible Notes at Fair Value were expensed as incurred. The Company concluded it was appropriate to apply the FVO to Convertible Notes at Fair Value because they are liabilities that are not, in whole or in part, classified as a component of stockholders’ equity. In addition, the Convertible Notes at Fair Value met other applicable criteria for electing the FVO under ASC 825.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_zXcsPMp03W6i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zlT0vtFLQ2ta">Accumulated Other Comprehensive Income</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated other comprehensive income consists of changes in the cumulative foreign currency translation adjustments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zAjKeDaBi0fj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_znNvnoJN3XG4">Revenue Recognition</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes revenue in accordance with ASC Topic 606, <i>Revenue from Contracts with Customers </i>(“ASC 606”). Under ASC 606, the Company recognizes revenue when (or as) customers obtain control of promised goods or services, in an amount that reflects the consideration which is expected to be received in exchange for those goods or services. The Company recognizes revenue following the five-step model prescribed under ASC 606: (i) identify contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) </span>in the contract; and (v) recognize revenues when (or as) the Company satisfies a performance obligation. The Company applies the provisions of ASC 606 to an arrangement when a substantive contract exists and collectability is probable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company derives the majority of its revenue from AI Solutions (Products and Services) that largely represents professional services Fusemachines provides to its customers to help them achieve any AI-related goals within their organization. The Company’s contracts for AI Services have different terms based on the scope and complexity of engagements; pricing for the majority of contracts are invoiced monthly on a time-and-materials basis. The Company notes that its contracts meet the requirements for over-time revenue recognition, as the customer is simultaneously receiving the benefits and able to consume the benefits of the services being provided. The Company elected the “right to invoice” practical expedient based on the Company’s right to invoice a customer at an amount that approximates the value to the customer and the performance completed to date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also provides AI Education Services which represents a customized curriculum of educational services provided to train the customer’s C-suite on AI for Business. The Company provides AI Education Services over time as the course proceeds and the students retain knowledge over time. Thus, the customer receives and consumes benefits as the Company performs the AI Education Services, and revenue is recognized over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company’s AI Solutions includes product revenues primarily comprising of software license fees from sales of term-based license contracts, under which we grant customers the license right to use the software for a specified period (i.e. when the customer can access, use, and benefit from the software license). Term software licenses are satisfied at a point in time and associated revenue is recognized upon the later of 1) delivery of the software, or 2) the beginning of the period in which the customer has received the license right to use the software. For customer contracts that include software license fees, implementation and/or other consulting services, the portion of the transaction price allocated to software licenses is generally recognized when delivered. During the years ended December 31, 2024 and December 31, 2023, the product revenues were insignificant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For most contracts, the Company uses a Master Service Agreements (“MSA”) to govern the overall relevant terms and conditions of the business agreement, and a Statement of Work (“SOW”) to specify the services delivered and the associated prices. Performance obligations specific to each individual contract are defined within the terms of each SOW. Each performance obligation is identified based on the services that will be transferred to our customer that are both capable of being distinct and are distinct within the context of the contract. The transaction price is determined based on the consideration to which the Company will be entitled and expect to receive in exchange for transferring services to the customer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consideration for some contracts may include variable consideration including volume discounts and rebates. If the consideration promised includes a variable amount, the Company only includes estimated amounts of consideration in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. These estimates require management judgments and estimates. The determination of whether to constrain consideration in the transaction is based on historical, current, and forecasted information that is reasonably available to the Company, taking into consideration the type of customer, the transaction, and specific facts and circumstances of each arrangement. The Company uses judgement to determine if collectability of consideration is uncertain, and accordingly, revenue recognition is deferred until the uncertainty is resolved and cash is collected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days of the invoice date. In certain arrangements, the Company will receive payment from a customer either before or after the performance obligation to which the invoice relates has been satisfied. As a practical expedient, the Company does not account for significant financing components if the period between when it transfers the promised good or service to the customer and when the customer pays for the product or service will be one year or less.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation based on its relative standalone selling price. The stand-alone selling prices are determined based on the prices at which the Company separately sells these products. For items that are not sold separately, the Company estimates the stand-alone selling prices using other observable inputs. As Fusemachines Inc. is the sole reportable segment, all revenues are attributed to the sole segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contract Balances </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Differences in timing between revenue recognition and cash collection result in contract assets and contract liabilities. The Company classifies these assets as unbilled revenue; the liabilities are classified as deferred revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred revenue represents the amounts billed or cash payments received in advance of revenue recognition at the end of the reporting period. These amounts are recorded in deferred revenue until revenue is recognized through delivery of service or upon meeting the performance obligation. The Company’s deferred revenue represents contract liabilities. Generally, when billing occurs subsequent to revenue recognition, the Company reports unbilled revenue on the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_ecustom--CostOfRevenuePolicyTextBlock_zsnM5NDsvdMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_zj4DtaNPlVkd">Cost of Revenue</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists principally of consulting and payroll expenses as well as stock-based compensation expense that are assigned to customer projects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_ecustom--SellingAndMarketingExpensePolicyTextBlock_zsxP8P9tSxwa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zyznMs7Dl2d1">Selling and Marketing Expenses</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling and marketing expenses represent costs incurred to promote the Company’s services offered, including salaries, benefits and related costs of our sales and marketing personnel, and represent costs of advertising and other selling and marketing expenses. All sales and marketing costs are expensed as incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--SellingGeneralAndAdministrativeExpensesPolicyTextBlock_znj2o7bDk2E2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zK51VGzqPt5d">General and Administrative Expenses</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of expenses associated with general and administrative functions of the business such as the costs of salaries, stock-based compensation expense, Information Technology (“IT”) infrastructure, allowance for expected credit losses, travel, legal and accounting services, insurance, rent, software and tools, meals, other professional services activities, and certain non-income taxes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_ecustom--DefinedContributionPlanPolicyTextBlock_zcrlbcTw6zka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zYKxOvDS0Sfa">Defined Contribution Plan</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contributions to defined contribution plans are expensed in the period in which services are rendered by the covered employees. The Company recognizes its liabilities for compensated absences dependent on whether the obligation is attributable to employee services already rendered, relates to rights that vest or accumulate and payment is probable and estimable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zWBmAy1tgsga" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_z2oFPHRGgDA3">Stock-Based Compensation</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-based compensation expense attributable to equity awards granted to employees and non-employees is measured at the grant date based on the fair value of the award. For employee awards, the expense is recognized on a straight-line basis over the requisite service period for awards that actually vest, which is generally the period from the grant date to the end of the vesting period. For non-employee awards, the expense for awards that actually vest is recognized based on when the goods or services are provided.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). This standard requires all equity-based payments to employees and non-employees, including grants of employee stock options and restricted stock awards, to be recognized in the consolidated statements of operations and comprehensive loss based on the grant date fair value of the award. The stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the award, which is generally the period from the accounting grant date to the end of the vesting period. The Company elected to account for forfeitures of awards as they occur.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since the adoption of ASU 2018-07, Improvements to Nonemployee Stock-Based Payment Accounting, the measurement date for non-employee awards is the date of grant, and stock-based compensation costs are recognized in the same period and in the same manner as if the entity had paid cash for the goods or services. Stock-based compensation expense is classified as general and administrative, cost of revenue, selling and marketing and research and development expenses in the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company estimates the fair value of stock option awards granted using the Black Scholes Merton option pricing formula (the “Black-Scholes Model”). This model requires various significant judgmental assumptions in order to derive a final fair value determination for each type of award, including the expected term, expected volatility, expected dividend yield, risk-free interest rate and fair value of the Company’s stock on the date of grant. The expected option term for options granted is calculated using the “simplified method”. This election was made based on the lack of sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The simplified method defines the expected term as the average of the contractual term and the vesting period. Estimated volatility is based on similar entities whose stock prices are publicly traded. The Company uses the historical volatilities of similar entities due to the lack of sufficient historical data for the Company’s common stock price. The Company estimates volatility based upon the observed historical volatilities of comparable companies over a lookback period commensurate with the estimated holding period, adjusted for relative leverage using the Black-Scholes-Merton formula. Dividend yields are based on the Company’s history and expected future actions. The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero. The risk-free interest rate is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the stock option award was granted with a maturity equal to the expected term of the stock option award. All grants of stock options generally have an exercise price equal to or greater than the fair market value of the Company’s common stock on the date of grant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because the Company is privately held and there is no public market for its stock, the fair value of the Company’s equity is approved by the Company’s board of directors thereof as of the date stock-based awards are granted. In estimating the fair value of its stock, the Company uses a third-party valuation specialist and considers factors it believes are material to the valuation process, including but not limited to, the price at which recent equity was issued by the Company to independent third parties or transacted between third parties, any indications of value from offers to acquire the Company, actual and projected financial results, risks, prospects, economic and market conditions, and estimates of weighted average cost of capital. The Company believes the combination of these factors provides an appropriate estimate of the expected fair value of the Company and reflects the best estimate of the fair value of the Company’s common stock at each grant date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--StockholdersEquityPolicyTextBlock_z9Dc8tssXVnj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zzarvIxVdLcc">Notes Receivable from Stockholders</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time the Company has entered into promissory note agreements with certain employees for the purpose of financing the early exercise of the Company’s stock options. Although the shares of common stock purchased by the employees in exchange for the promissory notes are considered legally issued, the Company does not consider them outstanding for accounting purposes. Instead, the Company treats them as restricted until the options are fully vested and the outstanding principal and accrued interest on the notes are repaid in full. Unvested shares for which the promissory notes are fully satisfied are recorded as a share repurchase liability and as shares vest are recognized to additional paid-in capital in the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--AdvertisingCostsPolicyTextBlock_zFpKXJ0IPtzc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zAKAyFpWdI8">Advertising Cost</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising costs are expensed as incurred. Advertising costs were $<span id="xdx_905_eus-gaap--AdvertisingExpense_pn2n3_c20240101__20241231_zzoFGkxOrvac" title="Advertising cost">126.2</span> thousand and $<span id="xdx_909_eus-gaap--AdvertisingExpense_pn2n3_c20230101__20231231_zLWN9bfHO4zh" title="Advertising cost">20.4</span> thousand for the years ended December 31, 2024, and 2023, respectively, which are included in selling and marketing costs on the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--IncomeTaxPolicyTextBlock_zddymFrdU6S4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_z8cBuvgLgi66">Income Taxes</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The provision for income taxes includes federal, state, local and foreign taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences between the consolidated financial statements carrying amounts and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. Changes to enacted tax rates would result in either increases or decreases in the provision for income taxes in the period of changes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The realizability of deferred tax assets is primarily dependent on future earnings. The Company evaluates the realizability of deferred tax assets and recognizes a valuation allowance when it is more likely than not that all, or a portion of, deferred tax assets will not be realized. A reduction in estimated forecasted results may require that we record valuation allowances against deferred tax assets. Once a valuation allowance has been established, it will be maintained until there is sufficient positive evidence to conclude that it is more likely than not that the deferred tax assets will be realized. A pattern of sustained profitability will generally be considered as sufficient positive evidence to reverse a valuation allowance. If the allowance is reversed in a future period, the income tax provision will be correspondingly reduced.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly, the increase and decrease of valuation allowances could have a significant negative or positive impact on future earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The United States subjects corporations to taxes on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The Company elected to provide for the tax expense related to GILTI in the year the tax is incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--DebtPolicyTextBlock_z5xs7XLe5fp7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zF4a4sVWt5l1">Debt Issuance Costs</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs to issue debt are capitalized and deferred when incurred and subsequently amortized to interest expense over the term of the related debt using the effective interest rate method. Deferred debt issuance costs are presented in the Company’s consolidated balance sheets as a direct deduction from the carrying amount of the associated debt liability. Deferred debt issuance costs were <span id="xdx_904_eus-gaap--DeferredFinanceCostsNet_iI_pn3n3_dc_c20241231_zxDc35e4Wu97" title="Deferred debt issuance cost">zero</span> and $<span id="xdx_905_eus-gaap--DeferredFinanceCostsNet_iI_pn2n3_c20231231_zgeU5Tkf8e95" title="Deferred debt issuance cost">110.8</span> thousand for the years ended December 31, 2024 and 2023, respectively. (Refer to Note12 - Long-Term Debt).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt issuance costs are expensed as incurred if they relate to debt for which a fair value option election has been made.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_ecustom--DebtDiscountsPolicyTextBlock_zeE8r8OkQBba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zVsqVZc9izq3">Debt Discounts</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For certain notes issued, the Company may provide the debt holder with an original issue discount. The original issue discount is recorded as a debt discount, reducing the face amount of the note, and is amortized to interest expense over the life of the debt, in the consolidated statements of operations and comprehensive loss. As of December 31, 2024 there was <span id="xdx_909_ecustom--AmortizationOfDebtDiscount_pn3n3_dc_c20240101__20241231_zCDDGIhMXz84" title="Debt discount">zero</span> debt discount recorded in the consolidated balance sheets. As of December 31, 2023 there was <span id="xdx_904_ecustom--AmortizationOfDebtDiscount_pn2n3_c20230101__20231231_zOPzBvFnE8L4" title="Debt discount">42.7</span> thousand of debt discount recorded in notes payable, current and $<span id="xdx_905_eus-gaap--NotesPayable_iI_pn3n3_c20241231_zabQ81dlH9de" title="Notes payable current">506.0</span> thousand recorded in notes payable in the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the certain notes measured at fair value, any changes in the fair value of the debt (including the debt discount) are recognized in the income statement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_84B_ecustom--DeferredTransactionCostsPolicyTextBlock_z7RoHZtQwmpl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zT6X01w26579">Deferred Transaction Costs</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records deferred transaction costs, which consist of legal, accounting, and other fees related to the preparation of the Merger. (Refer to “Note 1 – Organization”). The deferred transaction costs will be offset against proceeds from the transaction upon the effectiveness of the Business Combination. As of December 31, 2024 and December 31, 2023, $<span id="xdx_90B_ecustom--DeferredTransactionCost_iI_pn3n3_c20241231_zKRqUGMKVxxh" title="Deferred transaction cost">1,865</span> thousand and $<span id="xdx_90B_ecustom--DeferredTransactionCost_iI_pn3n3_c20231231_ztACRInoZz1e" title="Deferred transaction cost">181.0</span> thousand of deferred transaction costs, respectively, were capitalized and recorded in deferred transaction costs on the consolidated balance sheets. Transaction costs that are not eligible to be capitalized are expensed as incurred and included within general and administrative expense in the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_ecustom--ConvertiblePreferredStockPolicyTextBlock_zyASZQdUfk91" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zuIfSs9BP1Qi">Convertible Preferred Stock</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company applies the guidance enumerated in ASC Subtopic 480-10, <i>Distinguishing Liabilities from Equity-Overall </i>(“ASC 480-10”), when determining the classification and measurement of convertible preferred stock. Convertible preferred stock subject to mandatory redemption are classified as liability instruments and are initially measured at fair value in accordance with ASC 480-10, and accreted to their redemption value under the effective interest method. All other issuances of convertible preferred stock are subject to the classification and measurement principles of ASC 480-10. Accordingly, the Company classifies conditionally redeemable preferred stock (if any), which includes preferred stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control, as temporary equity. At all other times, the Company classifies its convertible preferred stock in stockholders’ deficit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--ResearchAndDevelopmentExpensePolicy_zeTn9bU78Tz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_z4pXIAjGCvvg">Research and Development Costs</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for research and development costs in accordance with the ASC 730, <i>Research and Development</i>. Under ASC 730, all research and development costs are expensed as incurred, with the exception of certain software development costs discussed above. Our research and development costs consist primarily of payroll costs associated with software product development, testing, quality assurance, documentation, enhancements and upgrades for existing customers under maintenance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and Development costs were $<span id="xdx_90C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231_zJLPcWzlpe7a" title="Research and development expense">732</span> thousand and $<span id="xdx_90E_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20230101__20231231_zdmCbHCpPR61" title="Research and development expense">604</span> thousand for the years ended December 31, 2024, and 2023, respectively, which are included in the consolidated statements of operations and comprehensive loss</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--EarningsPerSharePolicyTextBlock_zxCZIk87KYWk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zkXOX6GWobAc">Net Loss per Share</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company applies the two-class method to compute basic and diluted net loss per share attributable to common shareholders, when shares meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common shareholders for the period to be allocated between common and participating securities based upon their respective rights to share in the earnings as if all income (loss) for the period had been distributed. The Company reported a net loss attributable to common shareholders for the years ended December 31, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the year. Diluted net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted average number of shares outstanding, plus the impact of potential common shares, if dilutive, resulting from the potential exercise of warrants or options, and the potential conversion of preferred stock or convertible notes, into common stock, under the if-converted method. Due to the net losses for the years ended December 31, 2024 and 2023, basic and dilutive net loss per share were the same, as the effect of potentially dilutive securities would have been anti-dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_849_ecustom--CommonStockWarrantsPolicyTextBlock_zsPK1aPF6A0h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zw9vhDc7P5Di">Common Stock Warrants</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for common stock warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When issued in connection with debt, the allocated value related to the warrants is generally recorded as additional interest cost on the related debt. The Company values warrants using an option pricing model.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zMQuCeSrh3Yg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zSvGwTanTR1c">Commitments and Contingencies</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may at times be involved in litigation in the ordinary course of business. The Company will, from time to time, when appropriate in management’s estimation, record adequate reserves in the Company’s consolidated financial statements for pending litigation. Currently there are no pending or threatened litigation matters that management believes require accrual or disclosure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z0ZiVmUg40lj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zpP3swSARrsf">Foreign Currency Translation and Remeasurement</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets and liabilities of consolidated foreign subsidiaries whose functional currency is not the U.S. dollar are translated into U.S. dollars at period-end exchange rates and revenues and expenses are translated into U.S. dollars using average exchange rates during the year. Equity transactions are translated using historical exchange rates. The adjustment resulting from translating the consolidated financial statements of such foreign subsidiaries into U.S. dollars is reflected as a cumulative translation adjustment and reported as a component of Accumulated other comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--RisksAndUncertaintiesPolicyTextBlock_zBJKcRDTTam1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_z5bekG1DVx">Risks and Uncertainties</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of its global operations, the Company may be subject to certain inherent risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span>Concentration of Credit</span> -</i></b> Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents, and accounts receivable. The Company maintains cash and cash equivalents with financial institutions. The Company believes its credit policies reflect normal industry terms and business risk and there is no expectation of non-performance by the counterparties. Accounts receivables are generally dispersed across many customers operating in different industries; therefore, concentration of credit risk is limited. If any of the Company’s customers enter bankruptcy protection or otherwise take steps to alleviate their financial distress, the Company’s credit losses and write-offs of receivables could increase, which would negatively impact its results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant Customers and Suppliers—The concentration of credit risk with respect to accounts receivable is primarily limited to certain customers to which the Company makes substantial sales. To minimize credit risk related to accounts receivable, the Company maintains allowances for potential credit losses based on historical loss patterns as well as future expectations. As of December 31, 2024 and December 31, 2023, the Company had four and three customers whose accounts receivable balance accounted for at least 10% of the Company’s consolidated accounts receivables, respectively. These customers accounted for approximately <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--FourCustomersMember_zaSZaxyQsUXi" title="Concentration risk, percentage"><span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--FourCustomersMember_zxzeYHFHJPRh" title="Concentration risk, percentage">61.6</span></span>% and <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_zJSd8Rj5GzY9" title="Concentration risk, percentage"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_z7oGMoue11mb" title="Concentration risk, percentage">46.2</span></span>% of the Company’s receivables at the end of the respective periods. For the year ended December 31, 2024 and </span>2023, the Company had two customers whose revenue accounted for at least 10% of the Company’s consolidated revenue, respectively. These customers accounted for approximately <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--OneCustomersMember_zcbz8bQrNquf" title="Concentration risk, percentage"><span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--OneCustomersMember_zMkZ3mAWPr33" title="Concentration risk, percentage">23.18</span></span>% and <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_z9Al9SJc1Lkj" title="Concentration risk, percentage"><span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_z43Q5VzJjUN2" title="Concentration risk, percentage">23</span></span> % of the Company’s total revenue of the respective periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company pays its suppliers on normal commercial terms and does not believe that there is any significant supply risk from its suppliers. For the year ended December 31, 2024 and 2023, the Company had three and one suppliers whose account payable accounted for at least <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__srt--MajorCustomersAxis__custom--OneSupplierMember_zY1O8R6vV7u6" title="Concentration risk, percentage">10</span>% of the Company’s consolidated account payables, respectively. These suppliers accounted for approximately <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__srt--MajorCustomersAxis__custom--TwoSupplierMember_zu55v5MEADAc" title="Concentration risk, percentage">61.43</span>% and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__srt--MajorCustomersAxis__custom--ThreeSupplierMember_zXeBHxSZGJke" title="Concentration risk, percentage">33.24</span>% of the Company’s total payables for the respective periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span>Foreign currency risk</span> </i></b>- The Company’s global operations are conducted predominantly in U.S. dollars. While revenue is generated in U.S. dollars, the Company incurs expenses in other currencies, principally, Nepalese rupees and Canadian dollars. The Company’s international operations expose it to risk of adverse fluctuations in foreign currency exchange rates through the remeasurement of foreign currency denominated assets and liabilities (both third-party and intercompany) and translation of earnings and cash flows into U.S. dollars.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span>Interest rate risk</span> </i></b>- The Company is exposed to market risk from changes in interest rates. Exposure to interest rate risk results primarily from variable rates related to cash, short-term investments, and the Company’s borrowings. The Company does not believe it is exposed to material direct risks associated with changes in interest rates related to these deposits, investments and borrowings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--LesseeLeasesPolicyTextBlock_zaBhNcnGLuYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_znOuHG7BTs71">Leases</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s lease portfolio includes two real estate leases under operating lease agreements. At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on whether: (i) the contract involves the use of a distinct identified asset, (ii) the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (iii) the Company has the right to direct the use of the asset.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the adoption of ASC 842, the Company elected the package of practical expedients to not (i) reassess whether any expired or existing contracts are or contain a lease, (ii) reassess historical lease classifications for existing leases, and (iii) reassess initial direct costs for existing leases. The Company also elected the practical expedient to account for lease and non-lease components as a single lease component. Accordingly, the Company shall include non-lease components with lease payments for the purpose of calculating lease assets and liabilities to the extent that they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease payments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company exempts leases with an initial term of 12 months or less from balance sheet recognition and, for all classes of assets, combines non-lease components with lease components. Lease assets are tested for impairment in the same manner as long-lived assets used in operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates the classification of its leases as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: (i) the lease transfers ownership of the asset by the end of the lease term, (ii) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (iii) the lease term is for a major part of the remaining useful life of the asset, (iv) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, or (v) the leased asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease is classified as an operating lease if it does not meet any of these criteria.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes right-of-use assets and lease liabilities based on the present value of lease payments over the lease term at the commencement date of the lease (or January 1, 2022 for existing leases upon the </span>adoption of Topic 842). The discount rate implicit within the Company’s leases is generally not determinable; therefore, the Company determines the discount rate using its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records rent expense for short-term leases and operating leases, some of which have escalating rent payments, on a straight-line basis over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For additional information regarding the Company’s lease arrangements, refer to “Note 20 - Leases”.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_ecustom--RelatedPartiesPolicyTextBlock_z834AOPoEj1a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zKgtCpm6V2o1">Related Parties</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related party also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party control or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all significant related party transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_ecustom--GoingConcernPolicyTextBlock_zbXvHzBMYS55" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>Going Concern</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, the Company had cash of approximately $<span id="xdx_907_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn2n3_c20241231_zbGEDs5G1Xka" title="Cash">499.8</span> thousand. For the year ended December 31, 2024, the Company used approximately <span id="xdx_90E_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn2n3_di_c20240101__20241231_zeYmszrIR92f" title="Net cash used in operating activities">$2,201.0</span> thousand in cash for operating activities. Historically, the Company has incurred recurring net losses from operations and negative cash flows from operating activities. As of December 31, 2024, the Company had an accumulated deficit of approximately $<span id="xdx_902_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn3n3_di_c20241231_zvDfne7eGAs1" title="Accumulated deficit">34,217.0</span> thousand. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern within one year of the date these consolidated financial statements were issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders and debt holders. Specifically, continuation is contingent on the Company’s ability to obtain necessary equity or debt financing to continue operations, and ultimately the Company’s ability to generate profit from sales and positive operating cash flows, which is not assured.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s plans include obtaining future debt and equity financings associated with the close of the Business Combination (also see “Note 1 – Organization”). If the Company is unsuccessful in completing these planned transactions, it may be required to reduce its spending rate to align with expected revenue levels and cash reserves, although there can be no guarantee that it will be successful in doing so. Accordingly, the Company may be required to raise additional cash through debt or equity transactions. It may not be able to secure financing in a timely manner or on favorable terms, if at all. As a result, management’s plans cannot be considered probable and thus do not alleviate substantial doubt about the Company’s ability to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date on which these consolidated financial statements were available to be issued, we believe that the cash on hand, and additional investments available through issuance of new Common Stock, will be inadequate to satisfy the Company’s working capital and capital expenditure requirements for at least the next twelve months. The ability of the Company to continue as a going concern is dependent upon management’s plan to raise additional capital from issuance of equity or receive additional borrowings to fund the Company’s operating and investing activities over the next year. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_84D_eus-gaap--EquityMethodInvestmentsPolicy_zK4xrIOXleUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zmkXpta0hiN6">Investment in Equity Securities</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s equity investment comprises of investments in equity securities of private companies. These equity investments are accounted for under the equity method, and initially recorded at estimated fair value, less any impairment, with equity method investment gains and losses included in equity in earnings of investee, net of income tax provision on the consolidated statements of operations and comprehensive loss. Equity investments are reviewed regularly to determine whether there is a decline in estimated fair value below the carrying amount. If there is a decline that is other-than-temporary, the investment is written down to estimated fair value. When evaluating the equity investment for impairment, the Company performs a qualitative and quantitative assessment to evaluate whether a decline in estimated fair value below the carrying amount is other-than- temporary. The qualitative assessment includes a review of macroeconomic conditions, industry and market considerations, the investee’s recent operating results and trends, recent acquisitions and sales of the investee securities, and other publicly available data, among other factors. If the Company determines that the decline is other-than-temporary, the Company records an impairment loss to write the equity investment to the estimated fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_840_ecustom--TreasuryStockPolicyTextBlock_zNl4uV192dI4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_zn4AQiMMMP73">Treasury Stock </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records treasury stock activities under the cost method whereby the cost of the acquired stock is recorded as treasury stock. The Company’s accounting policy upon the formal retirement of treasury stock is to deduct the par value from the Company’s common stock and to reflect any excess cost over par value as a reduction to additional paid-in capital (to the extent created by previous issuances of the shares) and then retained earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zCtOEcV4oKu8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zu3BY5Wkv4I3">Recent Accounting Pronouncements</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, new accounting pronouncements are issued by the FASB, The Company is an emerging growth company (“EGC”) as defined in the Jumpstart Our Business Startups Act, (the “JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, the Company’s consolidated financial statements may not be comparable to companies that comply with public company Financial Accounting Standards Board (“FASB”) standards’ effective dates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is in the process of merging with a publicly traded Special Purpose Acquisition Company (a “SPAC”), which will be accounted for as a reverse recapitalization (the “Transaction”) in accordance with GAAP. (Refer to “Note 1 – Organization”) for more information regarding the Transaction. If the Transaction were to be consummated, the surviving company will remain an emerging growth company until the earliest of (i) the last day of the Company’s first fiscal year following the fifth anniversary of the completion of the SPAC’s initial public offering, (ii) the last day of the fiscal year in which the Company has total annual gross revenue of at least $<span id="xdx_903_ecustom--GrossRevenue_pn7n9_c20240101__20241231_zFUYqbkvDDaf" title="Gross revenue">1.07</span> billion, (iii) the last day of the fiscal year in which the Company is deemed to be a large accelerated filer, which means the market value of the Company’s common stock that is held by non-affiliates exceeds $<span id="xdx_906_ecustom--GrossRevenue_pn3n3_c20250101__20250630_zLOjYTYHpSD8" title="Gross revenue">700,000.0</span> thousand as of the prior June 30th or (iv) the date on which the Company has issued more than $<span id="xdx_906_ecustom--NonConvertibleDebt_pn8n9_c20240101__20241231_zcHoF1QnNdEe" title="Non convertible debt">1.0</span> billion in non-convertible debt securities during the prior three-year period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_ecustom--RecentlyAdoptedAccountingStandardsPolicyTextBlock_zJMAwc0fGOp" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zntHyAk00rHd">Recently Adopted Accounting Pronouncements</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ASU 2023-07, Segment Reporting (Topic 280):</i> Improvements to Reportable Segment Disclosures. In November 2023, the FASB issued this ASU to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal </span>years beginning after December 15, 2024, with early adoption permitted. Since the company has only one reporting segment, there was no material impact to the disclosure requirements in the Company’s Consolidated Financial Statement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_ecustom--NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock_z2qD82kyU0lh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zI7BwgBQJNyg">New Accounting Pronouncements Not Yet Adopted</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASU 2023-09<i>, Income Taxes (Topic 740): Improvements to Income Tax Disclosures</i>. In December 2023, the FASB issued this ASU to update income tax disclosure requirements, primarily related to the income tax rate reconciliation and income taxes paid information. This update is effective on a prospective basis for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2024, the SEC issued its final climate disclosure rules (Rule 1), which require the disclosure of climate-related information in annual reports and registration statements, beginning with annual reports for the year ending December 31, 2025. The rules require disclosure in the audited financial statements of certain effects of severe weather events and other natural conditions above certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates, if material. We are currently evaluating the impact of the new rules and continue to monitor the status of the related legal challenges.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. In November 2024, the FASB issued this ASU that requires more detailed disclosure about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expense and depreciation expense. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The guidance does not affect recognition or measurement in our consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASU 2024-04 Debt - Debt with Conversion and Other Options - Induced Conversions of Convertible Debt Instruments. In November 2024, the FASB issued this ASU which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions or extinguishments. This guidance is required to be adopted by us in 2027. We are currently evaluating the impact this guidance will have on our consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not believe any other new accounting pronouncements issued by the FASB that have not become effective will have a material impact on its consolidated financial statements.</span></p> <p id="xdx_85D_zkh9p7vM6JZa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zuNisTyQC0pd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis of Presentation and Principles of Consolidation </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company prepares its consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding financial reporting. The consolidated financial statements include the financial statements of Fusemachines Inc. and its subsidiaries. Investments in entities where we hold at least a 20% ownership interest and have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. All intercompany balances and transactions have been eliminated. These consolidated financial statements are presented in United States Dollars (“USD”or $), which is the functional currency of the Parent Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zw9y72Xh4ac2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Prior Period Reclassifications </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in prior periods have been reclassified to conform with current period presentation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--UseOfEstimates_zjoLQNl6E5Zf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to the valuation of operating lease right-of-use assets, convertible notes, cumulative mandatorily redeemable common and preferred stock liability, common stock warrants, common and convertible preferred stock, current expected credit losses (“CECL”), stock-based compensation, useful lives of property and equipment and intangible assets, impairment of long-lived assets, capitalization of software development costs, equity method investments and income taxes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company bases its estimates and judgments on historical experience, knowledge of current conditions and its beliefs of what could occur in the future, given available information. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. Changes in facts and circumstances may cause the Company to revise its estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zbcwBpOGv39d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. These investments are carried at cost, which approximates fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zeTm0UzNqEDb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounts Receivable and Related Allowance for Expected Credit Losses </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company classifies its right to consideration in exchange for deliverables as an accounts receivable. A receivable is a right to consideration that is unconditional (i.e., only the passage of time is required before payment is due) regardless of whether the amounts have been billed. Accounts receivable represents amounts due from the Company’s customers for AI solutions (products and services). The Company receives payments from customers based upon agreed-upon contractual terms. The timing of revenue recognition may differ from the timing of invoicing to customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable are stated net of allowance for expected credit losses. Outstanding receivables are reviewed periodically, and allowances are provided for the estimated amount of receivables that may not be collected. The allowance for expected credit loss is based on the probability of future collection determined by applying a loss-rate method using the Company’s historical loss experience. The Company also considers reasonable and supportable current and future conditions in determining its estimated loss rates, such as external forecasts, macroeconomic trends or other factors including customer specific credit risk characteristics. The adequacy of the allowance is evaluated on a regular basis. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible, which occurs when balances reach 365 days past due. Subsequent recoveries are credited to the allowance. Changes in the allowance are recorded as adjustments to bad debt expense in the period incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bad debt expense is included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zik372zDGvuh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property and Equipment, net </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment acquired in the ordinary course of the Company’s operations are stated at cost, net of accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the term of the lease or the estimated useful life of the improvement. Maintenance and repairs are expensed as incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation expense is included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_ecustom--ScheduleOfPropertyPlantAndEquipmentTableTextBlock_zwYdIqpvoVj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciable lives by major classification generally are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zCfaFjmBJQIl" style="display: none">Schedule of Property and Equipment, Net</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful lives</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Computers and other hardware</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MinimumMember_zqPAa8B1APtd" title="Property and equipment, estimated useful lives">5</span>-<span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MaximumMember_zdtGIIkRiBWk" title="Property and equipment, estimated useful lives">8</span> years</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Vehicles and other fixed assets (excluding computers)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember__srt--RangeAxis__srt--MinimumMember_zd0IV6gQMcE9" title="Property and equipment, estimated useful lives">2</span>-<span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember__srt--RangeAxis__srt--MaximumMember_zLj67r8dSpAb" title="Property and equipment, estimated useful lives">10</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Office, furniture, and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember__srt--RangeAxis__srt--MinimumMember_zoTGbojFtltb" title="Property and equipment, estimated useful lives">2</span>-<span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember__srt--RangeAxis__srt--MaximumMember_zxq9Py7Od7Fc" title="Property and equipment, estimated useful lives">10</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Leasehold improvements - shorter of lease term of estimated useful life</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MinimumMember_zIu5GUdX0Ksj" title="Property and equipment, estimated useful lives">2</span>-<span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MaximumMember_z3SxeDuDduW9" title="Property and equipment, estimated useful lives">10</span> years</span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AA_z3ureVtOXwe6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p id="xdx_896_ecustom--ScheduleOfPropertyPlantAndEquipmentTableTextBlock_zwYdIqpvoVj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciable lives by major classification generally are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zCfaFjmBJQIl" style="display: none">Schedule of Property and Equipment, Net</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful lives</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Computers and other hardware</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MinimumMember_zqPAa8B1APtd" title="Property and equipment, estimated useful lives">5</span>-<span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MaximumMember_zdtGIIkRiBWk" title="Property and equipment, estimated useful lives">8</span> years</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Vehicles and other fixed assets (excluding computers)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember__srt--RangeAxis__srt--MinimumMember_zd0IV6gQMcE9" title="Property and equipment, estimated useful lives">2</span>-<span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember__srt--RangeAxis__srt--MaximumMember_zLj67r8dSpAb" title="Property and equipment, estimated useful lives">10</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Office, furniture, and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember__srt--RangeAxis__srt--MinimumMember_zoTGbojFtltb" title="Property and equipment, estimated useful lives">2</span>-<span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember__srt--RangeAxis__srt--MaximumMember_zxq9Py7Od7Fc" title="Property and equipment, estimated useful lives">10</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Leasehold improvements - shorter of lease term of estimated useful life</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MinimumMember_zIu5GUdX0Ksj" title="Property and equipment, estimated useful lives">2</span>-<span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MaximumMember_z3SxeDuDduW9" title="Property and equipment, estimated useful lives">10</span> years</span></td><td style="text-align: left"> </td></tr> </table> P5Y P8Y P2Y P10Y P2Y P10Y P2Y P10Y <p id="xdx_847_eus-gaap--GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_zIc4pQBRH3K8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intangible assets, net </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets consists of internally developed capitalized software, which will help in the management of the AI solutions business and will be sold on a license basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Internal use software </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company capitalizes certain costs related to internal use software acquired, modified, or developed related to the Company’s services in accordance with <i>ASC 350, Internal use software</i>. These capitalized costs are primarily related to salaries and other personnel costs. Costs incurred in the preliminary stages of development and the post implementation phase are expensed as incurred. The company adopts agile method of software development which is generally characterized as an iterative and more dynamic process where the planning, design and coding are less distinct and performed in short sprints. The Company, analyses the nature of the development and implementation activities – i.e. whether Subtopic 350-40 characterizes them as capitalizable application development stage activities – when deciding whether the costs of those activities should be capitalized or expensed as incurred. Maintenance and training costs are expensed as incurred. The amortization expense is recorded in “General and administration” on the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software costs that are expensed are recorded in “Research and Development” on the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Software developed for sale </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The costs incurred for the development of computer software to be sold, leased or otherwise marketed are capitalized in accordance with <i>ASC 985, Costs of Software to be sold, leased or marketed, </i>when technological feasibility has been established. Technological feasibility generally occurs when all planning, designing, coding and testing activities are completed that are necessary to establish that the product can be produced to meet its design specifications, including functions, features, and technical performance requirements. These capitalized costs are primarily related to salaries and other personnel costs.</span></p> <p id="xdx_896_ecustom--ScheduleOfFiniteLivedIntangibleAssetTableTextBlock_zre5EYS1KrKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B7_zNdOInZkKkvl" style="display: none">Schedule of Intangible Assets, Net Useful Lives</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Useful Lives</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">Internally developed software</td><td style="width: 2%"> </td> <td style="width: 16%; text-align: center"><span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20241231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--InternallyDevelopedSoftwareMember_z9OlNV6KxLU4" title="Intangible assets, net useful lives">3</span> years</td></tr> </table> <p id="xdx_8A7_zBqujZI0wPK9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p id="xdx_896_ecustom--ScheduleOfFiniteLivedIntangibleAssetTableTextBlock_zre5EYS1KrKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B7_zNdOInZkKkvl" style="display: none">Schedule of Intangible Assets, Net Useful Lives</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Useful Lives</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">Internally developed software</td><td style="width: 2%"> </td> <td style="width: 16%; text-align: center"><span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20241231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--InternallyDevelopedSoftwareMember_z9OlNV6KxLU4" title="Intangible assets, net useful lives">3</span> years</td></tr> </table> P3Y <p id="xdx_848_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zu5WUx3QhG5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment reporting</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under Topic 280, an operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the CODM to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines operates as <span id="xdx_906_eus-gaap--NumberOfOperatingSegments_dc_uSegment_c20240101__20241231_zxIKTUrPuHff" title="Number of operating segment">one</span> operating segment with a focus on data engineering, AI consulting, and technical services. The Company’s Chief Executive Officer (“CEO”), as the Company’s chief operating decision maker, manages and allocates resources to the operations of the Company on a consolidated basis. This enables the Company’s CEO to assess the overall level of available resources and determine how best to deploy these resources across service lines in line with the Company’s long-term company-wide strategic goals.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The CODM considers the Company’s net income/(loss), expenses and the components of total assets to assess the segment’s performance and make resource allocation decisions for the Company’s single segment which is consistent with that presented within these financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As the Company’s operations are comprised of a single reporting segment, the Company’s segment assets are reflected on the accompanying Consolidated Balance sheet as “total assets” and its significant segment expenses and net loss are listed on the accompanying Consolidated Statements of Operations and Comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p id="xdx_897_eus-gaap--ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock_zU9jKDNyl583" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; display: none; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zlYzuyI27kh9" style="display: none">Schedule of Restatement Items on the Financial Statements</span></p> <p id="xdx_8A6_zC9bx3OuBcmc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; display: none; text-align: justify"><span style="display: none"> </span></p> 1 <p id="xdx_897_eus-gaap--ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock_zU9jKDNyl583" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; display: none; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zlYzuyI27kh9" style="display: none">Schedule of Restatement Items on the Financial Statements</span></p> <p id="xdx_84F_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zwTgysHN90f3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_za3eUnpk29C9">Impairment of Long-Lived Assets</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived assets, such as property and equipment and finite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company uses the straight-line method of depreciation and amortization. When the carrying value of an asset is more than the sum of the undiscounted expected future cash flows, an impairment is recognized. An impairment loss is measured as the excess of the asset’s carrying amount over its fair value. Intangible assets that have finite useful lives are amortized over their estimated useful lives on a straight-line basis. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset, or a significant decline in the observable market value of an asset, among others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_zaZGiPdFMPBe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company holds Long-lived assets in several countries worldwide, with the majority of those assets being held in Nepal. The table below presents the breakdown of the Company’s Long-lived assets, based on geographic region (in thousands).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zFCgg4bwENW9">Schedule of Long-lived Assets, Based on Geographic Region</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_z0yC2EiVp6H7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20231231_zq5ZdJl7mrq5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Long lived assets<br/> As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NoncurrentAssets_iI_pn3n3_hsrt--StatementGeographicalAxis__country--NP_zv4DZq5QIySk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: justify">Nepal</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">286</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">343</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NoncurrentAssets_iI_pn3n3_hsrt--StatementGeographicalAxis__country--US_zMZLOBEBgv31" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">186</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NoncurrentAssets_iI_pn3n3_zQpQ6DdjAzT1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Total Long-lived assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">535</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">529</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zbtsWdVN5Nyd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_zaZGiPdFMPBe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company holds Long-lived assets in several countries worldwide, with the majority of those assets being held in Nepal. The table below presents the breakdown of the Company’s Long-lived assets, based on geographic region (in thousands).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zFCgg4bwENW9">Schedule of Long-lived Assets, Based on Geographic Region</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_z0yC2EiVp6H7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20231231_zq5ZdJl7mrq5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Long lived assets<br/> As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NoncurrentAssets_iI_pn3n3_hsrt--StatementGeographicalAxis__country--NP_zv4DZq5QIySk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: justify">Nepal</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">286</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">343</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NoncurrentAssets_iI_pn3n3_hsrt--StatementGeographicalAxis__country--US_zMZLOBEBgv31" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">186</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NoncurrentAssets_iI_pn3n3_zQpQ6DdjAzT1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Total Long-lived assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">535</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">529</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> 286000 343000 249000 186000 535000 529000 <p id="xdx_844_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zCRqvOJwaqWa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zPWnl1dCyy2a">Fair Value Option (“FVO”) Election</span></b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into related party convertible notes payable, at fair value in October 2019, September 2021, and Convertible Notes payable at fair value in January 2024, (the “Convertible Notes at Fair Value”). (Refer to “Note 12 – Long-Term Debt”). As permitted under ASC 825, <i>Financial Instruments </i>(“ASC 825”), the Company elected the FVO to account for the Convertible Notes at Fair Value. In accordance with ASC 825, the Company recorded them at fair value. The FVO may be applied instrument by instrument, but it is irrevocable. Subsequent changes in fair value would be recorded as a separate line in the consolidated statements of operations and comprehensive loss. As a result of applying the FVO, direct costs and fees related to the Convertible Notes at Fair Value were expensed as incurred. The Company concluded it was appropriate to apply the FVO to Convertible Notes at Fair Value because they are liabilities that are not, in whole or in part, classified as a component of stockholders’ equity. In addition, the Convertible Notes at Fair Value met other applicable criteria for electing the FVO under ASC 825.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_zXcsPMp03W6i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zlT0vtFLQ2ta">Accumulated Other Comprehensive Income</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated other comprehensive income consists of changes in the cumulative foreign currency translation adjustments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zAjKeDaBi0fj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_znNvnoJN3XG4">Revenue Recognition</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes revenue in accordance with ASC Topic 606, <i>Revenue from Contracts with Customers </i>(“ASC 606”). Under ASC 606, the Company recognizes revenue when (or as) customers obtain control of promised goods or services, in an amount that reflects the consideration which is expected to be received in exchange for those goods or services. The Company recognizes revenue following the five-step model prescribed under ASC 606: (i) identify contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) </span>in the contract; and (v) recognize revenues when (or as) the Company satisfies a performance obligation. The Company applies the provisions of ASC 606 to an arrangement when a substantive contract exists and collectability is probable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company derives the majority of its revenue from AI Solutions (Products and Services) that largely represents professional services Fusemachines provides to its customers to help them achieve any AI-related goals within their organization. The Company’s contracts for AI Services have different terms based on the scope and complexity of engagements; pricing for the majority of contracts are invoiced monthly on a time-and-materials basis. The Company notes that its contracts meet the requirements for over-time revenue recognition, as the customer is simultaneously receiving the benefits and able to consume the benefits of the services being provided. The Company elected the “right to invoice” practical expedient based on the Company’s right to invoice a customer at an amount that approximates the value to the customer and the performance completed to date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also provides AI Education Services which represents a customized curriculum of educational services provided to train the customer’s C-suite on AI for Business. The Company provides AI Education Services over time as the course proceeds and the students retain knowledge over time. Thus, the customer receives and consumes benefits as the Company performs the AI Education Services, and revenue is recognized over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company’s AI Solutions includes product revenues primarily comprising of software license fees from sales of term-based license contracts, under which we grant customers the license right to use the software for a specified period (i.e. when the customer can access, use, and benefit from the software license). Term software licenses are satisfied at a point in time and associated revenue is recognized upon the later of 1) delivery of the software, or 2) the beginning of the period in which the customer has received the license right to use the software. For customer contracts that include software license fees, implementation and/or other consulting services, the portion of the transaction price allocated to software licenses is generally recognized when delivered. During the years ended December 31, 2024 and December 31, 2023, the product revenues were insignificant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For most contracts, the Company uses a Master Service Agreements (“MSA”) to govern the overall relevant terms and conditions of the business agreement, and a Statement of Work (“SOW”) to specify the services delivered and the associated prices. Performance obligations specific to each individual contract are defined within the terms of each SOW. Each performance obligation is identified based on the services that will be transferred to our customer that are both capable of being distinct and are distinct within the context of the contract. The transaction price is determined based on the consideration to which the Company will be entitled and expect to receive in exchange for transferring services to the customer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consideration for some contracts may include variable consideration including volume discounts and rebates. If the consideration promised includes a variable amount, the Company only includes estimated amounts of consideration in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. These estimates require management judgments and estimates. The determination of whether to constrain consideration in the transaction is based on historical, current, and forecasted information that is reasonably available to the Company, taking into consideration the type of customer, the transaction, and specific facts and circumstances of each arrangement. The Company uses judgement to determine if collectability of consideration is uncertain, and accordingly, revenue recognition is deferred until the uncertainty is resolved and cash is collected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days of the invoice date. In certain arrangements, the Company will receive payment from a customer either before or after the performance obligation to which the invoice relates has been satisfied. As a practical expedient, the Company does not account for significant financing components if the period between when it transfers the promised good or service to the customer and when the customer pays for the product or service will be one year or less.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation based on its relative standalone selling price. The stand-alone selling prices are determined based on the prices at which the Company separately sells these products. For items that are not sold separately, the Company estimates the stand-alone selling prices using other observable inputs. As Fusemachines Inc. is the sole reportable segment, all revenues are attributed to the sole segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contract Balances </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Differences in timing between revenue recognition and cash collection result in contract assets and contract liabilities. The Company classifies these assets as unbilled revenue; the liabilities are classified as deferred revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred revenue represents the amounts billed or cash payments received in advance of revenue recognition at the end of the reporting period. These amounts are recorded in deferred revenue until revenue is recognized through delivery of service or upon meeting the performance obligation. The Company’s deferred revenue represents contract liabilities. Generally, when billing occurs subsequent to revenue recognition, the Company reports unbilled revenue on the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_ecustom--CostOfRevenuePolicyTextBlock_zsnM5NDsvdMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_zj4DtaNPlVkd">Cost of Revenue</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists principally of consulting and payroll expenses as well as stock-based compensation expense that are assigned to customer projects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_ecustom--SellingAndMarketingExpensePolicyTextBlock_zsxP8P9tSxwa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zyznMs7Dl2d1">Selling and Marketing Expenses</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling and marketing expenses represent costs incurred to promote the Company’s services offered, including salaries, benefits and related costs of our sales and marketing personnel, and represent costs of advertising and other selling and marketing expenses. All sales and marketing costs are expensed as incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--SellingGeneralAndAdministrativeExpensesPolicyTextBlock_znj2o7bDk2E2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zK51VGzqPt5d">General and Administrative Expenses</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of expenses associated with general and administrative functions of the business such as the costs of salaries, stock-based compensation expense, Information Technology (“IT”) infrastructure, allowance for expected credit losses, travel, legal and accounting services, insurance, rent, software and tools, meals, other professional services activities, and certain non-income taxes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_ecustom--DefinedContributionPlanPolicyTextBlock_zcrlbcTw6zka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zYKxOvDS0Sfa">Defined Contribution Plan</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contributions to defined contribution plans are expensed in the period in which services are rendered by the covered employees. The Company recognizes its liabilities for compensated absences dependent on whether the obligation is attributable to employee services already rendered, relates to rights that vest or accumulate and payment is probable and estimable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zWBmAy1tgsga" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_z2oFPHRGgDA3">Stock-Based Compensation</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-based compensation expense attributable to equity awards granted to employees and non-employees is measured at the grant date based on the fair value of the award. For employee awards, the expense is recognized on a straight-line basis over the requisite service period for awards that actually vest, which is generally the period from the grant date to the end of the vesting period. For non-employee awards, the expense for awards that actually vest is recognized based on when the goods or services are provided.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). This standard requires all equity-based payments to employees and non-employees, including grants of employee stock options and restricted stock awards, to be recognized in the consolidated statements of operations and comprehensive loss based on the grant date fair value of the award. The stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the award, which is generally the period from the accounting grant date to the end of the vesting period. The Company elected to account for forfeitures of awards as they occur.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since the adoption of ASU 2018-07, Improvements to Nonemployee Stock-Based Payment Accounting, the measurement date for non-employee awards is the date of grant, and stock-based compensation costs are recognized in the same period and in the same manner as if the entity had paid cash for the goods or services. Stock-based compensation expense is classified as general and administrative, cost of revenue, selling and marketing and research and development expenses in the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company estimates the fair value of stock option awards granted using the Black Scholes Merton option pricing formula (the “Black-Scholes Model”). This model requires various significant judgmental assumptions in order to derive a final fair value determination for each type of award, including the expected term, expected volatility, expected dividend yield, risk-free interest rate and fair value of the Company’s stock on the date of grant. The expected option term for options granted is calculated using the “simplified method”. This election was made based on the lack of sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The simplified method defines the expected term as the average of the contractual term and the vesting period. Estimated volatility is based on similar entities whose stock prices are publicly traded. The Company uses the historical volatilities of similar entities due to the lack of sufficient historical data for the Company’s common stock price. The Company estimates volatility based upon the observed historical volatilities of comparable companies over a lookback period commensurate with the estimated holding period, adjusted for relative leverage using the Black-Scholes-Merton formula. Dividend yields are based on the Company’s history and expected future actions. The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero. The risk-free interest rate is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the stock option award was granted with a maturity equal to the expected term of the stock option award. All grants of stock options generally have an exercise price equal to or greater than the fair market value of the Company’s common stock on the date of grant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because the Company is privately held and there is no public market for its stock, the fair value of the Company’s equity is approved by the Company’s board of directors thereof as of the date stock-based awards are granted. In estimating the fair value of its stock, the Company uses a third-party valuation specialist and considers factors it believes are material to the valuation process, including but not limited to, the price at which recent equity was issued by the Company to independent third parties or transacted between third parties, any indications of value from offers to acquire the Company, actual and projected financial results, risks, prospects, economic and market conditions, and estimates of weighted average cost of capital. The Company believes the combination of these factors provides an appropriate estimate of the expected fair value of the Company and reflects the best estimate of the fair value of the Company’s common stock at each grant date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--StockholdersEquityPolicyTextBlock_z9Dc8tssXVnj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zzarvIxVdLcc">Notes Receivable from Stockholders</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time the Company has entered into promissory note agreements with certain employees for the purpose of financing the early exercise of the Company’s stock options. Although the shares of common stock purchased by the employees in exchange for the promissory notes are considered legally issued, the Company does not consider them outstanding for accounting purposes. Instead, the Company treats them as restricted until the options are fully vested and the outstanding principal and accrued interest on the notes are repaid in full. Unvested shares for which the promissory notes are fully satisfied are recorded as a share repurchase liability and as shares vest are recognized to additional paid-in capital in the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--AdvertisingCostsPolicyTextBlock_zFpKXJ0IPtzc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zAKAyFpWdI8">Advertising Cost</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising costs are expensed as incurred. Advertising costs were $<span id="xdx_905_eus-gaap--AdvertisingExpense_pn2n3_c20240101__20241231_zzoFGkxOrvac" title="Advertising cost">126.2</span> thousand and $<span id="xdx_909_eus-gaap--AdvertisingExpense_pn2n3_c20230101__20231231_zLWN9bfHO4zh" title="Advertising cost">20.4</span> thousand for the years ended December 31, 2024, and 2023, respectively, which are included in selling and marketing costs on the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 126200 20400 <p id="xdx_849_eus-gaap--IncomeTaxPolicyTextBlock_zddymFrdU6S4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_z8cBuvgLgi66">Income Taxes</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The provision for income taxes includes federal, state, local and foreign taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences between the consolidated financial statements carrying amounts and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. Changes to enacted tax rates would result in either increases or decreases in the provision for income taxes in the period of changes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The realizability of deferred tax assets is primarily dependent on future earnings. The Company evaluates the realizability of deferred tax assets and recognizes a valuation allowance when it is more likely than not that all, or a portion of, deferred tax assets will not be realized. A reduction in estimated forecasted results may require that we record valuation allowances against deferred tax assets. Once a valuation allowance has been established, it will be maintained until there is sufficient positive evidence to conclude that it is more likely than not that the deferred tax assets will be realized. A pattern of sustained profitability will generally be considered as sufficient positive evidence to reverse a valuation allowance. If the allowance is reversed in a future period, the income tax provision will be correspondingly reduced.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly, the increase and decrease of valuation allowances could have a significant negative or positive impact on future earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The United States subjects corporations to taxes on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The Company elected to provide for the tax expense related to GILTI in the year the tax is incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--DebtPolicyTextBlock_z5xs7XLe5fp7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zF4a4sVWt5l1">Debt Issuance Costs</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs to issue debt are capitalized and deferred when incurred and subsequently amortized to interest expense over the term of the related debt using the effective interest rate method. Deferred debt issuance costs are presented in the Company’s consolidated balance sheets as a direct deduction from the carrying amount of the associated debt liability. Deferred debt issuance costs were <span id="xdx_904_eus-gaap--DeferredFinanceCostsNet_iI_pn3n3_dc_c20241231_zxDc35e4Wu97" title="Deferred debt issuance cost">zero</span> and $<span id="xdx_905_eus-gaap--DeferredFinanceCostsNet_iI_pn2n3_c20231231_zgeU5Tkf8e95" title="Deferred debt issuance cost">110.8</span> thousand for the years ended December 31, 2024 and 2023, respectively. (Refer to Note12 - Long-Term Debt).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt issuance costs are expensed as incurred if they relate to debt for which a fair value option election has been made.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0 110800 <p id="xdx_841_ecustom--DebtDiscountsPolicyTextBlock_zeE8r8OkQBba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zVsqVZc9izq3">Debt Discounts</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For certain notes issued, the Company may provide the debt holder with an original issue discount. The original issue discount is recorded as a debt discount, reducing the face amount of the note, and is amortized to interest expense over the life of the debt, in the consolidated statements of operations and comprehensive loss. As of December 31, 2024 there was <span id="xdx_909_ecustom--AmortizationOfDebtDiscount_pn3n3_dc_c20240101__20241231_zCDDGIhMXz84" title="Debt discount">zero</span> debt discount recorded in the consolidated balance sheets. As of December 31, 2023 there was <span id="xdx_904_ecustom--AmortizationOfDebtDiscount_pn2n3_c20230101__20231231_zOPzBvFnE8L4" title="Debt discount">42.7</span> thousand of debt discount recorded in notes payable, current and $<span id="xdx_905_eus-gaap--NotesPayable_iI_pn3n3_c20241231_zabQ81dlH9de" title="Notes payable current">506.0</span> thousand recorded in notes payable in the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the certain notes measured at fair value, any changes in the fair value of the debt (including the debt discount) are recognized in the income statement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> 0 42700 506000.0 <p id="xdx_84B_ecustom--DeferredTransactionCostsPolicyTextBlock_z7RoHZtQwmpl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zT6X01w26579">Deferred Transaction Costs</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records deferred transaction costs, which consist of legal, accounting, and other fees related to the preparation of the Merger. (Refer to “Note 1 – Organization”). The deferred transaction costs will be offset against proceeds from the transaction upon the effectiveness of the Business Combination. As of December 31, 2024 and December 31, 2023, $<span id="xdx_90B_ecustom--DeferredTransactionCost_iI_pn3n3_c20241231_zKRqUGMKVxxh" title="Deferred transaction cost">1,865</span> thousand and $<span id="xdx_90B_ecustom--DeferredTransactionCost_iI_pn3n3_c20231231_ztACRInoZz1e" title="Deferred transaction cost">181.0</span> thousand of deferred transaction costs, respectively, were capitalized and recorded in deferred transaction costs on the consolidated balance sheets. Transaction costs that are not eligible to be capitalized are expensed as incurred and included within general and administrative expense in the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1865000 181000.0 <p id="xdx_84F_ecustom--ConvertiblePreferredStockPolicyTextBlock_zyASZQdUfk91" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zuIfSs9BP1Qi">Convertible Preferred Stock</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company applies the guidance enumerated in ASC Subtopic 480-10, <i>Distinguishing Liabilities from Equity-Overall </i>(“ASC 480-10”), when determining the classification and measurement of convertible preferred stock. Convertible preferred stock subject to mandatory redemption are classified as liability instruments and are initially measured at fair value in accordance with ASC 480-10, and accreted to their redemption value under the effective interest method. All other issuances of convertible preferred stock are subject to the classification and measurement principles of ASC 480-10. Accordingly, the Company classifies conditionally redeemable preferred stock (if any), which includes preferred stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control, as temporary equity. At all other times, the Company classifies its convertible preferred stock in stockholders’ deficit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--ResearchAndDevelopmentExpensePolicy_zeTn9bU78Tz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_z4pXIAjGCvvg">Research and Development Costs</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for research and development costs in accordance with the ASC 730, <i>Research and Development</i>. Under ASC 730, all research and development costs are expensed as incurred, with the exception of certain software development costs discussed above. Our research and development costs consist primarily of payroll costs associated with software product development, testing, quality assurance, documentation, enhancements and upgrades for existing customers under maintenance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and Development costs were $<span id="xdx_90C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231_zJLPcWzlpe7a" title="Research and development expense">732</span> thousand and $<span id="xdx_90E_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20230101__20231231_zdmCbHCpPR61" title="Research and development expense">604</span> thousand for the years ended December 31, 2024, and 2023, respectively, which are included in the consolidated statements of operations and comprehensive loss</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 732000 604000 <p id="xdx_844_eus-gaap--EarningsPerSharePolicyTextBlock_zxCZIk87KYWk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zkXOX6GWobAc">Net Loss per Share</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company applies the two-class method to compute basic and diluted net loss per share attributable to common shareholders, when shares meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common shareholders for the period to be allocated between common and participating securities based upon their respective rights to share in the earnings as if all income (loss) for the period had been distributed. The Company reported a net loss attributable to common shareholders for the years ended December 31, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the year. Diluted net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted average number of shares outstanding, plus the impact of potential common shares, if dilutive, resulting from the potential exercise of warrants or options, and the potential conversion of preferred stock or convertible notes, into common stock, under the if-converted method. Due to the net losses for the years ended December 31, 2024 and 2023, basic and dilutive net loss per share were the same, as the effect of potentially dilutive securities would have been anti-dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_849_ecustom--CommonStockWarrantsPolicyTextBlock_zsPK1aPF6A0h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zw9vhDc7P5Di">Common Stock Warrants</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for common stock warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When issued in connection with debt, the allocated value related to the warrants is generally recorded as additional interest cost on the related debt. The Company values warrants using an option pricing model.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zMQuCeSrh3Yg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zSvGwTanTR1c">Commitments and Contingencies</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may at times be involved in litigation in the ordinary course of business. The Company will, from time to time, when appropriate in management’s estimation, record adequate reserves in the Company’s consolidated financial statements for pending litigation. Currently there are no pending or threatened litigation matters that management believes require accrual or disclosure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z0ZiVmUg40lj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zpP3swSARrsf">Foreign Currency Translation and Remeasurement</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets and liabilities of consolidated foreign subsidiaries whose functional currency is not the U.S. dollar are translated into U.S. dollars at period-end exchange rates and revenues and expenses are translated into U.S. dollars using average exchange rates during the year. Equity transactions are translated using historical exchange rates. The adjustment resulting from translating the consolidated financial statements of such foreign subsidiaries into U.S. dollars is reflected as a cumulative translation adjustment and reported as a component of Accumulated other comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--RisksAndUncertaintiesPolicyTextBlock_zBJKcRDTTam1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_z5bekG1DVx">Risks and Uncertainties</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of its global operations, the Company may be subject to certain inherent risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span>Concentration of Credit</span> -</i></b> Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents, and accounts receivable. The Company maintains cash and cash equivalents with financial institutions. The Company believes its credit policies reflect normal industry terms and business risk and there is no expectation of non-performance by the counterparties. Accounts receivables are generally dispersed across many customers operating in different industries; therefore, concentration of credit risk is limited. If any of the Company’s customers enter bankruptcy protection or otherwise take steps to alleviate their financial distress, the Company’s credit losses and write-offs of receivables could increase, which would negatively impact its results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant Customers and Suppliers—The concentration of credit risk with respect to accounts receivable is primarily limited to certain customers to which the Company makes substantial sales. To minimize credit risk related to accounts receivable, the Company maintains allowances for potential credit losses based on historical loss patterns as well as future expectations. As of December 31, 2024 and December 31, 2023, the Company had four and three customers whose accounts receivable balance accounted for at least 10% of the Company’s consolidated accounts receivables, respectively. These customers accounted for approximately <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--FourCustomersMember_zaSZaxyQsUXi" title="Concentration risk, percentage"><span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--FourCustomersMember_zxzeYHFHJPRh" title="Concentration risk, percentage">61.6</span></span>% and <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_zJSd8Rj5GzY9" title="Concentration risk, percentage"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_z7oGMoue11mb" title="Concentration risk, percentage">46.2</span></span>% of the Company’s receivables at the end of the respective periods. For the year ended December 31, 2024 and </span>2023, the Company had two customers whose revenue accounted for at least 10% of the Company’s consolidated revenue, respectively. These customers accounted for approximately <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--OneCustomersMember_zcbz8bQrNquf" title="Concentration risk, percentage"><span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--OneCustomersMember_zMkZ3mAWPr33" title="Concentration risk, percentage">23.18</span></span>% and <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_z9Al9SJc1Lkj" title="Concentration risk, percentage"><span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_z43Q5VzJjUN2" title="Concentration risk, percentage">23</span></span> % of the Company’s total revenue of the respective periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company pays its suppliers on normal commercial terms and does not believe that there is any significant supply risk from its suppliers. For the year ended December 31, 2024 and 2023, the Company had three and one suppliers whose account payable accounted for at least <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__srt--MajorCustomersAxis__custom--OneSupplierMember_zY1O8R6vV7u6" title="Concentration risk, percentage">10</span>% of the Company’s consolidated account payables, respectively. These suppliers accounted for approximately <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__srt--MajorCustomersAxis__custom--TwoSupplierMember_zu55v5MEADAc" title="Concentration risk, percentage">61.43</span>% and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__srt--MajorCustomersAxis__custom--ThreeSupplierMember_zXeBHxSZGJke" title="Concentration risk, percentage">33.24</span>% of the Company’s total payables for the respective periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span>Foreign currency risk</span> </i></b>- The Company’s global operations are conducted predominantly in U.S. dollars. While revenue is generated in U.S. dollars, the Company incurs expenses in other currencies, principally, Nepalese rupees and Canadian dollars. The Company’s international operations expose it to risk of adverse fluctuations in foreign currency exchange rates through the remeasurement of foreign currency denominated assets and liabilities (both third-party and intercompany) and translation of earnings and cash flows into U.S. dollars.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span>Interest rate risk</span> </i></b>- The Company is exposed to market risk from changes in interest rates. Exposure to interest rate risk results primarily from variable rates related to cash, short-term investments, and the Company’s borrowings. The Company does not believe it is exposed to material direct risks associated with changes in interest rates related to these deposits, investments and borrowings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.616 0.616 0.462 0.462 0.2318 0.2318 0.23 0.23 0.10 0.6143 0.3324 <p id="xdx_84F_eus-gaap--LesseeLeasesPolicyTextBlock_zaBhNcnGLuYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_znOuHG7BTs71">Leases</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s lease portfolio includes two real estate leases under operating lease agreements. At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on whether: (i) the contract involves the use of a distinct identified asset, (ii) the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (iii) the Company has the right to direct the use of the asset.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the adoption of ASC 842, the Company elected the package of practical expedients to not (i) reassess whether any expired or existing contracts are or contain a lease, (ii) reassess historical lease classifications for existing leases, and (iii) reassess initial direct costs for existing leases. The Company also elected the practical expedient to account for lease and non-lease components as a single lease component. Accordingly, the Company shall include non-lease components with lease payments for the purpose of calculating lease assets and liabilities to the extent that they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease payments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company exempts leases with an initial term of 12 months or less from balance sheet recognition and, for all classes of assets, combines non-lease components with lease components. Lease assets are tested for impairment in the same manner as long-lived assets used in operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates the classification of its leases as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: (i) the lease transfers ownership of the asset by the end of the lease term, (ii) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (iii) the lease term is for a major part of the remaining useful life of the asset, (iv) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, or (v) the leased asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease is classified as an operating lease if it does not meet any of these criteria.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes right-of-use assets and lease liabilities based on the present value of lease payments over the lease term at the commencement date of the lease (or January 1, 2022 for existing leases upon the </span>adoption of Topic 842). The discount rate implicit within the Company’s leases is generally not determinable; therefore, the Company determines the discount rate using its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records rent expense for short-term leases and operating leases, some of which have escalating rent payments, on a straight-line basis over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For additional information regarding the Company’s lease arrangements, refer to “Note 20 - Leases”.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_ecustom--RelatedPartiesPolicyTextBlock_z834AOPoEj1a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zKgtCpm6V2o1">Related Parties</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related party also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party control or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all significant related party transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_ecustom--GoingConcernPolicyTextBlock_zbXvHzBMYS55" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>Going Concern</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, the Company had cash of approximately $<span id="xdx_907_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn2n3_c20241231_zbGEDs5G1Xka" title="Cash">499.8</span> thousand. For the year ended December 31, 2024, the Company used approximately <span id="xdx_90E_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn2n3_di_c20240101__20241231_zeYmszrIR92f" title="Net cash used in operating activities">$2,201.0</span> thousand in cash for operating activities. Historically, the Company has incurred recurring net losses from operations and negative cash flows from operating activities. As of December 31, 2024, the Company had an accumulated deficit of approximately $<span id="xdx_902_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn3n3_di_c20241231_zvDfne7eGAs1" title="Accumulated deficit">34,217.0</span> thousand. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern within one year of the date these consolidated financial statements were issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders and debt holders. Specifically, continuation is contingent on the Company’s ability to obtain necessary equity or debt financing to continue operations, and ultimately the Company’s ability to generate profit from sales and positive operating cash flows, which is not assured.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s plans include obtaining future debt and equity financings associated with the close of the Business Combination (also see “Note 1 – Organization”). If the Company is unsuccessful in completing these planned transactions, it may be required to reduce its spending rate to align with expected revenue levels and cash reserves, although there can be no guarantee that it will be successful in doing so. Accordingly, the Company may be required to raise additional cash through debt or equity transactions. It may not be able to secure financing in a timely manner or on favorable terms, if at all. As a result, management’s plans cannot be considered probable and thus do not alleviate substantial doubt about the Company’s ability to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date on which these consolidated financial statements were available to be issued, we believe that the cash on hand, and additional investments available through issuance of new Common Stock, will be inadequate to satisfy the Company’s working capital and capital expenditure requirements for at least the next twelve months. The ability of the Company to continue as a going concern is dependent upon management’s plan to raise additional capital from issuance of equity or receive additional borrowings to fund the Company’s operating and investing activities over the next year. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> 499800 -2201000.0 -34217000.0 <p id="xdx_84D_eus-gaap--EquityMethodInvestmentsPolicy_zK4xrIOXleUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zmkXpta0hiN6">Investment in Equity Securities</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s equity investment comprises of investments in equity securities of private companies. These equity investments are accounted for under the equity method, and initially recorded at estimated fair value, less any impairment, with equity method investment gains and losses included in equity in earnings of investee, net of income tax provision on the consolidated statements of operations and comprehensive loss. Equity investments are reviewed regularly to determine whether there is a decline in estimated fair value below the carrying amount. If there is a decline that is other-than-temporary, the investment is written down to estimated fair value. When evaluating the equity investment for impairment, the Company performs a qualitative and quantitative assessment to evaluate whether a decline in estimated fair value below the carrying amount is other-than- temporary. The qualitative assessment includes a review of macroeconomic conditions, industry and market considerations, the investee’s recent operating results and trends, recent acquisitions and sales of the investee securities, and other publicly available data, among other factors. If the Company determines that the decline is other-than-temporary, the Company records an impairment loss to write the equity investment to the estimated fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_840_ecustom--TreasuryStockPolicyTextBlock_zNl4uV192dI4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_zn4AQiMMMP73">Treasury Stock </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records treasury stock activities under the cost method whereby the cost of the acquired stock is recorded as treasury stock. The Company’s accounting policy upon the formal retirement of treasury stock is to deduct the par value from the Company’s common stock and to reflect any excess cost over par value as a reduction to additional paid-in capital (to the extent created by previous issuances of the shares) and then retained earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zCtOEcV4oKu8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zu3BY5Wkv4I3">Recent Accounting Pronouncements</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, new accounting pronouncements are issued by the FASB, The Company is an emerging growth company (“EGC”) as defined in the Jumpstart Our Business Startups Act, (the “JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, the Company’s consolidated financial statements may not be comparable to companies that comply with public company Financial Accounting Standards Board (“FASB”) standards’ effective dates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is in the process of merging with a publicly traded Special Purpose Acquisition Company (a “SPAC”), which will be accounted for as a reverse recapitalization (the “Transaction”) in accordance with GAAP. (Refer to “Note 1 – Organization”) for more information regarding the Transaction. If the Transaction were to be consummated, the surviving company will remain an emerging growth company until the earliest of (i) the last day of the Company’s first fiscal year following the fifth anniversary of the completion of the SPAC’s initial public offering, (ii) the last day of the fiscal year in which the Company has total annual gross revenue of at least $<span id="xdx_903_ecustom--GrossRevenue_pn7n9_c20240101__20241231_zFUYqbkvDDaf" title="Gross revenue">1.07</span> billion, (iii) the last day of the fiscal year in which the Company is deemed to be a large accelerated filer, which means the market value of the Company’s common stock that is held by non-affiliates exceeds $<span id="xdx_906_ecustom--GrossRevenue_pn3n3_c20250101__20250630_zLOjYTYHpSD8" title="Gross revenue">700,000.0</span> thousand as of the prior June 30th or (iv) the date on which the Company has issued more than $<span id="xdx_906_ecustom--NonConvertibleDebt_pn8n9_c20240101__20241231_zcHoF1QnNdEe" title="Non convertible debt">1.0</span> billion in non-convertible debt securities during the prior three-year period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1070000000.00 700000000.0 1000000000.0 <p id="xdx_84F_ecustom--RecentlyAdoptedAccountingStandardsPolicyTextBlock_zJMAwc0fGOp" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zntHyAk00rHd">Recently Adopted Accounting Pronouncements</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ASU 2023-07, Segment Reporting (Topic 280):</i> Improvements to Reportable Segment Disclosures. In November 2023, the FASB issued this ASU to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal </span>years beginning after December 15, 2024, with early adoption permitted. Since the company has only one reporting segment, there was no material impact to the disclosure requirements in the Company’s Consolidated Financial Statement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_ecustom--NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock_z2qD82kyU0lh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zI7BwgBQJNyg">New Accounting Pronouncements Not Yet Adopted</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASU 2023-09<i>, Income Taxes (Topic 740): Improvements to Income Tax Disclosures</i>. In December 2023, the FASB issued this ASU to update income tax disclosure requirements, primarily related to the income tax rate reconciliation and income taxes paid information. This update is effective on a prospective basis for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2024, the SEC issued its final climate disclosure rules (Rule 1), which require the disclosure of climate-related information in annual reports and registration statements, beginning with annual reports for the year ending December 31, 2025. The rules require disclosure in the audited financial statements of certain effects of severe weather events and other natural conditions above certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates, if material. We are currently evaluating the impact of the new rules and continue to monitor the status of the related legal challenges.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. In November 2024, the FASB issued this ASU that requires more detailed disclosure about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expense and depreciation expense. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The guidance does not affect recognition or measurement in our consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASU 2024-04 Debt - Debt with Conversion and Other Options - Induced Conversions of Convertible Debt Instruments. In November 2024, the FASB issued this ASU which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions or extinguishments. This guidance is required to be adopted by us in 2027. We are currently evaluating the impact this guidance will have on our consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not believe any other new accounting pronouncements issued by the FASB that have not become effective will have a material impact on its consolidated financial statements.</span></p> <p id="xdx_803_eus-gaap--FairValueDisclosuresTextBlock_zPzcI0vl0Iwa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3. <span id="xdx_823_ziy9b9aShW8k">Fair Value Measurements </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 — Quoted prices for identical assets or liabilities in active markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 — Inputs other than quoted prices within Level 1 that are observable either directly or indirectly, including quoted prices in markets that are not active, quoted prices in active markets for similar assets or liabilities, and observable inputs other than quoted prices such as interest rates or yield curves.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 — Unobservable inputs reflecting management’s view about the assumptions that market participants would use in pricing the asset or liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial Instruments Not Recorded at Fair Value </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The carrying values of the Company’s accounts receivable, unbilled revenue, prepaid expenses and other current assets, other assets, accounts payable, deferred transaction costs, accrued expenses and other current liabilities and cumulative mandatorily redeemable common and preferred stock liability approximate their fair values based on the instruments’ relative short-term nature.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024 and December 31, 2023, the estimated fair values of our convertible notes payable, current and related party loan payable, current approximated their carrying values due to their relatively short maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial Instruments Recorded at Fair Value </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_z7TBbrdgOEzg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables present the Company’s fair value hierarchy for its financial liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_zZiPste4JcJh" style="display: none">Schedule of Financial Instruments Recorded at Fair Value on a Recurring Basis</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-size: 12pt; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z5egahhVMzmj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zJnDaDYcf8Pf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zsGHGDyHy4Jc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zc2AJZMql3t7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fair Value Measurements at</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>December 31, 2024</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--FinancialLiabilitiesFairValueDisclosureAbstract_iB_zdWlas9Y3jmk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-size: 12pt"> </td> <td colspan="2" style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td></tr> <tr id="xdx_40D_eus-gaap--DebtInstrumentFairValue_i01I_pn3n3_maFLFVDzHwA_zBikZGPTSsj8" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Related party convertible notes payable, at fair value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">6,524</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">6,524</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ConvertibleDebtFairValueDisclosures_i01I_pn3n3_maFLFVDzHwA_zbTBgmacahwa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Convertible Notes payable at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1057">—</span> </span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1058">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,986</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DerivativeLiabilities_i01I_pn3n3_maFLFVDzHwA_zKNKXYez2mUi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Warrant liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1062">—</span> </span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1063">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">945</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">945</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinancialLiabilitiesFairValueDisclosure_i01TI_pn3n3_mtFLFVDzHwA_zweYV7plZuBe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1067">—</span> </b></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1068">—</span></b></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,455</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,455</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zG46IrYcHnra" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 1</b></span></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zG8XV0GAbzoc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zb65KyA4F5we" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20231231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z5xGa2HMdznd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-size: 12pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value Measurements at</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2023</b></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p></td><td style="padding-bottom: 1pt; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 1</b></span></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--FinancialLiabilitiesFairValueDisclosureAbstract_iB_zMaeVhgaVCWb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40D_eus-gaap--DebtInstrumentFairValue_i01I_pn3n3_maFLFVDzHwA_z2ftO3S1FnYc" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Related party convertible notes payable, at fair value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1077">—</span> </span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1078">—</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3,764</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3,764</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ConvertibleDebtFairValueDisclosures_i01I_pn3n3_maFLFVDzHwA_zG2LuLKcDU0a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Convertible Notes payable at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1082">—</span> </span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1083">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1084">—</span> </span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1085">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DerivativeLiabilities_i01I_pn3n3_maFLFVDzHwA_zD4XxDplcMXf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Warrant liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1087">—</span> </span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1088">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">430</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinancialLiabilitiesFairValueDisclosure_i01TI_pn3n3_mtFLFVDzHwA_z3ikwmM4Zx8g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities</span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1092">—</span> </b></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1093">—</span></b></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,194</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,194</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_8AE_z3NpHlz9ivn4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_891_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zb0yUcbljsX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table shows the change in the fair value of the warrant liability (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_z6kSP8Bkw4z9" style="display: none">Schedule of Change in Fair Value of Warrant Liability</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BD_zhglAImf27ye" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_430_c20230101__20231231_eus-gaap--DerivativeLiabilities_iS_pn3n3_zPVr5tbPsaDc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance as of December 31, 2022</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1099">—</span></b></span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_439_c20230101__20231231_ecustom--IssuanceOfCommonStockWarrantLiability_pn3n3_zB4fHyppxpa9" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left">Issuance of common stock warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">400</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_439_c20230101__20231231_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_zPVxWB3PKa9k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value of warrant liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_434_c20240101__20241231_eus-gaap--DerivativeLiabilities_iS_pn3n3_z5EeQnESn2Uc" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Balance as of December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">430</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20241231_eus-gaap--DerivativeLiabilities_iS_pn3n3_zRbmcTZF13Dk" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Warrant liability, beginning balance</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">430</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_435_c20240101__20241231_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_zZ9b4tZh5Kh6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value of warrant liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">515</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43D_c20240101__20241231_eus-gaap--DerivativeLiabilities_iE_pn3n3_z06Z5XLHUmNg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of December 31, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">945</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20241231_eus-gaap--DerivativeLiabilities_iE_pn3n3_zQQgmEcpu6V7" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Warrant liability, ending Balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">945</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zdkUy5wrtCT7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_89E_ecustom--ScheduleOfChangeInFairValueOfTheConvertibleNotesAtFairValueTableTextBlock_zyNJKI813Yq2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table shows the change in the fair value of the Convertible Notes at Fair Value (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_z62NsPWbcRjc" style="display: none">Schedule of Change in Fair Value of the Convertible Notes at Fair Value</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BE_us-gaap--FinancialInstrumentAxis_custom--TwoThousandNineteenConvertibleNotesMember_zWPxm4adT3h1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019<br/> Convertible<br/> Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B8_us-gaap--FinancialInstrumentAxis_custom--TwoThousandTwentyOneConvertibleNotesMember_zhitjPYWLaJi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021<br/> Convertible<br/> Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B9_us-gaap--FinancialInstrumentAxis_custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember_z51XaZua30r3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January<br/> 2024<br/> Convertible<br/> Notes</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B0_zC7ufUACWtai" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total<br/> Convertible<br/> Notes at<br/> Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_43B_c20230101__20231231_eus-gaap--DebtInstrumentFairValue_iS_pn3n3_zYC83A4pAV27" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-weight: bold">Balance as of December 31, 2022</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">2,687</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">496</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1119">—</span></b></span></td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">3,183</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43C_c20230101__20231231_ecustom--ChangesInFairValueOfConvertibleNotesAtFairValue_iN_pn3n3_di_zcsnGUcnHtjj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value of Related Party note payable at Fair Value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">492</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">89</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1124">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">581</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_430_c20240101__20241231_eus-gaap--DebtInstrumentFairValue_iS_pn3n3_zCL0UgvfAD2j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Balance as of December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,179</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">585</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,764</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_436_c20240101__20241231_eus-gaap--DebtInstrumentFairValue_iS_pn3n3_zrl7KZvtTJx" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Convertible notes at fair value, beginning balance</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,179</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">585</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,764</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43D_c20240101__20241231_eus-gaap--ProceedsFromRepaymentsOfNotesPayable_pn3n3_zs40NqHjBNKg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issuance of Convertible Notes at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1137">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1138">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,500</td><td style="text-align: left"> </td></tr> <tr id="xdx_436_c20240101__20241231_ecustom--AdjustmentsToAdditionalPaidInCapitalGainOnExtinguishmentRecordedAsCapitalTransaction_iN_pn3n3_di_z7NzQQqZMOR9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gain on extinguishment of debt recorded as a Capital transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(291</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(52</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1144">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(343</td><td style="text-align: left">)</td></tr> <tr id="xdx_430_c20240101__20241231_ecustom--ChangesInFairValueOfConvertibleNotesAtFairValue_iN_pn3n3_di_zUsfGP6lupF1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value of Related party note and Convertible Notes at Fair Value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,641</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">462</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,486</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,589</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_438_c20240101__20241231_eus-gaap--DebtInstrumentFairValue_iE_pn3n3_zr8pghi4Xbq8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of December 31, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,529</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">995</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,986</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">15,510</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_437_c20240101__20241231_eus-gaap--DebtInstrumentFairValue_iE_pn3n3_zteF2E5oMP54" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Convertible notes at fair value, ending balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,529</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">995</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,986</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">15,510</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AD_z5tlen68trjj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common Stock Warrant Liability </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company estimates the fair value of the common stock warrant liability (refer to “Note 12 – Long-term Debt”) using an option pricing model and assumptions that are based on the individual characteristics of the warrants on the valuation date, as well as assumptions for fair value of the underlying common stock expected volatility, expected life, dividends, and risk-free interest rate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrant liability is classified as Level 3 as there were no quotable prices for identical assets or quoted prices for similar. The warrant liabilities are measured using a Black-Scholes Model. The fair value of the warrant liability as of December 31, 2024 was determined using the following assumptions: a dividend yield of <span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zeuJl5dW7k49" title="Warrant liability, measurement input">0.0</span>%, a risk-free rate of <span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zhZsjOShFaHh" title="Warrant liability, measurement input">4.5</span>%, a stock price of $<span id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zjIJtLVhibC9" title="Warrant liability, measurement input">7.48</span>, a term of <span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zN5SY3s3Rnql" title="Warrant liability, measurement input">8.65</span> years, and annualized volatility of <span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputAnnualizedVolatilityMember_zKE4T9TISBSk" title="Warrant liability, measurement input">65.0</span>%.The fair value of the warrant liability as of December 31, 2023 was determined using the following assumptions: a dividend yield of <span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zJqdpamFOVvj" title="Warrant liability, measurement input">0.0</span>%, a risk-free rate of <span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zKj6ihV0e9af" title="Warrant liability, measurement input">3.9</span>%, a stock price of $<span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_z3wxSeE3EtA2" title="Warrant liability, measurement input">1.28</span>, a per-share buyout price of $<span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputPerShareBuyoutPriceMember_zyTqv3hMDKQ9" title="Warrant liability, measurement input">5.35</span>, a term of <span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zmIYLKQUip0l" title="Warrant liability, term">9.65</span> years, and annualized volatility of <span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputAnnualizedVolatilityMember_zbqKRLB5jng" title="Warrant liability, measurement input">63.0</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party Note payable at Fair Value and Convertible Notes at Fair Value </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for certain long-term debt (also refer to “Note – 12 – Long-term Debt”) under the fair value option. At the issuance date of the Convertible Notes at Fair Value, the Company determined that the fair value approximated the principal amount. Subsequent measurement of fair value of the Convertible Notes at Fair Value as of December 31, 2024, and December 31, 2023 was estimated based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The Company used a scenario-based analysis to incorporate estimates and assumptions concerning the Company’s prospects and market indications into a model to estimate the value of the Convertible Notes at Fair Value. The most significant estimates and assumptions used as inputs are those concerning timing, probability of possible scenarios for conversion or settlement of the Convertible Notes at Fair Value. The Convertible Notes at Fair Value are classified as Level 3 as there were no quotable prices for identical assets or quoted prices for similar.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p id="xdx_895_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_zGbezSZ76Fj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables set forth the significant inputs to the probability-weighted valuation model used to value the Convertible Notes at Fair Value as of December 31, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zq9gT0XLVGXb" style="display: none">Schedule of Probability-Weighted Valuation Model Used to Value the Convertible Notes at Fair Value</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2019 and 2021 Convertible Notes </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Type of Events</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected<br/> Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability of<br/> Event</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount<br/> Rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">SPAC Transaction</td><td style="width: 2%"> </td> <td style="width: 14%; text-align: center"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zyBWHKhVqZh">4/3/2025</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zlAf4umaNiT" title="Probability of Event">75</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_903_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zLM4fO9FAoA9" title="Discount Rate">54</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Maturity</td><td> </td> <td style="text-align: center"><span id="xdx_90C_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zdgZjjgfBpVa">2/28/2026</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zzUOqzpoDnPe" title="Probability of Event">10</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zT8ZxTAKRyD7" title="Discount Rate">54</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Default Feature</td><td> </td> <td style="text-align: center">N/A</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_z8tP8PoMHhH2" title="Probability of Event">15</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zEWLRoR8O68j" title="Discount Rate">54</span></td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">January 2024 Convertible Notes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Type of Events</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected<br/> Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability of<br/> Event</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount<br/> Rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">SPAC Transaction</td><td style="width: 2%"> </td> <td style="width: 14%; text-align: center"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zJV3Bhd6EBtj" title="Expected Date">4/3/2025</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_902_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zvgZ7jsE68v6" title="Probability of Event">75</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_90B_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zPi65NxnUKF6" title="Discount Rate">45</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Maturity</td><td> </td> <td style="text-align: center"><span id="xdx_902_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zZrB9tSIGIfl" title="Expected Date">7/12/2025</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zrj6yRiVZgJd" title="Probability of Event">10</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_ztQahmtFPTRl" title="Discount Rate">45</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Default Feature</td><td> </td> <td style="text-align: center"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zKAocWJH301b" title="Expected Date">7/12/2025</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zxvbtB9nlqNa" title="Probability of Event">15</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zNHTZEJimKi5" title="Discount Rate">45</span></td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the significant inputs to the probability-weighted valuation model used to value the Convertible Notes at Fair Value as of December 31, 2023:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">2019 and 2021 Convertible Notes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Type of Events</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected<br/> Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability of<br/> Event</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount<br/> Rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Maturity</td><td style="width: 2%"> </td> <td style="width: 14%; text-align: center"><span id="xdx_90E_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zJMUlyXoAHt8" title="Expected Date">1/22/2024</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_900_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_z02LtlAXjiOh" title="Probability of Event">89</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_90F_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zXENWYxKczp5" title="Discount Rate">29</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Equity Financing</td><td> </td> <td style="text-align: center"><span id="xdx_903_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--EquityFinancingMember_z8kAHpntKBrg" title="Expected Date">8/31/2024</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--EquityFinancingMember_zQ4uFN7neNNd" title="Probability of Event">0</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--EquityFinancingMember_zt5uv9WSaG06" title="Discount Rate">29</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Corporate Transaction</td><td> </td> <td style="text-align: center"><span id="xdx_90F_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--CorporateTransactionMember_zxzjLM4tS0K9" title="Expected Date">12/31/2024</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--CorporateTransactionMember_zcuVDNHAWLx7" title="Probability of Event">10</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--CorporateTransactionMember_zOc3Trzhnzql" title="Discount Rate">29</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Default Feature</td><td> </td> <td style="text-align: center"><span id="xdx_906_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_z1loUDGcRfV" title="Expected Date">1/22/2024</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_z01fStzDrHXl" title="Probability of Event">1</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zXvPxkrm6sIj" title="Discount Rate">29</span></td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8AB_zCyyZ23dGskj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024 and December 31, 2023, there were no transfers between Level 1, Level 2 and Level 3.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has certain non-financial assets that are measured at fair value on a non-recurring basis when there is an indicator of impairment, and they are recorded at fair value only when an impairment is recognized. These assets include property and equipment and amortizable intangible assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_z7TBbrdgOEzg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables present the Company’s fair value hierarchy for its financial liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_zZiPste4JcJh" style="display: none">Schedule of Financial Instruments Recorded at Fair Value on a Recurring Basis</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-size: 12pt; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z5egahhVMzmj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zJnDaDYcf8Pf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zsGHGDyHy4Jc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zc2AJZMql3t7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fair Value Measurements at</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>December 31, 2024</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--FinancialLiabilitiesFairValueDisclosureAbstract_iB_zdWlas9Y3jmk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-size: 12pt"> </td> <td colspan="2" style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td></tr> <tr id="xdx_40D_eus-gaap--DebtInstrumentFairValue_i01I_pn3n3_maFLFVDzHwA_zBikZGPTSsj8" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Related party convertible notes payable, at fair value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">6,524</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">6,524</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ConvertibleDebtFairValueDisclosures_i01I_pn3n3_maFLFVDzHwA_zbTBgmacahwa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Convertible Notes payable at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1057">—</span> </span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1058">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,986</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DerivativeLiabilities_i01I_pn3n3_maFLFVDzHwA_zKNKXYez2mUi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Warrant liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1062">—</span> </span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1063">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">945</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">945</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinancialLiabilitiesFairValueDisclosure_i01TI_pn3n3_mtFLFVDzHwA_zweYV7plZuBe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1067">—</span> </b></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1068">—</span></b></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,455</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,455</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zG46IrYcHnra" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 1</b></span></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zG8XV0GAbzoc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zb65KyA4F5we" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20231231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z5xGa2HMdznd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-size: 12pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value Measurements at</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2023</b></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p></td><td style="padding-bottom: 1pt; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 1</b></span></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--FinancialLiabilitiesFairValueDisclosureAbstract_iB_zMaeVhgaVCWb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40D_eus-gaap--DebtInstrumentFairValue_i01I_pn3n3_maFLFVDzHwA_z2ftO3S1FnYc" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Related party convertible notes payable, at fair value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1077">—</span> </span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1078">—</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3,764</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3,764</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ConvertibleDebtFairValueDisclosures_i01I_pn3n3_maFLFVDzHwA_zG2LuLKcDU0a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Convertible Notes payable at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1082">—</span> </span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1083">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1084">—</span> </span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1085">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DerivativeLiabilities_i01I_pn3n3_maFLFVDzHwA_zD4XxDplcMXf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Warrant liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1087">—</span> </span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1088">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">430</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinancialLiabilitiesFairValueDisclosure_i01TI_pn3n3_mtFLFVDzHwA_z3ikwmM4Zx8g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities</span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1092">—</span> </b></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1093">—</span></b></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,194</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,194</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> 6524000 6524000 8986000 8986000 945000 945000 16455000 16455000 3764000 3764000 430000 430000 4194000 4194000 <p id="xdx_891_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zb0yUcbljsX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table shows the change in the fair value of the warrant liability (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_z6kSP8Bkw4z9" style="display: none">Schedule of Change in Fair Value of Warrant Liability</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BD_zhglAImf27ye" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_430_c20230101__20231231_eus-gaap--DerivativeLiabilities_iS_pn3n3_zPVr5tbPsaDc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance as of December 31, 2022</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1099">—</span></b></span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_439_c20230101__20231231_ecustom--IssuanceOfCommonStockWarrantLiability_pn3n3_zB4fHyppxpa9" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left">Issuance of common stock warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">400</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_439_c20230101__20231231_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_zPVxWB3PKa9k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value of warrant liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_434_c20240101__20241231_eus-gaap--DerivativeLiabilities_iS_pn3n3_z5EeQnESn2Uc" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Balance as of December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">430</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20241231_eus-gaap--DerivativeLiabilities_iS_pn3n3_zRbmcTZF13Dk" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Warrant liability, beginning balance</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">430</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_435_c20240101__20241231_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_zZ9b4tZh5Kh6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value of warrant liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">515</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43D_c20240101__20241231_eus-gaap--DerivativeLiabilities_iE_pn3n3_z06Z5XLHUmNg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of December 31, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">945</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20241231_eus-gaap--DerivativeLiabilities_iE_pn3n3_zQQgmEcpu6V7" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Warrant liability, ending Balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">945</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 400000 30000 430000 430000 515000 945000 945000 <p id="xdx_89E_ecustom--ScheduleOfChangeInFairValueOfTheConvertibleNotesAtFairValueTableTextBlock_zyNJKI813Yq2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table shows the change in the fair value of the Convertible Notes at Fair Value (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_z62NsPWbcRjc" style="display: none">Schedule of Change in Fair Value of the Convertible Notes at Fair Value</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BE_us-gaap--FinancialInstrumentAxis_custom--TwoThousandNineteenConvertibleNotesMember_zWPxm4adT3h1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019<br/> Convertible<br/> Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B8_us-gaap--FinancialInstrumentAxis_custom--TwoThousandTwentyOneConvertibleNotesMember_zhitjPYWLaJi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021<br/> Convertible<br/> Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B9_us-gaap--FinancialInstrumentAxis_custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember_z51XaZua30r3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January<br/> 2024<br/> Convertible<br/> Notes</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B0_zC7ufUACWtai" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total<br/> Convertible<br/> Notes at<br/> Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_43B_c20230101__20231231_eus-gaap--DebtInstrumentFairValue_iS_pn3n3_zYC83A4pAV27" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-weight: bold">Balance as of December 31, 2022</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">2,687</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">496</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1119">—</span></b></span></td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">3,183</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43C_c20230101__20231231_ecustom--ChangesInFairValueOfConvertibleNotesAtFairValue_iN_pn3n3_di_zcsnGUcnHtjj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value of Related Party note payable at Fair Value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">492</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">89</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1124">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">581</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_430_c20240101__20241231_eus-gaap--DebtInstrumentFairValue_iS_pn3n3_zCL0UgvfAD2j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Balance as of December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,179</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">585</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,764</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_436_c20240101__20241231_eus-gaap--DebtInstrumentFairValue_iS_pn3n3_zrl7KZvtTJx" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Convertible notes at fair value, beginning balance</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,179</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">585</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,764</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43D_c20240101__20241231_eus-gaap--ProceedsFromRepaymentsOfNotesPayable_pn3n3_zs40NqHjBNKg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issuance of Convertible Notes at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1137">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1138">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,500</td><td style="text-align: left"> </td></tr> <tr id="xdx_436_c20240101__20241231_ecustom--AdjustmentsToAdditionalPaidInCapitalGainOnExtinguishmentRecordedAsCapitalTransaction_iN_pn3n3_di_z7NzQQqZMOR9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gain on extinguishment of debt recorded as a Capital transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(291</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(52</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1144">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(343</td><td style="text-align: left">)</td></tr> <tr id="xdx_430_c20240101__20241231_ecustom--ChangesInFairValueOfConvertibleNotesAtFairValue_iN_pn3n3_di_zUsfGP6lupF1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value of Related party note and Convertible Notes at Fair Value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,641</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">462</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,486</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,589</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_438_c20240101__20241231_eus-gaap--DebtInstrumentFairValue_iE_pn3n3_zr8pghi4Xbq8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of December 31, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,529</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">995</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,986</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">15,510</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_437_c20240101__20241231_eus-gaap--DebtInstrumentFairValue_iE_pn3n3_zteF2E5oMP54" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Convertible notes at fair value, ending balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,529</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">995</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,986</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">15,510</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 2687000 496000 3183000 -492000 -89000 -581000 3179000 585000 3764000 3179000 585000 3764000 6500000 6500000 291000 52000 343000 -2641000 -462000 -2486000 -5589000 5529000 995000 8986000 15510000 5529000 995000 8986000 15510000 0.0 4.5 7.48 8.65 65.0 0.0 3.9 1.28 5.35 P9Y7M24D 63.0 <p id="xdx_895_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_zGbezSZ76Fj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables set forth the significant inputs to the probability-weighted valuation model used to value the Convertible Notes at Fair Value as of December 31, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zq9gT0XLVGXb" style="display: none">Schedule of Probability-Weighted Valuation Model Used to Value the Convertible Notes at Fair Value</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2019 and 2021 Convertible Notes </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Type of Events</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected<br/> Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability of<br/> Event</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount<br/> Rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">SPAC Transaction</td><td style="width: 2%"> </td> <td style="width: 14%; text-align: center"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zyBWHKhVqZh">4/3/2025</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zlAf4umaNiT" title="Probability of Event">75</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_903_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zLM4fO9FAoA9" title="Discount Rate">54</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Maturity</td><td> </td> <td style="text-align: center"><span id="xdx_90C_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zdgZjjgfBpVa">2/28/2026</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zzUOqzpoDnPe" title="Probability of Event">10</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zT8ZxTAKRyD7" title="Discount Rate">54</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Default Feature</td><td> </td> <td style="text-align: center">N/A</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_z8tP8PoMHhH2" title="Probability of Event">15</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zEWLRoR8O68j" title="Discount Rate">54</span></td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">January 2024 Convertible Notes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Type of Events</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected<br/> Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability of<br/> Event</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount<br/> Rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">SPAC Transaction</td><td style="width: 2%"> </td> <td style="width: 14%; text-align: center"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zJV3Bhd6EBtj" title="Expected Date">4/3/2025</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_902_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zvgZ7jsE68v6" title="Probability of Event">75</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_90B_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zPi65NxnUKF6" title="Discount Rate">45</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Maturity</td><td> </td> <td style="text-align: center"><span id="xdx_902_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zZrB9tSIGIfl" title="Expected Date">7/12/2025</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zrj6yRiVZgJd" title="Probability of Event">10</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_ztQahmtFPTRl" title="Discount Rate">45</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Default Feature</td><td> </td> <td style="text-align: center"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zKAocWJH301b" title="Expected Date">7/12/2025</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zxvbtB9nlqNa" title="Probability of Event">15</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zNHTZEJimKi5" title="Discount Rate">45</span></td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the significant inputs to the probability-weighted valuation model used to value the Convertible Notes at Fair Value as of December 31, 2023:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">2019 and 2021 Convertible Notes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Type of Events</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected<br/> Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability of<br/> Event</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount<br/> Rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Maturity</td><td style="width: 2%"> </td> <td style="width: 14%; text-align: center"><span id="xdx_90E_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zJMUlyXoAHt8" title="Expected Date">1/22/2024</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_900_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_z02LtlAXjiOh" title="Probability of Event">89</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_90F_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zXENWYxKczp5" title="Discount Rate">29</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Equity Financing</td><td> </td> <td style="text-align: center"><span id="xdx_903_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--EquityFinancingMember_z8kAHpntKBrg" title="Expected Date">8/31/2024</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--EquityFinancingMember_zQ4uFN7neNNd" title="Probability of Event">0</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--EquityFinancingMember_zt5uv9WSaG06" title="Discount Rate">29</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Corporate Transaction</td><td> </td> <td style="text-align: center"><span id="xdx_90F_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--CorporateTransactionMember_zxzjLM4tS0K9" title="Expected Date">12/31/2024</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--CorporateTransactionMember_zcuVDNHAWLx7" title="Probability of Event">10</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--CorporateTransactionMember_zOc3Trzhnzql" title="Discount Rate">29</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Default Feature</td><td> </td> <td style="text-align: center"><span id="xdx_906_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_z1loUDGcRfV" title="Expected Date">1/22/2024</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_z01fStzDrHXl" title="Probability of Event">1</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zXvPxkrm6sIj" title="Discount Rate">29</span></td><td style="text-align: left">%</td></tr> </table> 2025-04-03 0.75 0.54 2026-02-28 0.10 0.54 0.15 0.54 2025-04-03 0.75 0.45 2025-07-12 0.10 0.45 2025-07-12 0.15 0.45 2024-01-22 0.89 0.29 2024-08-31 0 0.29 2024-12-31 0.10 0.29 2024-01-22 0.01 0.29 <p id="xdx_80D_eus-gaap--AccountsAndNontradeReceivableTextBlock_zzskEzqjPK07" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 4. <span id="xdx_824_zXpIa8ms7Eeh">Accounts Receivable, net </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zwHhYKmsW2qi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zvhPOV9gRJj7" style="display: none">Schedule of Accounts Receivable, Net</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20241231_zwzKSgXHvy2k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20231231_zzCBlDzPxPM3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--AccountsReceivableGrossCurrent_iI_pn3n3_maARGzf2m_zZ5KAiLr2Qli" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Accounts receivable, current</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">2,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,456</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccountsReceivableGrossNoncurrent_iI_pn3n3_maARGzf2m_zKQsULn07XPd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accounts receivable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccountsReceivableGross_iTI_pn3n3_mtARGzf2m_maARNzIBC_z5sS3QWT37Sg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Total accounts receivable</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,012</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,478</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pn3n3_di_msARNzIBC_zrbrebGpKeog" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Allowance for credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(588</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(368</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--AccountsReceivableNet_iTI_pn3n3_mtARNzIBC_z2gNxNfosqlj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total accounts receivable, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,424</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,110</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zFv3u2NSozc1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In some contracts with customers, the Company agreed to installment payments exceeding 12 months. The present value of these contracts is recorded as a receivable as the revenue is recognized in accordance with GAAP, and profit is recognized to the extent the present value is in excess of cost. The present value of long-term receivables is $<span id="xdx_90B_eus-gaap--LongTermInvestmentsAndReceivablesNet_iI_pn2n3_c20241231_znLFVS85VCR8" title="Long-term receivables">4.0</span> thousand, and the face value is $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn2n3_c20241231_zr4CT1ZLahNh" title="Face value">5.0</span> thousand as of December 31, 2024. The present value of long-term receivables was $<span id="xdx_90B_eus-gaap--LongTermInvestmentsAndReceivablesNet_iI_pn2n3_c20231231_zO6M7Fr7kad4" title="Long-term receivables">21.7</span> thousand, and the face value was $<span id="xdx_90C_eus-gaap--DebtInstrumentCarryingAmount_iI_pn2n3_c20231231_zD5QFlNGH2Y6" title="Face value">32.0</span> thousand as of December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_891_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zxXei4C5cR54" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the activity in the Company’s allowance for credit losses (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zxIL67LMHgik" style="display: none">Schedule of Allowance for Credit Losses</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240101__20241231_zgdrVEmCvPpf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20230101__20231231_zP8uaZkiVHm6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iS_pn3n3_zEv0krkU4xAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 68%; font-weight: bold; text-align: left">Beginning balance</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 12%; font-weight: bold; text-align: right">368</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 12%; font-weight: bold; text-align: right">359</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ProvisionForDoubtfulAccounts_pn3n3_zekli77tImcg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Provision for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">540</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllowanceForDoubtfulAccountsReceivableWriteOffs_iN_pn3n3_di_z4XyaZAhK1X8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt">Write-offs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(320</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(94</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iE_pn3n3_z2VDgGo0RyV5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; padding-bottom: 2.5pt">Ending balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">588</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">368</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zw2czUicdNP5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unbilled revenue for the year ended December 31, 2024 were $<span id="xdx_908_eus-gaap--UnbilledReceivablesCurrent_iI_pn3n3_c20241231_zzeEjaahkMbi" title="Unbilled revenue">113</span> thousand and $<span id="xdx_907_eus-gaap--UnbilledReceivablesCurrent_iI_pn3n3_c20231231_zhRTZlF9e6Ri" title="Unbilled revenue">80</span> thousand for the year ended December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zwHhYKmsW2qi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zvhPOV9gRJj7" style="display: none">Schedule of Accounts Receivable, Net</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20241231_zwzKSgXHvy2k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20231231_zzCBlDzPxPM3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--AccountsReceivableGrossCurrent_iI_pn3n3_maARGzf2m_zZ5KAiLr2Qli" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Accounts receivable, current</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">2,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,456</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccountsReceivableGrossNoncurrent_iI_pn3n3_maARGzf2m_zKQsULn07XPd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accounts receivable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccountsReceivableGross_iTI_pn3n3_mtARGzf2m_maARNzIBC_z5sS3QWT37Sg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Total accounts receivable</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,012</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,478</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pn3n3_di_msARNzIBC_zrbrebGpKeog" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Allowance for credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(588</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(368</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--AccountsReceivableNet_iTI_pn3n3_mtARNzIBC_z2gNxNfosqlj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total accounts receivable, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,424</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,110</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 2008000 1456000 4000 22000 2012000 1478000 588000 368000 1424000 1110000 4000.0 5000.0 21700 32000.0 <p id="xdx_891_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zxXei4C5cR54" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the activity in the Company’s allowance for credit losses (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zxIL67LMHgik" style="display: none">Schedule of Allowance for Credit Losses</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240101__20241231_zgdrVEmCvPpf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20230101__20231231_zP8uaZkiVHm6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iS_pn3n3_zEv0krkU4xAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 68%; font-weight: bold; text-align: left">Beginning balance</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 12%; font-weight: bold; text-align: right">368</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 12%; font-weight: bold; text-align: right">359</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ProvisionForDoubtfulAccounts_pn3n3_zekli77tImcg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Provision for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">540</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllowanceForDoubtfulAccountsReceivableWriteOffs_iN_pn3n3_di_z4XyaZAhK1X8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt">Write-offs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(320</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(94</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iE_pn3n3_z2VDgGo0RyV5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; padding-bottom: 2.5pt">Ending balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">588</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">368</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 368000 359000 540000 103000 320000 94000 588000 368000 113000 80000 <p id="xdx_802_eus-gaap--DebtDisclosureTextBlock_zu13bPpumN46" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 5. <span id="xdx_820_zwskJKVqzRHe">Secured Borrowings </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2022, the Company entered into an agreement with Founderpath, Inc. (“Founderpath”), a financial services firm, which permits the Company to transfer the rights and interests in agreed upon trade receivables of the Company, with recourse, to Founderpath. This agreement does not have a stated maturity date and does not state a maximum amount that can be transferred and outstanding at any point in time. Upon an agreed upon transfer, Founderpath will advance a percentage of the face amount of the trade receivable to the Company and the Company will agree to a repayment schedule with Founderpath. Amounts advanced by Founderpath do not include restrictions of use to the Company. The Company accounts for these transfers as secured borrowings pursuant to ASC Topic 860, Transfers and Servicing, and, as such, transferred receivables remain in accounts receivable upon initial transfer and amounts advanced from Founderpath are included in secured borrowings on the accompanying consolidated balance sheets. At the time of initial transfer, the Company recognizes a debt discount within the accompanying consolidated balance sheets for the difference between the face amount of the obligation to Founderpath and the discounted amount remitted by Founderpath. Upon full payment of a transferred receivable by a customer, the Company will derecognize the accounts receivable and subsequently reduce the liability due to Founderpath upon payment to Founderpath. The debt discount will be amortized over the term of agreed upon repayment schedule and included within interest expense on the accompanying consolidated statements of operations and comprehensive loss. Founderpath can exercise recourse and obligate the Company to replace a transferred receivable if the receivable is non-performing in the payment of the customer to the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2022, Fusemachines transferred a population of accounts receivable with a face amount of $<span id="xdx_90D_eus-gaap--AccountsAndNotesReceivableNet_iI_pn2n3_c20220731_zp8tztzxB0I2" title="Accounts receivable face amount">528.0</span> thousand in exchange for $<span id="xdx_900_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn2n3_c20220731__20220731_zzYAVDpOXCVb" title="Consideration paid">427.7</span> thousand in consideration paid to Fusemachines, resulting in a discount of $<span id="xdx_904_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn2n3_c20220731_zvdJEhtQqkJ6" title="Debt instrument, unamortized discount">100.3</span> thousand. The $<span id="xdx_908_eus-gaap--RepaymentsOfLongTermDebtAndCapitalSecurities_pn2n3_c20220731__20220731_z85vCYfyDNI6" title="Repayment of contractual obligation">528.0</span> thousand obligation is required to be repaid to Founderpath in 24 monthly installments of $<span id="xdx_90F_eus-gaap--RepaymentsOfLongTermDebtAndCapitalSecurities_pn2n3_c20220731__20220731__us-gaap--PlanNameAxis__custom--TwentyFourMonthlyInstallmentsMember_zamHWf1Ap9I5" title="Repayment of contractual obligation">22.0</span> thousand, ending in July 2024. In February 2023, a second population of accounts receivable with a face amount of $<span id="xdx_909_eus-gaap--AccountsAndNotesReceivableNet_iI_pn2n3_c20230228_zmix8BHSWzK5" title="Accounts receivable face amount">674.2</span> thousand was transferred to Founderpath in exchange for $<span id="xdx_90A_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn2n3_c20230228__20230228_zMlqeas62SPj" title="Consideration paid">500.0</span> thousand in consideration paid to Fusemachines, resulting in a discount of $<span id="xdx_904_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn2n3_c20230228_zlYwAGnfxOCe" title="Debt instrument, unamortized discount">174.2</span> thousand. The $<span id="xdx_90F_eus-gaap--RepaymentsOfLongTermDebtAndCapitalSecurities_pn2n3_c20230228__20230228_zVtzaAcTbFfd" title="Repayment of contractual obligation">674.2</span> thousand obligation is required to be repaid to Founderpath in 31 monthly installments of $<span id="xdx_901_eus-gaap--RepaymentsOfLongTermDebtAndCapitalSecurities_pn2n3_c20230228__20230228__us-gaap--PlanNameAxis__custom--ThirtyOneMonthlyInstallmentsMember_z3MS4na4GeK8" title="Repayment of contractual obligation">21.8</span> thousand, ending in August 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2023, Fusemachines agreed to pay Founderpath $<span id="xdx_905_eus-gaap--RepaymentsOfSecuredDebt_pn2n3_c20230831__20230831_z6LQZ4y1pFoi" title="Repayments and satisfaction of the remaining amount of secured borrowings">785.7</span> thousand in full payment and satisfaction of the remaining amount owed by the Company to Founderpath as of that date. Upon payment of this amount, all liens and security interests of Founderpath in any and all of the assets and properties of the Company were automatically released and terminated. Founderpath agreed to cancel the agreement with the Company. The Company recognized a loss on extinguishment of this debt in the amount of $<span id="xdx_900_ecustom--LossesOnExtinguishmentOfDebt_iN_pn2n3_di_c20230101__20231231_zSAugEyVViI8" title="Loss on extinguishment of debt">142.7</span> thousand during the year ended December 31, 2023. Interest expense recognized representing the amortization of debt discounts amounted to $<span id="xdx_905_eus-gaap--AmortizationOfFinancingCostsAndDiscounts_pn2n3_c20230101__20231231_zAoTvvQPxZI8" title="Amortization of debt discounts">96.8</span> thousand for the year ended December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There was <span id="xdx_909_eus-gaap--AmortizationOfFinancingCostsAndDiscounts_pn2n3_doxL_c20240101__20241231_zDLaMPBbvMqb" title="Amortization of debt discounts::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1315">no</span></span> interest expense of debt representing the amortization of debt discounts recognized for the year ended December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> 528000.0 427700 100300 528000.0 22000.0 674200 500000.0 174200 674200 21800 785700 -142700 96800 <p id="xdx_80E_ecustom--PrepaidExpensesAndOtherCurrentAssetsDisclosureTextBlock_zNtu8xJ0lLn3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 6. <span id="xdx_829_z9WxGPGoMMy2">Prepaid Expenses and Other Current Assets</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zFr5VpYfma64" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8B1_zV9KBx1qETC5" style="display: none">Schedule of Prepaid Expenses and Other Current Assets</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20241231_z3of2j3EmkG3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20231231_z1mTx1XdJu4j" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--ValueAddedTaxReceivable_iI_pn3n3_maPEAOAzdNB_z9LMrlRAcQhe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 68%; text-align: left">Value added tax receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">96</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">86</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--PrepaidExpense_iI_pn3n3_maPEAOAzdNB_zdTPqM2PK3ra" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Prepaid expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PrepaidTaxes_iI_pn3n3_maPEAOAzdNB_z6kNA8eL3n5f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Prepaid income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1327">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--PrepaidExpensesAdvanceToVendors_iI_pn3n3_maPEAOAzdNB_zvfpB28FDekl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Advance to vendors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1331">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--PrepaidExpenseContractAssetCurrent_iI_pn3n3_maPEAOAzdNB_zKdXfsIyhpDd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Contract asset, current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">23</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAzdNB_zFAwYDeX4Kc1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total prepaid expenses and other current assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">219</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">176</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zAeynN3kOm9l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_89C_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zFr5VpYfma64" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8B1_zV9KBx1qETC5" style="display: none">Schedule of Prepaid Expenses and Other Current Assets</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20241231_z3of2j3EmkG3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20231231_z1mTx1XdJu4j" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--ValueAddedTaxReceivable_iI_pn3n3_maPEAOAzdNB_z9LMrlRAcQhe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 68%; text-align: left">Value added tax receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">96</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">86</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--PrepaidExpense_iI_pn3n3_maPEAOAzdNB_zdTPqM2PK3ra" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Prepaid expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PrepaidTaxes_iI_pn3n3_maPEAOAzdNB_z6kNA8eL3n5f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Prepaid income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1327">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--PrepaidExpensesAdvanceToVendors_iI_pn3n3_maPEAOAzdNB_zvfpB28FDekl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Advance to vendors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1331">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--PrepaidExpenseContractAssetCurrent_iI_pn3n3_maPEAOAzdNB_zKdXfsIyhpDd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Contract asset, current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">23</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAzdNB_zFAwYDeX4Kc1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total prepaid expenses and other current assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">219</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">176</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 96000 86000 88000 45000 24000 13000 23000 21000 219000 176000 <p id="xdx_804_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zhwRiqj3aJze" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 7. <span id="xdx_823_zzmotvfKzSSe">Property and equipment, net</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--PropertyPlantAndEquipmentTextBlock_zoEdTzwuerg1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zQEn7XgZdu52" style="display: none">Schedule of Property and Equipment</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20241231_zb8boUejVf7g" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20231231_z2ScEK1CTxN6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_maPPAENzfw5_zPg9qH6ZDJu7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 68%; text-align: left">Computers and other hardware</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">504</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">502</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_maPPAENzfw5_zaCpR5sLDmea" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Office, furniture, and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">157</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_maPPAENzfw5_zunu2HKf964a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">94</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_maPPAENzfw5_zkGahatUxgyh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Vehicles and other fixed assets (excluding computers)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">35</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">35</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzfw5_zrH2GqVAMLg2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, Gross</span></td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">800</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">769</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzfw5_zIaI71ZNyz0d" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(452</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(353</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzfw5_zrxqX86hu38a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total property and equipment, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">348</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">416</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AB_zbJfeIkkaFDf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognized depreciation expense related to property and equipment in the consolidated statements of operations and comprehensive loss of $<span id="xdx_900_eus-gaap--Depreciation_pn2n3_c20240101__20241231_z6f6262oZHx6" title="Depreciation expense">108.6</span> thousand and $<span id="xdx_907_eus-gaap--Depreciation_pn2n3_c20230101__20231231_zQlgcQOMwFvh" title="Depreciation expense">97.8</span> thousand during the years ended December 31, 2024 and 2023, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--PropertyPlantAndEquipmentTextBlock_zoEdTzwuerg1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zQEn7XgZdu52" style="display: none">Schedule of Property and Equipment</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20241231_zb8boUejVf7g" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20231231_z2ScEK1CTxN6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_maPPAENzfw5_zPg9qH6ZDJu7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 68%; text-align: left">Computers and other hardware</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">504</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">502</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_maPPAENzfw5_zaCpR5sLDmea" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Office, furniture, and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">157</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_maPPAENzfw5_zunu2HKf964a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">94</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_maPPAENzfw5_zkGahatUxgyh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Vehicles and other fixed assets (excluding computers)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">35</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">35</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzfw5_zrH2GqVAMLg2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, Gross</span></td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">800</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">769</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzfw5_zIaI71ZNyz0d" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(452</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(353</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzfw5_zrxqX86hu38a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total property and equipment, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">348</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">416</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 504000 502000 167000 157000 94000 75000 35000 35000 800000 769000 452000 353000 348000 416000 108600 97800 <p id="xdx_80B_eus-gaap--IntangibleAssetsDisclosureTextBlock_zujzjxIBX8xb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 8. <span id="xdx_82C_zQJDcalnPDP6">Intangible Assets, net</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zk1bm4hIwaB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets subject to amortization consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zCrksSFxJerh" style="display: none">Schedule of Intangible Assets Subject to Amortization</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20241231_zn9XD4dsMxek" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20231231_z1uOFptJDNDa" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_ecustom--FiniteLivedInternallyDevelopedCapitalizedSoftwareGross_iI_pn3n3_maIANEGzEvp_zyiCaznxfnJ8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Internally developed capitalized software</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">274</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">130</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_msIANEGzEvp_zTDaD25azNo6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(87</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(17</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iTI_pn3n3_mtIANEGzEvp_zFFiOzTjz3Y7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total intangible assets, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">187</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">113</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zAJg4iHxf65f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognized amortization expense related to capitalized software in the consolidated statements of operations and comprehensive loss of $<span id="xdx_90E_eus-gaap--AdjustmentForAmortization_pn2n3_c20240101__20241231_zBwGIAJQrutc" title="Amortization expense">69.9</span> thousand and $<span id="xdx_90C_eus-gaap--AdjustmentForAmortization_pn2n3_c20230101__20231231_z3jZaPTuxrxg" title="Amortization expense">11.2</span> thousand during the year ended December 31, 2024, and 2023, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zsjFtjmRjMoj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, the future estimated amortization expense is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zbKegwjpzZ7g" style="display: none">Schedule of Future Estimated Amortization Expense</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">For the Years Ending December 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20241231_zABbPJqRMjL9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization<br/> Expense</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn3n3_maFLIANzXxJ_zxUvAiPnlyn3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">71</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pn3n3_maFLIANzXxJ_zKwKZcnM21Sc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">   68</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">For the Years Ending December 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20241231_zTYRMCWYCbc8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization<br/> Expense</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_pn3n3_maFLIANzXxJ_zDyTesjahCua" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">19</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_pn3n3_maFLIANzXxJ_z47Ptp6dAKh1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1393">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_pn3n3_maFLIANzXxJ_z7glBSxYwTfc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1395">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_pn3n3_maFLIANzXxJ_znjlSzPHCCwd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1397">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pn3n3_mtFLIANzXxJ_zL1DnxD1Hcke" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">158</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zPoS6f0HkKQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_898_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zk1bm4hIwaB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets subject to amortization consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zCrksSFxJerh" style="display: none">Schedule of Intangible Assets Subject to Amortization</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20241231_zn9XD4dsMxek" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20231231_z1uOFptJDNDa" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_ecustom--FiniteLivedInternallyDevelopedCapitalizedSoftwareGross_iI_pn3n3_maIANEGzEvp_zyiCaznxfnJ8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Internally developed capitalized software</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">274</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">130</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_msIANEGzEvp_zTDaD25azNo6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(87</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(17</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iTI_pn3n3_mtIANEGzEvp_zFFiOzTjz3Y7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total intangible assets, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">187</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">113</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 274000 130000 87000 17000 187000 113000 69900 11200 <p id="xdx_892_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zsjFtjmRjMoj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, the future estimated amortization expense is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zbKegwjpzZ7g" style="display: none">Schedule of Future Estimated Amortization Expense</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">For the Years Ending December 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20241231_zABbPJqRMjL9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization<br/> Expense</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn3n3_maFLIANzXxJ_zxUvAiPnlyn3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">71</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pn3n3_maFLIANzXxJ_zKwKZcnM21Sc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">   68</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">For the Years Ending December 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20241231_zTYRMCWYCbc8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization<br/> Expense</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_pn3n3_maFLIANzXxJ_zDyTesjahCua" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">19</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_pn3n3_maFLIANzXxJ_z47Ptp6dAKh1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1393">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_pn3n3_maFLIANzXxJ_z7glBSxYwTfc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1395">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_pn3n3_maFLIANzXxJ_znjlSzPHCCwd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1397">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pn3n3_mtFLIANzXxJ_zL1DnxD1Hcke" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">158</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 71000 68000 19000 158000 <p id="xdx_80B_eus-gaap--InvestmentTextBlock_zlYie9HhSlhk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 9. <span id="xdx_828_zfqaYRL1ShEh">Investment in Equity Securities</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, the Company reached an agreement with one of its customers, Campaign Brain, Inc. (“Campaign Brain”), to provide AI Solutions. The total amount owed to the Company is to be satisfied through the issuance of <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20240101__20240101_zz1cNP0TzUKc" title="Number of restricted stock issued">1,000,000</span> shares of Campaign Brain’s restricted stock to the Company with a determinable estimated fair value of $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20240101_zI8x485Q9yo2" title="Shares issued, price per share">0.122</span> per share as of the issuance date. Of the <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240117__20240117_zBZYdLjkuCa9" title="Number of shares issuable">1,000,000</span> shares issuable, <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20240117__20240117_zQ1rpwotxeC" title="Number of restricted stock, vested">450,000</span> shares of Campaign Brain’s restricted stock were vested on January 17, 2024, and <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20240215__20241215_zK9WjNbPvDZb" title="Number of restricted stock, vested">50,000</span> shares of Campaign Brain’s restricted stock are to be vested each month from February 15, 2024 to December 15, 2024. The Company had approximately <span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20240117__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CampaignBrainIncMember_zgDZR03p8Mc8" title="Equity method investment, ownership percentage">10</span>% and <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20241231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CampaignBrainIncMember_zY6OJoRErj87" title="Equity method investment, ownership percentage">20</span>% ownership in Campaign Brain, respectively, on January 17, 2024 and December 31, 2024. The Company recognized revenue when Campaign Brain obtained control of promised services over the service period. At the time of the issuance, the estimated fair value of the shares was determined to be representative of the standalone selling price of the services rendered in exchange for the non-cash consideration in the form of restricted stock of Campaign Brain, or $<span id="xdx_903_eus-gaap--EquityMethodInvestments_iI_pn2n3_c20240131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CampaignBrainIncMember_znYiaEEHYz5a" title="Non cash consideration">122.0</span> thousand. The acquisition of Campaign Brain’s restricted stock did not have a major impact on the Company’s operations as the asset test, investment test and income test under the significance tests of the Securities Exchange Commission Regulation S-X Rule 1-02 (w) does not exceed 20%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The transaction represents an equity investment in a private company for which the Company has the ability to exercise significant influence. Since the equity investment is accounted for under the equity method and does not qualify for the net asset value practical expedient, the Company measured the estimated fair value of the equity instrument received at contract inception, minus impairment, if any, with equity method investment gains and losses included in other (expense) income, net on the consolidated statements of operations and comprehensive loss. For the year ended December 31, 2024, the financial figures related to Campaign Brain including revenue, operating expenses and income tax provision were insignificant. The Company’s equity method investment losses derived from the vested portion of the investment were $<span id="xdx_902_eus-gaap--EquityMethodInvestmentRealizedGainLossOnDisposal_pn2n3_c20240101__20241231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CampaignBrainIncMember_zosufpycqdJ3" title="Equity method investment losses">1.9</span> thousand, recorded in equity in earnings of investee, net of income tax provision in the consolidated statement of comprehensive loss during the year ended December 31, 2024. As the equity investment is subject to vesting criteria, the Company records the vested portion of the investment at the estimated fair value received at contract inception on each reporting date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the current year ended December 31, 2024, the Company recognized an impairment loss of $ <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOtherThanTemporaryImpairment_pn1n3_c20240101__20241231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CampaignBrainIncMember_zFVaoekj0iVe" title="Equity method investment impairment loss">120.13</span> thousand on its investment in Campaign Brain Inc., which is an equity security classified under “Investments in Equity Securities.” The impairment was triggered due to the inability of Campaign Brain Inc. to generate earnings with expected future losses and deteriorating financial performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, the fair value of the investment in Campaign Brain Inc. has been assessed to be nil. This assessment is based on the deteriorating financial performance of the entity, including minimal revenue during the year, negative networth, low bank balance as of December 31, 2024, negative cashflows and lack of future projections. Additionally, the entity has no current or foreseeable plans to generate future revenue, which further supports the conclusion that the fair value is nil. Consequently, no value has been assigned to this investment in the financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the balance sheet date, the carrying value of the investment is $<span id="xdx_90E_eus-gaap--EquityMethodInvestments_iI_pn1n3_c20241231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CampaignBrainIncMember_zhjdwJWnI1G4" title="Investment, carrying value">120.13</span> thousand and the management has decided to record an impairment loss equal to the carrying value of the investment. As the decline in value was </span>considered other-than-temporary, an impairment loss of $<span id="xdx_905_eus-gaap--EquityMethodInvestmentOtherThanTemporaryImpairment_pn1n3_c20240101__20241231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CampaignBrainIncMember_z7cpreKGRC2l" title="Equity method investment impairment loss">120.13</span> thousand was recorded in the income statement under “Other income (expense). The Company does not expect to recover the carrying amount of the investment in the near term, and therefore no reversal of the impairment loss will be recognized in the future, in accordance with ASC 323 Investments—Equity Method and Joint Ventures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The investments in common stock of Campaign Brain is not material in relation to the financial position or results of operations of the Company. Hence the Company has not made any additional disclosures such as summarized information as to assets, liabilities, and results of operations of Campaign Brain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 1000000 0.122 1000000 450000 50000 0.10 0.20 122000.0 1900 120130 120130 120130 <p id="xdx_805_ecustom--CumulativeMandatorilyRedeemableFinancialInstrumentsDisclosureTextBlock_zRPfqutEH6D8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 10. <span id="xdx_82B_z0TQrLFtQBnl">Cumulative Mandatorily Redeemable Financial Instruments </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2021, Fusemachines Nepal Private Ltd entered into a Share Purchase Agreement between Fusemachines Nepal Inc., and BO2 (the “BO2 Purchase Agreement”) in which BO2 agreed to invest $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pn2n3_c20210731__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zpQ2uNxvb4c2" title="Debt instrument, face amount">964.2</span> thousand in Fusemachines Nepal Private Ltd. Fusemachines Nepal Private Ltd issued <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210701__20210731__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zoVIr8iz7c7b" title="Number of shares issued">39,750</span> Ordinary Shares with a par value of <span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20210731__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zrZ2xwZdwuW1" title="Common stock, par or stated value per share">100</span> Nepalese rupees and also issued <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210701__20210731__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--RedeemablePreferredStockMember_ziZ6YfCe8fnc" title="Number of shares issued">1,110,250</span> cumulative and compulsory redeemable Preference Shares with a par value of <span id="xdx_901_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20210731__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--RedeemablePreferredStockMember_zgTGrjqPV71j" title="Preference stock, par or stated value per share">100</span> Nepalese rupees. The Preference Shares contain an annual coupon rate of <span id="xdx_900_ecustom--AnnualCouponPercentage_iI_pid_dp_uPure_c20210731__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zdaiZBohKH85" title="Annual coupon rate">10</span>% with the option to convert the Preference Shares into Ordinary Shares. The Preference Shares and Ordinary Shares are mandatorily redeemable five years from the date of issuance at a redemption price equal to <span id="xdx_906_eus-gaap--DebtInstrumentRedemptionPricePercentage_pid_dp_uPure_c20210701__20210731__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zjSyDtCvYQL1" title="Redemption price percentage">200</span>% of the purchase price. Any dividends paid on these shares will reduce the ultimate redemption price. Management determined that these shares represent mandatorily redeemable financial instruments under ASC 480 and thus are liability-classified. These liabilities are recorded in cumulative mandatorily redeemable common and preferred stock liability within the consolidated balance sheets, and accretions to the redemption value are recorded within interest expense in the consolidated statements of operations and comprehensive loss. The effective interest rate is <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20210731__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zlOQCBtIoKZi" title="Redemption price percentage">13.7</span>%, the accrued dividend was $<span id="xdx_901_eus-gaap--AccruedLiabilitiesCurrent_iI_pn2n3_c20241231__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zSqSzS4mncAi" title="Accrued dividend">238.3</span> thousand and $<span id="xdx_90B_eus-gaap--AccruedLiabilitiesCurrent_iI_pn2n3_c20231231__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zbdhjrctC2n7" title="Accrued dividend">162.0</span> thousand at December 31, 2024 and December 31, 2023, respectively, and is recorded in accrued expenses and other current liabilities in the consolidated balance sheets, and the issuance cost incurred was $<span id="xdx_90A_eus-gaap--DeferredFinanceCostsNet_iI_pn2n3_c20241231__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zDSNfG1BMtji" title="Debt issuance cost">13.7</span> thousand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The outstanding balance of the Cumulative Mandatorily Redeemable Financial instruments were $<span id="xdx_900_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231_zv1QdBMbRU48" title="Debt instrument, face amount">1,000</span> thousand and $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20231231_z2VssHJ1HQNl" title="Debt instrument, face amount">948</span> thousand for the year ended December 31, 2024 and December 31, 2023 respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following summarizes the key terms and provisions of the Preference Shares and Ordinary Shares:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preference Shares </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rights and privileges </i>– </b><span id="xdx_902_eus-gaap--PreferredStockDividendPreferenceOrRestrictions_c20240101__20241231_zl57OessXx4e" title="Preferred stock, dividend preference description">Preference Shares will be paid dividends before the Ordinary Shares. Preference shareholders will receive a 10% percent annual dividend on Preference Shares.</span> Apart from this, Preference Shares will not receive any kind of dividend or profit. If the Company fails to make a profit in any year or if the Company decides not to distribute dividends, then the dividends to be received by the Preference Shares will be cumulated and those amounts must be returned to the preference shareholders in a lump sum in the year when the dividends are distributed or when the Company withdraws the Preference Shares. Preference Shares will be given priority when the amount of shares is returned in case of liquidation of the Company. Preference Shares will not have voting rights in the general meeting of the Company. The preference share amount is redeemable after a certain period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption – </i></b>In terms of return, no Preference Share can be redeemed until the price of the issued Preference Share is fully paid. The amount of Preference Shares cannot be returned from any amount other than the amount of profit that can be distributed as dividends or the amount received from the new shares issued by the Company for the purpose of returning the shares. The rate per share for redeeming Preference Shares shall be as per share purchase and sale agreement or shareholder agreement and shall be redeemed at the same rate. In case any Preference Shares issued for return are to be returned along with the premium, a separate fund of appropriate amount shall be arranged from the Company’s profit or the Company’s share premium account for that purpose.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In this way, except in the case where the amount of the Preference Shares is returned from the amount received by issuing new shares, in accordance with the law, when the amount of the Preference Shares is returned, an amount equal to the face value of the returned shares from the amount that can be received to distribute dividends from the Company’s profits shall be deposited in a separate account. Any preference share returned in accordance with this regulation shall be deemed to have been automatically forfeited after the completion of the return process. If the Company redeems or proposes to redeem any Preference Shares, it may issue new shares equal to the face value of the shares so redeemed or to be redeemed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary Shares </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rights and privileges – </i></b>The shareholders of this category will have voting rights and other rights according to the prevailing law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption </i>– </b>The Ordinary Shares will be redeemed if the Company fails to withdraw the Preference Shares issued by the Company to be redeemed. If the Preference Shares have to be converted into ordinary shares, it shall be done according to the decision of the general meeting of the Company. Additional provisions related to Preference Shares shall be in accordance with the shareholders’ agreement between them.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 964200 39750 100 1110250 100 0.10 2 0.137 238300 162000.0 13700 1000000 948000 Preference Shares will be paid dividends before the Ordinary Shares. Preference shareholders will receive a 10% percent annual dividend on Preference Shares. <p id="xdx_803_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zyw2ty5GQZWc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 11. <span id="xdx_82C_zMEszUwFGDG4">Accrued Expenses and Other Current Liabilities</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zeDjkY4IrYxg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other current liabilities consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zzNGMYoOw7k3" style="display: none">Schedule of Accrued Expenses and Other Current Liabilities</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20241231_zxvy3Ls3VRqc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20231231_zNKsVJd2rpGe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maAPAALzFIG_zNM8Adrfb6K9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 60%; text-align: left">Wages and consultant costs payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2,525</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,324</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maAPAALzFIG_zWk6FuPjJT91" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Covenant fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">435</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1465">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DividendsPayableCurrent_iI_pn3n3_maAPAALzFIG_zRvUPPaCBgHf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Dividends payable (Note 10)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">238</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maAPAALzFIG_z1oNxZl9oOx5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Legal expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">141</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccountsPayableOtherCurrent_iI_pn3n3_maAPAALzFIG_zxz8nrJDwG92" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Deposit liability for early exercised options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1474">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AccruedLiabilities_iI_pn3n3_maAPAALzFIG_zCStFi91vgLg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Accrued expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">351</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">261</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iTI_pn3n3_mtAPAALzFIG_zCZBd5f2uLI3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,693</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,969</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zPboIeYvWqr1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_89F_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zeDjkY4IrYxg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other current liabilities consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zzNGMYoOw7k3" style="display: none">Schedule of Accrued Expenses and Other Current Liabilities</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20241231_zxvy3Ls3VRqc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20231231_zNKsVJd2rpGe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maAPAALzFIG_zNM8Adrfb6K9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 60%; text-align: left">Wages and consultant costs payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2,525</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,324</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maAPAALzFIG_zWk6FuPjJT91" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Covenant fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">435</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1465">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DividendsPayableCurrent_iI_pn3n3_maAPAALzFIG_zRvUPPaCBgHf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Dividends payable (Note 10)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">238</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maAPAALzFIG_z1oNxZl9oOx5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Legal expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">141</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccountsPayableOtherCurrent_iI_pn3n3_maAPAALzFIG_zxz8nrJDwG92" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Deposit liability for early exercised options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1474">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AccruedLiabilities_iI_pn3n3_maAPAALzFIG_zCStFi91vgLg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Accrued expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">351</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">261</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iTI_pn3n3_mtAPAALzFIG_zCZBd5f2uLI3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,693</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,969</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 2525000 1324000 435000 238000 162000 141000 222000 3000 351000 261000 3693000 1969000 <p id="xdx_80A_eus-gaap--LongTermDebtTextBlock_z4bJlEmDA8ll" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 12. <span id="xdx_826_zd5BE0bUscHf">Long-Term Debt</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfDebtTableTextBlock_ziNqtDn80EMk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term debt consists of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_zOEE7GpPcEXe">Schedule of Long-Term Debt</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Current</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Noncurrent</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Current</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Noncurrent</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 16%; text-align: left">2023 Notes Payable (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyThreeNotesPayableMember_fKDEp_z12HkamIIE1j" style="width: 10%; text-align: right" title="Long term debt, current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1486">—</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyThreeNotesPayableMember_fKDEp_z4D6jmXNFZc7" style="width: 10%; text-align: right" title="Long term debt, noncurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1488">—</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebt_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyThreeNotesPayableMember_fKDEp_zsTwFw0xL3Z9" style="width: 10%; text-align: right" title="Long term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1490">—</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyThreeNotesPayableMember_fKDEp_zn3IjunwQgXe" style="width: 10%; text-align: right" title="Long term debt, current">191</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyThreeNotesPayableMember_fKDEp_zHKgTqeW1LBd" style="width: 10%; text-align: right" title="Long term debt, noncurrent">2,261</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--LongTermDebt_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyThreeNotesPayableMember_fKDEp_zI351nTmT38b" style="width: 10%; text-align: right" title="Long term debt">2,452</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">2024 Convertible Notes</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesMember_zsLqgy9SFRlc" style="text-align: right" title="Long term debt, current">255</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesMember_zquEHWyCEgF7" style="text-align: right" title="Long term debt, noncurrent">200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebt_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesMember_zUVvosxOkxn6" style="text-align: right" title="Long term debt">455</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesMember_z6clZlXY0dG8" style="text-align: right" title="Long term debt, current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1504">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesMember_z5sCBtJd0ui7" style="text-align: right" title="Long term debt, noncurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1506">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebt_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesMember_z7F00jPKM6ua" style="text-align: right" title="Long term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1508">—</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">2024 Convertible Notes at fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesFairValueMember_zGFMFI2b4Edi" style="text-align: right" title="Long term debt, current">8,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesFairValueMember_zhYrzwza8j52" style="text-align: right" title="Long term debt, noncurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1512">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebt_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesFairValueMember_zLxoqAqdD4hb" style="text-align: right" title="Long term debt">8,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesFairValueMember_zPIjAuvdIKMc" style="text-align: right" title="Long term debt, current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1516">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesFairValueMember_z3Q8dWfxp0jj" style="text-align: right" title="Long term debt, noncurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1518">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--LongTermDebt_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesFairValueMember_zD4WvoOIxZGi" style="text-align: right" title="Long term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1520">—</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Related party convertible notes payable at fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyConvertibleNotesPayableAtFairValueMember_zwLqXU9zOUD2" style="text-align: right" title="Long term debt, current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1522">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyConvertibleNotesPayableAtFairValueMember_zre2mqAdrjQf" style="text-align: right" title="Long term debt, noncurrent">6,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebt_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyConvertibleNotesPayableAtFairValueMember_zEy5PjhRTJoi" style="text-align: right" title="Long term debt">6,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyConvertibleNotesPayableAtFairValueMember_zFeBe14jXAwg" style="text-align: right" title="Long term debt, current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1528">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyConvertibleNotesPayableAtFairValueMember_z68htdmuUgWl" style="text-align: right" title="Long term debt, noncurrent">3,764</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebt_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyConvertibleNotesPayableAtFairValueMember_zpHSLVYVGa1f" style="text-align: right" title="Long term debt">3,764</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Related party loan payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyLoanPayableMember_z0SvKlfuiz04" style="border-bottom: Black 1pt solid; text-align: right" title="Long term debt, current">700</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyLoanPayableMember_z9sNvYIxmGga" style="border-bottom: Black 1pt solid; text-align: right" title="Long term debt, noncurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1536">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebt_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyLoanPayableMember_z1FQcNINaV89" style="border-bottom: Black 1pt solid; text-align: right" title="Long term debt">700</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyLoanPayableMember_zuivconHAN76" style="border-bottom: Black 1pt solid; text-align: right" title="Long term debt, current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1540">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyLoanPayableMember_zl6StuscfRHk" style="border-bottom: Black 1pt solid; text-align: right" title="Long term debt, noncurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1542">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebt_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyLoanPayableMember_zKNrEmKRr713" style="border-bottom: Black 1pt solid; text-align: right" title="Long term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1544">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; font-weight: bold">Total</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20241231_zZQSbsy1Faxd" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt, current">9,941</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20241231_zk1zs0O1gLw4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt, noncurrent">6,724</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_eus-gaap--LongTermDebt_iI_pn3n3_c20241231_z9DmbzdCVUok" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt">16,665</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20231231_zICmaDGSruZ3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt, current">191</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20231231_z3IOINqkNuj5" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt, noncurrent">6,025</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebt_iI_pn3n3_c20231231_zc6xLEA8RpKf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt">6,216</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F01_zWXTC31mMzH4">(1)</i></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F1D_zR34PwwhWEh7">Net of discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFByb3BlcnR5IGFuZCBFcXVpcG1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn2n3_c20231231_z5EO2ZcPusqd" title="Net of discount">548.6</span> thousand as of December 31, 2023.</i></span></td></tr> </table> <p id="xdx_8A3_zHqswqEI2bg1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Convertible Notes at Fair Value </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related party convertible notes payable at fair value </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2019, the Company entered into a convertible promissory note agreement (the “2019 Convertible Note Agreement”) with a lender and issued a convertible promissory note for the principal amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pn2n3_c20191031__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--TwoThousandNineteenConvertibleNoteAgreementMember_zpiG25wD4dhb" title="Debt instrument, face amount">2,000.0</span> thousand (the “2019 Convertible Note”). The 2019 Convertible Note bears interest at a rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20191031__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--TwoThousandNineteenConvertibleNoteAgreementMember_zXpXxS6fsvw5" title="Debt instrument, interest rate">10</span>% per annum, compounded quarterly. The 2019 Convertible Note matured in September 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2021, the Company entered into a second convertible promissory note agreement (the “2021 Convertible Note Agreement”) (the 2019 Convertible Note Agreement and the 2021 Convertible Note Agreement collectively referred to as the “2019 and 2021 Convertible Notes Agreements”) with the same lender and issued a convertible promissory note for the principal amount of $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_pn2n3_c20210930__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNoteAgreementsMember_zk6aDuVMUL28" title="Debt instrument, face amount">450.0</span> thousand (the “2021 Convertible Note”) (the 2019 Convertible Note and the 2021 Convertible Note collectively, the “2019 and 2021 Convertible Notes”). The 2021 Convertible Note was issued with the same terms as the 2019 Convertible Note, except with a maturity date of October 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective December 2022, the 2019 and 2021 Convertible Notes Agreements were amended (the “2022 Amended Convertible Notes Agreements”) to extend the maturity date for the 2019 and 2021 Convertible Notes to December 2023, increase the interest rate to <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20221231__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyTwoAmendedConvertibleNotesAgreementsMember_zmtDUooyfQ6" title="Debt instrument, interest rate">15</span>% for the period from December 2022 through December 2023, adding a prepayment option, amending one of the conversion scenarios, and amending the definition of a next equity financing to require a sale of equity securities to result in gross proceeds of $<span id="xdx_90F_eus-gaap--ProceedsFromSaleOfEquitySecuritiesFvNi_pn2n3_c20221201__20221231__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyTwoAmendedConvertibleNotesAgreementsMember_zySvoZ0oyuf7" title="Proceeds from sale of equity securities">7,500.0</span> thousand (the “Next Equity Financing”). The 2022 Amended Convertible Notes Agreements also added a partial payment of the interest accrued and outstanding on the note of $<span id="xdx_906_eus-gaap--InterestReceivable_iI_pn2n3_c20230331__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyTwoAmendedConvertibleNotesAgreementsMember_z5a3bDAVe3R4" title="Interest accrued">386.4</span> thousand due no later than March 2023. Failure to pay by the payment deadline obligated the Company to pay interest at a rate of twenty percent (<span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_uPure_c20230301__20230331__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyTwoAmendedConvertibleNotesAgreementsMember_zBzTVWyMtdn2" title="Debt instrument, interest rate">20</span>%) per annum, compounded quarterly, on the outstanding $<span id="xdx_90B_eus-gaap--DebtInstrumentCarryingAmount_iI_pn2n3_c20230331__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyTwoAmendedConvertibleNotesAgreementsMember_zBw6kYaN7yil" title="Debt instrument, carrying amount">386.4</span> thousand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the 2022 Amended Convertible Notes Agreements were amended again (the “2023 Amended Convertible Notes Agreements”), extending the maturity date of the 2019 and 2021 Convertible Notes to January 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, the 2023 Amended Convertible Notes Agreements were amended again (the “2024 Amended Convertible Notes Agreements”), extending the maturity date to January 2025. The amendment also added a provision surrounding conversion in the case the Company completes the merger (see “SPAC PIPE financing” below) (also see “Note 1 – Organization”), an additional table depicting principal and interest on the 2019 and 2021 Convertible Notes to be redeemed in connection with the merger, and additional definitions related to the merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2021, 2022 and 2023 amendments were accounted for as debt modifications, prospectively, with any change in fair value from the new terms incorporated into future valuations. The 2024 amendment was deemed as capital transaction as per ASC 470-50-40-2 and is accounted for as an extinguishment of debt, with a gain on extinguishment of debt of $<span id="xdx_903_ecustom--GainsOnExtinguishmentOfDebt_pn2n3_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyFourAmendedConvertibleNotesAgreementsMember_zyeUnC0MgbJc" title="Gain on extinguishment of debt">343.0</span> thousand recorded in additional paid in capital in the consolidated balance sheet as of the year ended December 31, 2024, with any change in subsequent fair value incorporated into future valuations and any amendment fees or third-party costs to be expensed at the time of the amendment, and the amended terms to be incorporated into the valuations at each subsequent balance sheet date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2019 and 2021 Convertible Notes, contain the following conversion features:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conversion upon next equity financing – </i></b>The conversion balance will be automatically converted into shares of the Company’s Convertible Preferred Stock upon the closing of the Next Equity Financing. The number of Convertible Preferred Stock to be issued upon the conversion will be equal to the quotient of the outstanding principal and, if so elected by the Company, any accrued and unpaid interest on the date of the conversion,</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">divided by the conversion price calculated as the product of <span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleTypeOfEquitySecurity_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNoteAgreementsMember_zLYkHj6VQdMa" title="Convertible type of equity security, description">(a) 100% minus the discount rate, times (b) the price paid per share for equity securities by the investor in the Next Equity Financing.</span> The aggregate liquidation preference of the Convertible Preferred Stock issued upon conversion shall be equal to the aggregate conversion balance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Maturity – </i></b>If the Next Equity Financing or a corporate transaction (as defined below) has not occurred on or before the Maturity Date, and if the outstanding balance is not repaid by the Company in full on the Maturity Date, then the conversion balance shall automatically be converted into (i) the conversion balance on the Maturity Date, divided by (ii) $<span id="xdx_900_eus-gaap--SharePrice_iI_pid_c20241231__us-gaap--TypeOfArrangementAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNoteAgreementsMember_zgdLH5sHTIpc" title="Share price">2.235</span> price per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Corporate transaction – </i></b>In the event of a (i) closing of the sale, transfer or other disposition of all or substantially all of the Company’s assets, (ii) the consummation of the merger or consolidation of the Company with or into another entity, (iii) the closing of the transfer (whether by merger, consolidation or otherwise), in one transaction or a series of related transactions, to a person or group of affiliated persons (other than an underwriter of the Company’s securities), of the Company’s securities if, after such closing, such person or group of affiliated persons would hold at least a majority of the outstanding voting stock of the Company (or the surviving or acquiring entity) (the “Corporate Transaction”), or (iv) a liquidation, dissolution or winding up of the Company prior to full payment of either of the Convertible Notes or prior to the time when either of the Convertible Notes are converted as provided in a Next Equity Financing or a Maturity Conversion, then the conversion balance shall automatically be converted into that number of conversion shares immediately prior to the closing of such Corporate Transaction obtained by dividing the conversion balance by <span id="xdx_90F_ecustom--DebtInstrumentConversionOfSharePricePercentage_iI_pid_dp_uPure_c20241231__us-gaap--TypeOfArrangementAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNoteAgreementsMember_zz76P9UNTKql" title="Conversion of share price, percentage">75</span>% of the price per share of the corporate transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SPAC PIPE Financing – </i></b>Aggregate redemption amount of the 2019 and 2021 Convertible Notes will be redeemed in connection with the consummation of a SPAC transaction to be issued by the SPAC (a “SPAC PIPE Financing”). The aggregate redemption amount ranges from $<span id="xdx_905_eus-gaap--SharesSubjectToMandatoryRedemptionSettlementTermsAmount_iI_pn2n3_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember_zbZtcjlpLBaj" title="Aggregate redemption amount">300.0</span> thousand to $<span id="xdx_90D_eus-gaap--SharesSubjectToMandatoryRedemptionSettlementTermsMaximumAmount_iI_pn2n3_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember_zOrgyJl6giP3" title="Aggregate redemption maximum amount">4,000.0</span> thousand and the corresponding SPAC PIPE Financing amount ranges from $<span id="xdx_904_eus-gaap--SharesSubjectToMandatoryRedemptionSettlementTermsAmount_iI_pn2n3_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--ShortTermDebtTypeAxis__custom--SPACPipeFinancingMember_zJZRwDHBkaQa" title="Aggregate redemption amount">15,000.0</span> thousand to $<span id="xdx_904_eus-gaap--SharesSubjectToMandatoryRedemptionSettlementTermsMaximumAmount_iI_pn2n3_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--ShortTermDebtTypeAxis__custom--SPACPipeFinancingMember_zRjFdUajcLHl" title="Aggregate redemption maximum amount">40,000.0</span> thousand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company enters into a SPAC business combination agreement at any time while the 2019 and 2021 Convertible Notes are outstanding, then any portion of the aggregate outstanding amounts that are not redeemed or repaid in connection with the closing of a SPAC transaction will convert into shares of the Company’s common stock at a conversion valuation of $<span id="xdx_90F_eus-gaap--ConversionOfStockAmountIssued1_pn2n3_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember_zMSrlzWLdmfb" title="Conversion amount">115,000.0</span> thousand, on a fully-diluted basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company qualified for and elected to account for the 2019 and 2021 Convertible Notes under the fair value option and, in doing so, bypassed the analysis of potential embedded derivative features. The Company believes that the fair value option better reflects the underlying economics of the 2019 and 2021 Convertible Notes. As a result, the 2019 and 2021 Convertible Notes were recorded at fair value upon issuance. The Company recorded a charge of $<span id="xdx_906_ecustom--LossOnChangeInFairValueOfConvertibleNotesAndWarrantLiability_pn2n3_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember_znOdV36zCQJ9" title="Loss on change in fair value of convertible notes and warrant liability">3,103.0</span> thousand and $<span id="xdx_905_ecustom--LossOnChangeInFairValueOfConvertibleNotesAndWarrantLiability_pn2n3_c20230101__20231231__us-gaap--DebtInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember_z9RKHjlR34m6" title="Loss on change in fair value of convertible notes and warrant liability">581.0</span> thousand related to changes in fair value for both the 2019 Convertible Note and 2021 Convertible Note, which is recorded as loss on change in fair value in the consolidated statements of operations and comprehensive loss, for the years ended December 31, 2024 and 2023, respectively</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, and December 31, 2023, <span id="xdx_904_eus-gaap--CommonStockVotingRights_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNoteAgreementsMember_zJSs7C7388V7" title="Common stock voting pights"><span id="xdx_90C_eus-gaap--CommonStockVotingRights_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNoteAgreementsMember_zGu741it476a" title="Common stock voting pights">the lender of the 2019 and 2021 Convertible Notes was considered a principal owner of the Company, because it held greater than 10% of voting common stock of the Company (also see “Note 21 - Related Parties).</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2019 and 2021 Convertible Notes were once again amended in January 2025 and the amended terms are disclosed as a part of Note on Subsequent Events (Refer Note no. 23 Subsequent Events).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024 Convertible Notes at fair value </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, the Company entered into two convertible promissory note agreements (the “January 2024 Convertible Notes Agreements”) with a lender for the principal amounts of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn2n3_c20240131__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwentyTwentyFourConvertibleNoteAAgreementsMember_zE39hT44oj7d" title="Debt instrument, face amount">2,000.0</span> thousand (“January 2024 Convertible Note A”) and $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn2n3_c20240131__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwentyTwentyFourConvertibleNoteBAgreementsMember_zUUi9R4DUY19" title="Debt instrument, face amount">4,500.0</span> thousand (“January 2024 Convertible Note B”), respectively, that each bear interest at a rate of <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20240131__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwentyTwentyFourConvertibleNoteAgreementsMember_ztv92YpIOn1l" title="Debt instrument, interest rate">4.863</span>% per annum, payable at maturity (the “January 2024 Convertible Notes”). The January 2024 Convertible Notes mature in January 2025. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The January 2024 Convertible Notes contain the following conversion features:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Optional conversion upon a qualifying financing </i></b>– <i>Before the maturity date in January 2025, if the company plans to go through a significant funding round of the issuance of preferred stock resulting in gross proceeds of at least $5,000.0 thousand (the “January 2024 Notes Qualifying Financing”), it will let the holder know at least 10 days before this funding round is set to happen. The holder then has the option to turn any outstanding obligations from the January 2024 Convertible Notes into shares of preferred stock when the funding round closes, based on all of the outstanding obligations under the January 2024 Convertible Notes (the “Conversion Amount”), divided by a specific price calculated as the lower of two figures: (i) either the maximum share price (the share price cap as discussed below) or (ii) <span id="xdx_909_ecustom--DebtInstrumentConversionOfSharePricePercentage_iI_pid_dp_uPure_c20240131__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwentyTwentyFourConvertibleNoteAgreementsMember_zeGrMI4hjwUd" title="Conversion of share price, percentage">80</span>% of the price at which other investors are buying the preferred stock in the funding round (the “Conversion Price”). However, if this funding round also counts as a company sell-off or shutdown the holder can choose the optional conversion upon a liquidation event (as described in the “optional conversion upon a liquidation event” section below).</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Automatic conversion into common stock - </i></b><i>If the company completes the plan of merger as per the Merger Agreement (as defined in “Note 1 - Organization) before the January 2024 Convertible Notes maturity date in January 2025, the Company must notify the lender at least 5 days before the merger is finalized. Immediately preceding the merger, any outstanding amounts the Company owes under the January 2024 Convertible Notes will automatically turn into shares of the Company’s common stock. The number of shares converted is based on the Conversion Amount, divided by the Conversion Price, which will be capped at a maximum value (the share price cap as discussed below).</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Optional conversion into preferred stock or common stock – </i></b>After the maturity date of this note in January 2025, the holder can choose to turn the Conversion Amount into shares. There are two scenarios: (i) if converted in conjunction with the January 2024 Convertible Notes Qualifying Financing after the maturity date of January 2025, the conversion will be to preferred stock. The number of shares will be the Conversion Amount divided by the Conversion Price, or (ii) if converted at any other time that is not tied to a Qualifying Financing after the maturity date of January 2025, the conversion will be to common stock. The number of shares will be based on the Conversion Amount, divided by the maximum share price (the share price cap as discussed below).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Optional conversion upon a liquidation event – </i></b>Before the maturity date in January 2025, or before the January 2024 Convertible Notes convert into shares according to the optional conversion upon a qualifying financing, automatic conversion into common stock, or optional conversion into preferred or common stock as discussed above, if the Company plans to sell off its assets or dissolve (when not part of a merger, a “Liquidation Event”), the holder can: (i) choose to convert any Conversion Amount into common stock immediately prior to the Liquidation Event. The number of shares to be calculated as the Conversion Amount, divided by a set price per share (the share price cap as discussed below), or (ii) alternatively, choose to be paid in cash, which would be the Conversion Amount, payable prior to the Liquidation Event. The Company must notify the holder at least 10 days before the Liquidation Event is expected to occur.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidation Preference Upon Conversion – </i></b>If the January 2024 Convertible Notes convert in the January 2024 Notes Qualifying Financing, they will be converted into preferred stock such that the liquidation preference shall equal the Conversion Price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>January 2024 Convertible Note A specific terms – </i></b>Upon the occurrence of a default (as defined in the January 2024 Notes Agreement and discussed below), the holder can declare all amounts due and outstanding to be paid immediately. The proceeds received under the January 2024 Convertible Note A are to be used to repurchase <span id="xdx_905_eus-gaap--StockRepurchasedDuringPeriodShares_pid_c20240131__20240131__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwentyTwentyFourConvertibleNoteAAgreementsMember_zdPb4AzkGNT3" title="Repurchase shares of common stock">666,667</span> shares of common stock held by Sameer Maskey, CEO of the Company. The share price cap is $<span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20240131__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwentyTwentyFourConvertibleNoteAAgreementsMember_zY8k1ao9EPS" title="Share price per share">3.00</span> per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>January 2024 Convertible Note B specific terms – </i></b>Upon the occurrence of a default (as defined in the January 2024 Notes Agreement and discussed below), the holder can declare all amounts due and outstanding be paid immediately, including a termination fee of $<span id="xdx_90C_ecustom--TerminationFee_pn2n3_c20240131__20240131__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwentyTwentyFourConvertibleNoteBAgreementsMember_zhOhELRr8wn9" title="Termination fee">1,000.0</span> thousand as defined in the January 2024 Notes Agreement). The proceeds received under the January 2024 Convertible Note B are to be used to repay third-party debt of the Company and for working capital purposes. The share price cap is $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20240131__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwentyTwentyFourConvertibleNoteBAgreementsMember_zH1ALWCEkuVj" title="Share price per share">5.798</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The January 2024 Convertible Notes will default if the Merger Agreement (as defined in “Note 1 – Organization”) is terminated, and also has other customary events of default. The January 2024 Convertible Notes are fully secured by <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240131__20240131__us-gaap--DebtInstrumentAxis__custom--JanuaryTwentyTwentyFourConvertibleNoteMember_z7qKFje6i1ac" title="Shares of common stock">3,600,000</span> shares of common stock held by Sameer Maskey, the CEO of the Company (refer to “Note 21 – Related Parties”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company qualified for and elected to account for the January 2024 Convertible Notes under the fair value option and, in doing so, bypassed the analysis of potential embedded derivative features. The Company believes that the fair value option better reflects the underlying economics of the January 2024 Convertible Notes. As a result, the January 2024 Convertible Notes were recorded at fair value upon issuance. The Company recorded a charge of $<span id="xdx_907_ecustom--LossOnChangeInFairValueOfConvertibleNotesAndWarrantLiability_pn2n3_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--JanuaryTwentyTwentyFourConvertibleNoteMember_zLCxMqLnO3q6" title="Loss on change in fair value of convertible notes and warrant liability">2,486.0</span> thousand related to changes in fair value for the January 2024 Convertible Notes, which is recorded as loss on change in fair value in the consolidated statements of operations and comprehensive loss, for the year ended December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The January 2024 Convertible Notes under fair value option were amended in February 2025 and the amended terms are disclosed as a part of Note on Subsequent Events (Refer Note no. 23 Subsequent Events).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">2023 Notes Payable </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2023, the Company entered into a loan and security agreement with a lender (the “2023 Notes Agreement”) that will make available to the Company loans in an aggregate principal amount of up to $<span id="xdx_901_eus-gaap--NotesPayableCurrent_iI_pn2n3_c20230831__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zG1e7ZtmOri2" title="Aggregate principal amount">4,000.0</span> thousand in three separate tranches. In that month, the Company withdrew $<span id="xdx_900_eus-gaap--NotesPayableCurrent_iI_pn2n3_c20230831__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zkQzuk60ICSa" title="Aggregate principal amount">3,000.0</span> thousand (the “First Tranche”). The Company additionally had the opportunity to request, subject to the terms of the 2023 Notes Agreement, an additional tranche of $<span id="xdx_90E_eus-gaap--NotesPayableCurrent_iI_pn2n3_c20230831__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zUtelK5CeBd6" title="Aggregate principal amount">500.0</span> thousand in or before March 2024 (the “Second Tranche”) and a third tranche of $<span id="xdx_90F_eus-gaap--NotesPayableCurrent_iI_pn2n3_c20230831__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember__us-gaap--VestingAxis__custom--ThirdTrancheMember_z77IWt3pdGQh" title="Aggregate principal amount">500.0</span> thousand in or before June 2024 (the “Third Tranche”) (the First Tranche, Second Tranche and Third Tranche are collectively referred to as the “2023 Notes”). The 2023 Notes bear interest at a rate of <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20230831__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zKRLrnnpSEkb" title="Debt instrument, interest rate">13.25</span>% per annum, compounded annually, payable at maturity. The debt issuance cost and debt discount were $<span id="xdx_907_eus-gaap--DeferredFinanceCostsNet_iI_pn2n3_c20231231__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zj51tzlluoZe" title="Debt issuance cost">110.8</span> thousand and $<span id="xdx_907_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn2n3_c20231231__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_z7PwHNHGCzOa" title="Debt discount">494.5</span> thousand at December 31, 2023, respectively. The effective interest rate was 23%. The 2023 Notes were secured by substantially all of the Company’s assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, the Company repaid the entire aggregate outstanding principal on the 2023 Notes Payable in the amount of $<span id="xdx_903_eus-gaap--NotesPayableCurrent_iI_pn2n3_c20240131__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyThreeNotesMember_zRqor7ftvEf7" title="Aggregate principal amount">3,000.0</span> thousand along with an additional payment of $<span id="xdx_900_eus-gaap--InterestExpense_pn2n3_c20240131__20240131__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyThreeNotesMember_zDbIo6yiz1bk" title="Interest expense">78.5</span> thousand for interest, prepayment fees, and lender fees. The Company recorded a loss of $<span id="xdx_90B_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn2n3_c20240131__20240131__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyThreeNotesMember_zre7ymWM4Dc6" title="Gain on extinguishment of debt">601.1</span> thousand on extinguishment of debt, in the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common Stock Warrants—</i></b>In connection with the 2023 Notes Agreement, the Company issued to the lender common stock warrants (the “Common Stock Warrants”) to purchase up to <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240101__20241231__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zy8suuqGFgla" title="Number of shares issued">140,133</span> shares of the Company’s common stock, exercisable immediately, with an exercise price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20241231__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zgcSZrmEjaw3" title="Exercise price">0.46</span> per share with a contractual term of <span id="xdx_902_ecustom--ContractualTerm_dtY_c20240101__20241231__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zFAOixCYagyg" title="Contractual term">10</span> years. The Company determined that the Common Stock Warrants are freestanding financial instruments and were determined to be within the scope of ASC 480-10, and accordingly, are liability classified. As of December 31, 2024 and December 31, 2023, the fair value and carrying amount of the Common Stock Warrant Liability was $<span id="xdx_905_eus-gaap--DerivativeLiabilities_iI_pn2n3_c20241231_zVs5tOZAmAw2" title="Fair value of common stock warrant liability">945.0</span> thousand and $<span id="xdx_908_eus-gaap--DerivativeLiabilities_iI_pn2n3_c20231231_z83hPDKikHwi" title="Fair value of common stock warrant liability">430.0</span> thousand, respectively (refer to “Note 3 - Fair Value Measurements”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Revolving Line of Credit </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2023, the Company entered into a line of credit with JPMorgan Chase Bank, N.A. for a principal amount of $<span id="xdx_906_eus-gaap--LineOfCredit_iI_pn2n3_c20231231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zHCPdOnmMqg3" title="Line of credit">150.0</span> thousand. The terms of the agreement were five years with an annual interest rate of <span id="xdx_90E_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_pid_dp_uPure_c20230101__20231231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zCE3530rL4A8" title="Line of credit, interest rate">2</span>%. During August 2023, the line of credit including principal and interest expense of $<span id="xdx_901_eus-gaap--RepaymentsOfLinesOfCredit_pn2n3_c20230831__20230831__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyThreeNotesMember_zdJhjbSBzh9i" title="Repayments of lines of credit">2.0</span> thousand was repaid through the 2023 Notes Payable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Loan from Bimal Tamrakar </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2023, the Company entered into a short-term loan agreement of $<span id="xdx_909_eus-gaap--ShortTermBorrowings_iI_pn2n3_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--BimalTamrakarMember_zhMFGsLUSaH4" title="Short-term loan">300.0</span> thousand. The terms of the loan were 3 months with an annual interest rate of <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20230101__20231231__us-gaap--ShortTermDebtTypeAxis__custom--BimalTamrakarMember_zAMG459DBGJf" title="Annual interest rate">13.25</span>%. During August 2023, the short-term loan was repaid through the 2023 Notes Payable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">April 2024 Convertible Note </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In April 2024, the Company entered into a convertible note agreement (the “April 2024 Convertible Note Agreement”) with a lender for the aggregate principal amount of $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn2n3_c20240430__us-gaap--TypeOfArrangementAxis__custom--AprilTwentyTwentyFourConvertibleNoteAgreementsMember_z2Ln9phAHQyf" title="Debt instrument, face amount">125.0</span> thousand, that bears interest at a rate of <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20240430__us-gaap--TypeOfArrangementAxis__custom--AprilTwentyTwentyFourConvertibleNoteAgreementsMember_z7TPyGOS8GM9" title="Debt instrument, interest rate">4.71</span>% per annum and is convertible to common stock (the “April 2024 Convertible Note”). The April 2024 Convertible Promissory Note matures in April 2025. Subsequent to year end, there has been a revision in the maturity date, refer Note No 23 – Subsequent Events.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Automatic conversion into common stock – </i></b>If on or before the maturity date in April 2025, the Company closes the plan of merger as described in the Merger Agreement (as defined in “Note 1 – Organization”), the Company will notify the holder of the April 2024 Convertible Note five days prior to the merger. Immediately prior to the closing of the merger, all of the then outstanding obligations of the April 2024 Convertible Note will automatically convert into the number of common shares equal to the amount outstanding divided by $<span id="xdx_901_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20240430__us-gaap--TypeOfArrangementAxis__custom--AprilTwentyTwentyFourConvertibleNoteAgreementsMember_zlzpMSq75Pl">4.94</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant issuance – </i></b>Upon the conversion of the April 2024 Convertible Note to common stock, the Company shall issue the holder a warrant to purchase <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20240430__us-gaap--TypeOfArrangementAxis__custom--AprilTwentyTwentyFourConvertibleNoteAgreementsMember_zV4JddWshgXh" title="Warrant to purchase">7,500</span> shares of common stock of CSLM with a per share exercise price of $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240430__us-gaap--TypeOfArrangementAxis__custom--AprilTwentyTwentyFourConvertibleNoteAgreementsMember_zPSOQa5N2tn7" title="Exercise price">11.50</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Subordination – </i></b>Upon the occurrence of any event of default (as described in the April 2024 Convertible Note Agreement and discussed below), the April 2024 Convertible Note shall become junior and subordinate to the January 2024 Convertible Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The April 2024 Convertible Note has customary events of default, are fully secured by the assets of the Company and because the conversion feature does not meet the definition of a derivative are being accounted for at amortized cost. The proceeds of the April 2024 Convertible Note will be used for working capital purposes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">June 2024 Convertible Note </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2024, the Company entered into a convertible note agreement (the “June 2024 Convertible Note Agreement”) with a lender for the principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn2n3_c20240630__us-gaap--TypeOfArrangementAxis__custom--JuneTwentyTwentyFourConvertibleNoteAgreementsMember_z9xoBF9zpK2e" title="Debt instrument, face amount">130.0</span> thousand, that bears interest at a rate of <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20240630__us-gaap--TypeOfArrangementAxis__custom--JuneTwentyTwentyFourConvertibleNoteAgreementsMember_zApUOBdI489" title="Debt instrument, interest rate">4.71</span>% per annum and is convertible to common stock (the “June 2024 Convertible Note”). The June 2024 Convertible Promissory Note matures in June 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Automatic conversion into common stock – </i></b>If on or before the maturity date in June 2025, the Company closes the plan of merger as described in the Merger Agreement (as defined in “Note 1 – Organization”), the Company will notify the holder of the June 2024 Convertible Note five days prior to the merger. Immediately prior to the closing of the merger, all of the then outstanding obligations of the June 2024 Convertible Note will automatically convert into the number of common shares equal to the amount outstanding divided by $<span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20240630__us-gaap--TypeOfArrangementAxis__custom--JuneTwentyTwentyFourConvertibleNoteAgreementsMember_zy9YS5SBWCV7">4.94</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant issuance – </i></b>Upon the conversion of the June 2024 Convertible Note to common stock of CSLM, the Company shall issue the holder a warrant to purchase <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20240630__us-gaap--TypeOfArrangementAxis__custom--AprilTwentyTwentyFourConvertibleNoteAgreementsMember_zLxVgRvTUved" title="Warrant to purchase">7,500</span> shares of common stock of CSLM with a per share exercise price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240630__us-gaap--TypeOfArrangementAxis__custom--JuneTwentyTwentyFourConvertibleNoteAgreementsMember_zC4su4ltcrkj" title="Exercise price">11.50</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Subordination – </i></b>Upon the occurrence of any event of default (as described in the June 2024 Convertible Note Agreement and discussed below), the June 2024 Convertible Note shall become junior and subordinate to the January 2024 Convertible Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The June 2024 Convertible Note has customary events of default, are fully secured by the assets of the Company and because the conversion feature does not meet the definition of a derivative are being accounted for at amortized cost. The proceeds of the June 2024 Convertible Note will be used for working capital purposes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">September 2024 Convertible Notes </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2024, the Company entered into two convertible note agreements (the “September 2024 Convertible Notes Agreements”) with two lenders, each for the principal amount of $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pn2n3_c20240930__us-gaap--TypeOfArrangementAxis__custom--SeptemberTwentyTwentyFourConvertibleNoteAgreementsMember_z3mwb1XV37jh" title="Debt instrument, face amount">100.0</span> thousand (the “September 2024 Convertible Notes”). The September 2024 Convertible Notes bear interest at a rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20240930__us-gaap--TypeOfArrangementAxis__custom--SeptemberTwentyTwentyFourConvertibleNoteAgreementsMember_zzktKqiFrcy6" title="Debt instrument, interest rate">4.71</span>% per annum. The 2024 September Convertible Notes mature in September 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Automatic conversion into common stock – </i></b>If on or before the maturity date in September 2026, the Company closes the plan of merger as described in the Merger Agreement (as defined in “Note 1 – Organization”), the Company will notify the holders of the September 2024 Convertible Notes five days prior to the merger. Immediately prior to the closing of the merger, all of the then outstanding obligations of the September 2024 Convertible Notes will automatically convert into the number of common shares equal to the amount outstanding divided by $<span id="xdx_902_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20240930__us-gaap--TypeOfArrangementAxis__custom--SeptemberTwentyTwentyFourConvertibleNoteAgreementsMember_zV0mOGgtTrqc">4.94</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant issuance – </i></b>Upon the conversion of the September 2024 Convertible Notes to common stock, the Company shall issue the holders each a warrant to purchase <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20240930__us-gaap--TypeOfArrangementAxis__custom--SeptemberTwentyTwentyFourConvertibleNoteAgreementsMember_zJepMIOVixu9" title="Warrant to purchase">7,500</span> shares of common stock of CSLM with a per share exercise price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240930__us-gaap--TypeOfArrangementAxis__custom--SeptemberTwentyTwentyFourConvertibleNoteAgreementsMember_zfjnmSrWXZF6" title="Exercise price">11.50</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Subordination – </i></b>Upon the occurrence of any event of default (as described in the September 2024 Convertible Notes Agreements and discussed below), the September 2024 Convertible Notes shall become junior and subordinate to the January 2024 Convertible Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The September 2024 Convertible Notes have customary events of default, are fully secured by the assets of the Company and because the conversion feature does not meet the definition of a derivative are being accounted for at amortized cost. The proceeds of the September 2024 Convertible Notes will be used for working capital purposes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Related Party loan payable </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2024, the Company entered into seven separate promissory notes with Mr. Maskey for an aggregate principal amount of $<span id="xdx_90A_eus-gaap--LoansPayableCurrent_iI_pn2n3_c20241231__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyFourRelatedPartyPromissoryNotesMember_zfHDayUdSfK9" title="Related party loan payable">700.0</span> thousand (the “2024 Related Party Promissory Notes”). The 2024 Related Party Promissory Notes bear interest at a rate of <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20241231__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyFourRelatedPartyPromissoryNotesMember_zR2XUhTfhAZ9" title="Debt instrument, interest rate">4.71</span>% per annum and mature in <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDateDescription_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyFourRelatedPartyPromissoryNotesMember_ztOU4wkE1KC7" title="Maturity date">December 2025</span>. Upon an event of default, the 2024 Related Party Promissory Notes shall become junior and subordinate to the January 2024 Convertible Notes (also see “Note 21 - Related Parties”), and any amounts owed will bear interest at <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20241231__us-gaap--DebtInstrumentAxis__custom--JanuaryTwentyTwentyFourConvertibleNoteMember_zXKbqDzrDEKe" title="Debt instrument, interest rate">10</span>% per annum until the obligations are satisfied in full. The 2024 Related Party Promissory Notes have customary events of default. As of December 31, 2024, the balance of the 2024 Related Party Promissory notes of $<span id="xdx_90D_eus-gaap--LoansPayableCurrent_iI_pn2n3_c20241231__us-gaap--TypeOfArrangementAxis__custom--SeptemberTwentyTwentyFourConvertibleNoteAgreementsMember_zlGQ4Tax8tz9" title="Related party loan payable">700.0</span> thousand, is included in related party loan payable - current in the consolidated balance sheets and is being accounted for at amortized cost.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_89A_eus-gaap--ScheduleOfDebtTableTextBlock_ziNqtDn80EMk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term debt consists of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_zOEE7GpPcEXe">Schedule of Long-Term Debt</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Current</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Noncurrent</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Current</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Noncurrent</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 16%; text-align: left">2023 Notes Payable (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyThreeNotesPayableMember_fKDEp_z12HkamIIE1j" style="width: 10%; text-align: right" title="Long term debt, current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1486">—</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyThreeNotesPayableMember_fKDEp_z4D6jmXNFZc7" style="width: 10%; text-align: right" title="Long term debt, noncurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1488">—</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebt_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyThreeNotesPayableMember_fKDEp_zsTwFw0xL3Z9" style="width: 10%; text-align: right" title="Long term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1490">—</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyThreeNotesPayableMember_fKDEp_zn3IjunwQgXe" style="width: 10%; text-align: right" title="Long term debt, current">191</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyThreeNotesPayableMember_fKDEp_zHKgTqeW1LBd" style="width: 10%; text-align: right" title="Long term debt, noncurrent">2,261</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--LongTermDebt_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyThreeNotesPayableMember_fKDEp_zI351nTmT38b" style="width: 10%; text-align: right" title="Long term debt">2,452</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">2024 Convertible Notes</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesMember_zsLqgy9SFRlc" style="text-align: right" title="Long term debt, current">255</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesMember_zquEHWyCEgF7" style="text-align: right" title="Long term debt, noncurrent">200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebt_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesMember_zUVvosxOkxn6" style="text-align: right" title="Long term debt">455</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesMember_z6clZlXY0dG8" style="text-align: right" title="Long term debt, current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1504">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesMember_z5sCBtJd0ui7" style="text-align: right" title="Long term debt, noncurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1506">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebt_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesMember_z7F00jPKM6ua" style="text-align: right" title="Long term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1508">—</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">2024 Convertible Notes at fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesFairValueMember_zGFMFI2b4Edi" style="text-align: right" title="Long term debt, current">8,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesFairValueMember_zhYrzwza8j52" style="text-align: right" title="Long term debt, noncurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1512">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebt_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesFairValueMember_zLxoqAqdD4hb" style="text-align: right" title="Long term debt">8,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesFairValueMember_zPIjAuvdIKMc" style="text-align: right" title="Long term debt, current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1516">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesFairValueMember_z3Q8dWfxp0jj" style="text-align: right" title="Long term debt, noncurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1518">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--LongTermDebt_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourConvertibleNotesFairValueMember_zD4WvoOIxZGi" style="text-align: right" title="Long term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1520">—</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Related party convertible notes payable at fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyConvertibleNotesPayableAtFairValueMember_zwLqXU9zOUD2" style="text-align: right" title="Long term debt, current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1522">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyConvertibleNotesPayableAtFairValueMember_zre2mqAdrjQf" style="text-align: right" title="Long term debt, noncurrent">6,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebt_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyConvertibleNotesPayableAtFairValueMember_zEy5PjhRTJoi" style="text-align: right" title="Long term debt">6,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyConvertibleNotesPayableAtFairValueMember_zFeBe14jXAwg" style="text-align: right" title="Long term debt, current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1528">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyConvertibleNotesPayableAtFairValueMember_z68htdmuUgWl" style="text-align: right" title="Long term debt, noncurrent">3,764</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebt_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyConvertibleNotesPayableAtFairValueMember_zpHSLVYVGa1f" style="text-align: right" title="Long term debt">3,764</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Related party loan payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyLoanPayableMember_z0SvKlfuiz04" style="border-bottom: Black 1pt solid; text-align: right" title="Long term debt, current">700</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyLoanPayableMember_z9sNvYIxmGga" style="border-bottom: Black 1pt solid; text-align: right" title="Long term debt, noncurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1536">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebt_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyLoanPayableMember_z1FQcNINaV89" style="border-bottom: Black 1pt solid; text-align: right" title="Long term debt">700</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyLoanPayableMember_zuivconHAN76" style="border-bottom: Black 1pt solid; text-align: right" title="Long term debt, current"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1540">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyLoanPayableMember_zl6StuscfRHk" style="border-bottom: Black 1pt solid; text-align: right" title="Long term debt, noncurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1542">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebt_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--RelatedPartyLoanPayableMember_zKNrEmKRr713" style="border-bottom: Black 1pt solid; text-align: right" title="Long term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1544">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; font-weight: bold">Total</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20241231_zZQSbsy1Faxd" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt, current">9,941</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20241231_zk1zs0O1gLw4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt, noncurrent">6,724</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_eus-gaap--LongTermDebt_iI_pn3n3_c20241231_z9DmbzdCVUok" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt">16,665</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20231231_zICmaDGSruZ3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt, current">191</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20231231_z3IOINqkNuj5" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt, noncurrent">6,025</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebt_iI_pn3n3_c20231231_zc6xLEA8RpKf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt">6,216</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F01_zWXTC31mMzH4">(1)</i></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F1D_zR34PwwhWEh7">Net of discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFByb3BlcnR5IGFuZCBFcXVpcG1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn2n3_c20231231_z5EO2ZcPusqd" title="Net of discount">548.6</span> thousand as of December 31, 2023.</i></span></td></tr> </table> 191000 2261000 2452000 255000 200000 455000 8986000 8986000 6524000 6524000 3764000 3764000 700000 700000 9941000 6724000 16665000 191000 6025000 6216000 548600 2000000.0 0.10 450000.0 0.15 7500000.0 386400 0.20 386400 343000.0 (a) 100% minus the discount rate, times (b) the price paid per share for equity securities by the investor in the Next Equity Financing. 2.235 0.75 300000.0 4000000.0 15000000.0 40000000.0 115000000.0 3103000.0 581000.0 the lender of the 2019 and 2021 Convertible Notes was considered a principal owner of the Company, because it held greater than 10% of voting common stock of the Company (also see “Note 21 - Related Parties). the lender of the 2019 and 2021 Convertible Notes was considered a principal owner of the Company, because it held greater than 10% of voting common stock of the Company (also see “Note 21 - Related Parties). 2000000.0 4500000.0 0.04863 0.80 666667 3.00 1000000.0 5.798 3600000 2486000.0 4000000.0 3000000.0 500000.0 500000.0 0.1325 110800 494500 3000000.0 78500 601100 140133 0.46 P10Y 945000.0 430000.0 150000.0 0.02 2000.0 300000.0 0.1325 125000.0 0.0471 4.94 7500 11.50 130000.0 0.0471 4.94 7500 11.50 100000.0 0.0471 4.94 7500 11.50 700000.0 0.0471 December 2025 0.10 700000.0 <p id="xdx_805_eus-gaap--PreferredStockTextBlock_zMVBOyBKWpZ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 13 - <span id="xdx_82A_zo4YaBh2N2Ta">Convertible Preferred Stock</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective February 2023, the Company amended the Third Amended and Restated Certificate of Incorporation of Fusemachines Inc. (the “Restated Certificate”) to increase the number of shares of series seed preferred stock (“Convertible Preferred Stock”) that the Company is authorized to issue from <span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20230227__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember__us-gaap--AwardTypeAxis__custom--SeriesSeedPreferredstockMember_zSc1QPZU6fZ2" title="Preferred stock, shares authorized">9,038,725</span> to <span id="xdx_907_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20230228__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember__us-gaap--AwardTypeAxis__custom--SeriesSeedPreferredstockMember_zKt00deKC1ac" title="Preferred stock, shares authorized">9,076,724</span> (including <span id="xdx_908_eus-gaap--PreferredStockSharesAuthorized_iI_c20230228__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_zJ81l5g3GaY2" title="Preferred stock, shares authorized">5,441</span> authorized shares of preferred stock not assigned to a particular series) and increase the authorized shares of series seed-2 preferred stock (“Series Seed-2 Convertible Preferred Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfPreferredUnitsTextBlock_zY1c2pUZkx49" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The authorized, issued and outstanding shares of the Convertible Preferred Stock, liquidation preferences and carrying values as of December 31, 2024 and December 31, 2023 were as follows (in thousands, except share numbers):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zxipwekAEhrg">Schedule of Convertible Preferred Stock</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2024 and December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">Series</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Authorized Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Issued and<br/> Outstanding Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liquidation<br/> Preferences</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%">Seed-1</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90E_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zn0G0savgBY1" title="Preferred stock, shares authorized"><span id="xdx_906_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zyEMnv0uY4Ge" title="Preferred stock, shares authorized">2,018,725</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90F_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zsiv4pkXLMF8" title="Preferred stock, shares issued"><span id="xdx_901_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zEAJsuhmEtv9" title="Preferred stock, shares outstanding"><span id="xdx_90D_eus-gaap--PreferredStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zCHD7empv5Ma" title="Preferred stock, shares issued"><span id="xdx_908_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zz4YQWi11qv5" title="Preferred stock, shares outstanding">2,013,724</span></span></span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90D_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zhuhhXZw4733" title="Preferred stock liquidation preference, value"><span id="xdx_903_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zAHerKMsXyfi" title="Preferred stock liquidation preference, value">1,350</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_901_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zYPyl8vIK398" title="Preferred stock, carrying value"><span id="xdx_906_eus-gaap--PreferredStockValue_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zj2JMaRY36n1" title="Preferred stock, carrying value">1,323</span></span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Seed-2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z1XbJg4HrA9c" title="Preferred stock, shares authorized"><span id="xdx_905_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zVDxoXinL538" title="Preferred stock, shares authorized">1,402,568</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zffvbIko1E91" title="Preferred stock, shares issued"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z3tQKVrb2g0b" title="Preferred stock, shares outstanding"><span id="xdx_90F_eus-gaap--PreferredStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zuwwejpL2Lae" title="Preferred stock, shares issued"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z9VvbZ1RC8o8" title="Preferred stock, shares outstanding">1,402,606</span></span></span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zQd3aDc8BK8g" title="Preferred stock liquidation preference, value"><span id="xdx_90E_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zTdJJplMlol2" title="Preferred stock liquidation preference, value">940</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zTVCnFXCnP8i" title="Preferred stock, carrying value"><span id="xdx_90D_eus-gaap--PreferredStockValue_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z0vW6on7TCfe" title="Preferred stock, carrying value">940</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Seed-3</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zSAFfSwsABpl" title="Preferred stock, shares authorized"><span id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zrTkg1EPunVe" title="Preferred stock, shares authorized">2,700,000</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z3vLGqBvthJh" title="Preferred stock, shares issued"><span id="xdx_906_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zkhYzhicvRwd" title="Preferred stock, shares outstanding"><span id="xdx_909_eus-gaap--PreferredStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zDyiTB8ert31" title="Preferred stock, shares issued"><span id="xdx_90B_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z7JGJrp3SFLi" title="Preferred stock, shares outstanding">2,681,851</span></span></span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zYg6APF6aU" title="Preferred stock liquidation preference, value"><span id="xdx_90B_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zvZFjKORLx2l" title="Preferred stock liquidation preference, value">2,515</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zdsApRFn8cD1" title="Preferred stock, carrying value"><span id="xdx_904_eus-gaap--PreferredStockValue_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zeDcC62dsU6l" title="Preferred stock, carrying value">2,515</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Seed-4</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90E_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zHYA6y4Sa8bk" title="Preferred stock, shares authorized"><span id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zUYEAaYjTX2" title="Preferred stock, shares authorized">2,950,000</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zluxyPGkOFJd" title="Preferred stock, shares issued"><span id="xdx_90D_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zY94Wkiri6s" title="Preferred stock, shares outstanding"><span id="xdx_902_eus-gaap--PreferredStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_znNMdIgHEnKh" title="Preferred stock, shares issued"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zZKQfsmf9wMc" title="Preferred stock, shares outstanding">2,945,053</span></span></span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right"><span id="xdx_902_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zKo8Ah500P2d" title="Preferred stock liquidation preference, value"><span id="xdx_90E_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zQkL6OtwAyTf" title="Preferred stock liquidation preference, value">3,100</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_902_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zghDqc1rMac9" title="Preferred stock, carrying value"><span id="xdx_900_eus-gaap--PreferredStockValue_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_znJL1m8aOBa3" title="Preferred stock, carrying value">3,087</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold">Total</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90D_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zz9ixOiYQFzd" title="Preferred stock, shares authorized"><span id="xdx_905_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zlfoDKE3dURh" title="Preferred stock, shares authorized">9,071,293</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_900_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231_zfv3nyzhBMO8" title="Preferred stock, shares issued"><span id="xdx_905_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231_zltR0hXVOrJ8" title="Preferred stock, shares outstanding"><span id="xdx_902_eus-gaap--PreferredStockSharesIssued_iI_pid_c20231231_z1eISGXYVgnh" title="Preferred stock, shares issued"><span id="xdx_907_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20231231_zR8sxO48Fgfe" title="Preferred stock, shares outstanding">9,043,234</span></span></span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90C_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zXWkRHkbl891" title="Preferred stock, carrying value"><span id="xdx_90B_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zIVDj4wSNa05" title="Preferred stock, carrying value">7,865</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A8_z5rTQzIGOBKi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rights, preferences and privileges of the Convertible Preferred Stock </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The rights, preferences and privileges of the Convertible Preferred Stock were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dividends</i>. The Company may not pay dividends on other classes or series of stock (excluding dividends in common stock) before unless the holders of the Company’s Convertible Preferred Stock receive, at the same time or before, a dividend on each of their shares. Upon the declaration of a dividend for another class or series of stock (excluding common stock), the holders of the Convertible Preferred Stock are entitled to receive dividends based on the equivalent amount if the other stocks were converted into common stock, times the number of common stock shares that each Convertible Preferred Stock share could be converted into (as adjusted for stock splits, combinations and reorganizations). No dividends have been declared to date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Conversion</i>. The series seed preferred stock is convertible, at the option of the holder, at any time and from time to time, into such number of fully paid and nonassessable shares of common stock as is determined by dividing the series seed original issue price by the series seed conversion price in effect at the time of conversion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting rights</i>. The holders of Convertible Preferred Stock are entitled to that number of votes on all matters presented to stockholders equal to the number of shares of common stock then issuable upon conversion of such preferred stock. The holders of Convertible Preferred Stock are entitled to elect one director of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidation</i>. In the event of any sale of substantially all of the assets, a merger, or liquidation, dissolution or winding up of the Company, the holders of series seed-4 Convertible Preferred Stock then outstanding will be entitled to receive, in preference to the holders of all other series of Convertible Preferred Stock and common stock, an amount equal to or greater than (a) $<span id="xdx_901_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zwH7M6pDPCW3" title="Preferred stock liquidation preference, per share"><span id="xdx_90C_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zP01Jn3uSVr5" title="Preferred stock liquidation preference, per share">1.0553</span></span> per share (as adjusted for stock splits, combinations, and reorganizations) plus declared and unpaid dividends, if any, or (b) such amount per share as would have been payable had all shares of series seed-4 Convertible Preferred Stock had been converted to common stock immediately prior to such liquidation, dissolution or winding up or deemed liquidation event. Given that deemed liquidation event is within the control of the common stockholders, the Convertible Preferred Stock is recognized as permanent equity within the consolidated statements of stockholders’ deficit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After the payment of all preferential amounts required to the paid to the holders of shares of series seed-4 Convertible Preferred Stock, the holders of series seed 3, 2, and 1 Convertible Preferred Stock will be entitled to receive, on a pari passu basis and in preference to the holders of common stock, $<span id="xdx_90B_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zxsEceci31og" title="Preferred stock liquidation preference, per share"><span id="xdx_908_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_znYxhIhrQUq9" title="Preferred stock liquidation preference, per share">0.9379</span></span>, $<span id="xdx_901_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zOcNK81RR3Gk" title="Preferred stock liquidation preference, per share"><span id="xdx_90D_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_ze7zeQD0QhF4" title="Preferred stock liquidation preference, per share">0.6704</span></span>, and $<span id="xdx_901_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zb0xzOwnRivl" title="Preferred stock liquidation preference, per share"><span id="xdx_907_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zC7nNi1DG605" title="Preferred stock liquidation preference, per share">0.6704</span></span>, respectively, per share plus declared and unpaid dividends, if any. After the payment of all preferential amounts required to be paid to the holders of series seed-4 Convertible Preferred Stock, then the holders of series seed 3, 2 and 1 Convertible Preferred Stock, shall be entitled to be paid out of the assets of the Company. After distributing to all preferred stockholders, the remaining assets of the Company will be distributed ratably to the holders of the common stock on a pro rata basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 9038725 9076724 5441 <p id="xdx_890_eus-gaap--ScheduleOfPreferredUnitsTextBlock_zY1c2pUZkx49" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The authorized, issued and outstanding shares of the Convertible Preferred Stock, liquidation preferences and carrying values as of December 31, 2024 and December 31, 2023 were as follows (in thousands, except share numbers):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zxipwekAEhrg">Schedule of Convertible Preferred Stock</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2024 and December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">Series</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Authorized Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Issued and<br/> Outstanding Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liquidation<br/> Preferences</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%">Seed-1</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90E_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zn0G0savgBY1" title="Preferred stock, shares authorized"><span id="xdx_906_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zyEMnv0uY4Ge" title="Preferred stock, shares authorized">2,018,725</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90F_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zsiv4pkXLMF8" title="Preferred stock, shares issued"><span id="xdx_901_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zEAJsuhmEtv9" title="Preferred stock, shares outstanding"><span id="xdx_90D_eus-gaap--PreferredStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zCHD7empv5Ma" title="Preferred stock, shares issued"><span id="xdx_908_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zz4YQWi11qv5" title="Preferred stock, shares outstanding">2,013,724</span></span></span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90D_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zhuhhXZw4733" title="Preferred stock liquidation preference, value"><span id="xdx_903_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zAHerKMsXyfi" title="Preferred stock liquidation preference, value">1,350</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_901_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zYPyl8vIK398" title="Preferred stock, carrying value"><span id="xdx_906_eus-gaap--PreferredStockValue_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zj2JMaRY36n1" title="Preferred stock, carrying value">1,323</span></span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Seed-2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z1XbJg4HrA9c" title="Preferred stock, shares authorized"><span id="xdx_905_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zVDxoXinL538" title="Preferred stock, shares authorized">1,402,568</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zffvbIko1E91" title="Preferred stock, shares issued"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z3tQKVrb2g0b" title="Preferred stock, shares outstanding"><span id="xdx_90F_eus-gaap--PreferredStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zuwwejpL2Lae" title="Preferred stock, shares issued"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z9VvbZ1RC8o8" title="Preferred stock, shares outstanding">1,402,606</span></span></span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zQd3aDc8BK8g" title="Preferred stock liquidation preference, value"><span id="xdx_90E_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zTdJJplMlol2" title="Preferred stock liquidation preference, value">940</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zTVCnFXCnP8i" title="Preferred stock, carrying value"><span id="xdx_90D_eus-gaap--PreferredStockValue_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z0vW6on7TCfe" title="Preferred stock, carrying value">940</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Seed-3</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zSAFfSwsABpl" title="Preferred stock, shares authorized"><span id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zrTkg1EPunVe" title="Preferred stock, shares authorized">2,700,000</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z3vLGqBvthJh" title="Preferred stock, shares issued"><span id="xdx_906_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zkhYzhicvRwd" title="Preferred stock, shares outstanding"><span id="xdx_909_eus-gaap--PreferredStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zDyiTB8ert31" title="Preferred stock, shares issued"><span id="xdx_90B_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z7JGJrp3SFLi" title="Preferred stock, shares outstanding">2,681,851</span></span></span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zYg6APF6aU" title="Preferred stock liquidation preference, value"><span id="xdx_90B_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zvZFjKORLx2l" title="Preferred stock liquidation preference, value">2,515</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zdsApRFn8cD1" title="Preferred stock, carrying value"><span id="xdx_904_eus-gaap--PreferredStockValue_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zeDcC62dsU6l" title="Preferred stock, carrying value">2,515</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Seed-4</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90E_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zHYA6y4Sa8bk" title="Preferred stock, shares authorized"><span id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zUYEAaYjTX2" title="Preferred stock, shares authorized">2,950,000</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zluxyPGkOFJd" title="Preferred stock, shares issued"><span id="xdx_90D_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zY94Wkiri6s" title="Preferred stock, shares outstanding"><span id="xdx_902_eus-gaap--PreferredStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_znNMdIgHEnKh" title="Preferred stock, shares issued"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zZKQfsmf9wMc" title="Preferred stock, shares outstanding">2,945,053</span></span></span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right"><span id="xdx_902_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zKo8Ah500P2d" title="Preferred stock liquidation preference, value"><span id="xdx_90E_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zQkL6OtwAyTf" title="Preferred stock liquidation preference, value">3,100</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_902_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zghDqc1rMac9" title="Preferred stock, carrying value"><span id="xdx_900_eus-gaap--PreferredStockValue_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_znJL1m8aOBa3" title="Preferred stock, carrying value">3,087</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold">Total</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90D_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zz9ixOiYQFzd" title="Preferred stock, shares authorized"><span id="xdx_905_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zlfoDKE3dURh" title="Preferred stock, shares authorized">9,071,293</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_900_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231_zfv3nyzhBMO8" title="Preferred stock, shares issued"><span id="xdx_905_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231_zltR0hXVOrJ8" title="Preferred stock, shares outstanding"><span id="xdx_902_eus-gaap--PreferredStockSharesIssued_iI_pid_c20231231_z1eISGXYVgnh" title="Preferred stock, shares issued"><span id="xdx_907_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20231231_zR8sxO48Fgfe" title="Preferred stock, shares outstanding">9,043,234</span></span></span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90C_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zXWkRHkbl891" title="Preferred stock, carrying value"><span id="xdx_90B_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zIVDj4wSNa05" title="Preferred stock, carrying value">7,865</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 2018725 2018725 2013724 2013724 2013724 2013724 1350000 1350000 1323000 1323000 1402568 1402568 1402606 1402606 1402606 1402606 940000 940000 940000 940000 2700000 2700000 2681851 2681851 2681851 2681851 2515000 2515000 2515000 2515000 2950000 2950000 2945053 2945053 2945053 2945053 3100000 3100000 3087000 3087000 9071293 9071293 9043234 9043234 9043234 9043234 7865000 7865000 1.0553 1.0553 0.9379 0.9379 0.6704 0.6704 0.6704 0.6704 <p id="xdx_808_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zgIasUm7DnMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 14. <span id="xdx_828_zUZS7MLxKYX7">Stockholders’ Deficit</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common Stock </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Restated Certificate, the number of shares of common stock that the Company is authorized to issue is <span id="xdx_907_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231_zlTVc2idUMra" title="Common stock, shares authorized"><span id="xdx_90E_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231_ztyk0kD11jUe" title="Common stock, shares authorized">24,200,000</span></span> as of December 31, 2024 and December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_ecustom--ScheduleOfReservedSharesOfCommonStockForFutureIssuanceTableTextBlock_zJhpZcd3mYil" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s reserved shares of common stock for future issuance related to potential conversion of the Convertible Preferred Stock, exercise of Common Stock Warrants and exercise of stock options are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zuLp92TuqYP7" style="display: none">Schedule of Reserved Shares of Common Stock for Future Issuance</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zmCxEsfUWc6l" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20231231_zjMt9vaImZ03" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2023</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As of December 31,</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2023</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_hus-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_zrole8z64fA9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Convertible preferred stock (as converted to common stock)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_hus-gaap--StatementClassOfStockAxis__custom--CommonStockWarrantsMember_ztMsey5wP85f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_hus-gaap--StatementClassOfStockAxis__custom--CommonStockContingentObligationMember_zNkKe9J66C1j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common Stock Contingent Obligation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1837">—</span> </span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Stock options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_fKDEp_zGo7ZTSha1M5" style="border-bottom: Black 1pt solid; text-align: right" title="Stock options"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,583,577</span></td><td style="border-bottom: Black 1pt solid; text-align: left"><span>(1)</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_fKDIp_zQBB9ccH5Evd" style="border-bottom: Black 1pt solid; text-align: right" title="Stock options"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,795,223</span></td><td style="padding-bottom: 1pt; text-align: left"><span>(2)</span></td></tr> <tr id="xdx_400_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_zQ2r8duZWOA6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Reserved shares of common stock for future issuance</span></td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,811,944</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13,978,590</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0A_zUJ7MkG1IoG2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zMF1gGR5QFxk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc2VydmVkIFNoYXJlcyBvZiBDb21tb24gU3RvY2sgZm9yIEZ1dHVyZSBJc3N1YW5jZSAoRGV0YWlscykgU3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIEJhbGFuY2UgU2hlZXRzIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zqmqlHnmfdMd" title="Stock option exercised">10,292</span> stock options as of December 31, 2024 that were legally exercised prior to meeting the service base vesting requirements in exchange for nonrecourse promissory notes (Refer to “The Promissory Notes Transactions” in “Note 16 – Stock-based Compensation”). </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0F_zkKkG4IrjH7j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zQV4PUWIClAf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc2VydmVkIFNoYXJlcyBvZiBDb21tb24gU3RvY2sgZm9yIEZ1dHVyZSBJc3N1YW5jZSAoRGV0YWlscykgU3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIEJhbGFuY2UgU2hlZXRzIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zxYMKNSTVOBk" title="Stock option exercised">2,470,000</span> stock options as of December 31, 2023 that were early exercised in exchange for non-recourse promissory notes (Refer to “Note 16 – Stock-based Compensation”). </span></td></tr> </table> <p id="xdx_8A1_zzOac91VIUs6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible Preferred Stock </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Restated Certificate, the number of shares of Convertible Preferred Stock that the Company is authorized to issue is <span id="xdx_906_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_zgrmhXkPV0Hi" title="Preferred stock, shares authorized">9,076,724</span>. (Refer to “Note 13 – Convertible Preferred Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024 and December 31, 2023 the Company had Common Stock Warrants outstanding to purchase up to <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240101__20241231__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zUynj9g8WyV8" title="Number of shares issued"><span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20230101__20231231__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_znl5j4uCvVP3" title="Number of shares issued">140,133</span></span> shares of the Company’s common stock at an exercise price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20241231__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zBcdKJNQVuz7" title="Exercise price"><span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20231231__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zDhTbKdaFL5a" title="Exercise price">0.46</span></span> per share and have a contractual term of <span id="xdx_902_ecustom--ContractualTerm_dtY_c20240101__20241231__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zEK1IEYGbxv3" title="Contractual term"><span id="xdx_90C_ecustom--ContractualTerm_dtY_c20230101__20231231__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zpdyUkkrzKx5" title="Contractual term">10</span></span> years. The Common Stock Warrants were issued in August 2023. (Refer to “Note 3 - Fair Value Measurements” and “Note 12 - Long-term Debt”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common Stock Contingent Obligation </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, the Company had a contingent obligation to issue <span id="xdx_90A_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--CommonStockContingentObligationMember_zRuX66H8bi4i" title="Reserved shares of common stock for future issuance">45,000</span> shares of common stock upon closing of the Merger to a certain vendor (also see “Note 19 – Commitments and Contingencies”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 24200000 24200000 <p id="xdx_894_ecustom--ScheduleOfReservedSharesOfCommonStockForFutureIssuanceTableTextBlock_zJhpZcd3mYil" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s reserved shares of common stock for future issuance related to potential conversion of the Convertible Preferred Stock, exercise of Common Stock Warrants and exercise of stock options are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zuLp92TuqYP7" style="display: none">Schedule of Reserved Shares of Common Stock for Future Issuance</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zmCxEsfUWc6l" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20231231_zjMt9vaImZ03" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2023</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As of December 31,</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2023</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_hus-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_zrole8z64fA9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Convertible preferred stock (as converted to common stock)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_hus-gaap--StatementClassOfStockAxis__custom--CommonStockWarrantsMember_ztMsey5wP85f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_hus-gaap--StatementClassOfStockAxis__custom--CommonStockContingentObligationMember_zNkKe9J66C1j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common Stock Contingent Obligation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1837">—</span> </span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Stock options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_fKDEp_zGo7ZTSha1M5" style="border-bottom: Black 1pt solid; text-align: right" title="Stock options"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,583,577</span></td><td style="border-bottom: Black 1pt solid; text-align: left"><span>(1)</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_fKDIp_zQBB9ccH5Evd" style="border-bottom: Black 1pt solid; text-align: right" title="Stock options"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,795,223</span></td><td style="padding-bottom: 1pt; text-align: left"><span>(2)</span></td></tr> <tr id="xdx_400_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_zQ2r8duZWOA6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Reserved shares of common stock for future issuance</span></td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,811,944</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13,978,590</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0A_zUJ7MkG1IoG2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zMF1gGR5QFxk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc2VydmVkIFNoYXJlcyBvZiBDb21tb24gU3RvY2sgZm9yIEZ1dHVyZSBJc3N1YW5jZSAoRGV0YWlscykgU3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIEJhbGFuY2UgU2hlZXRzIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zqmqlHnmfdMd" title="Stock option exercised">10,292</span> stock options as of December 31, 2024 that were legally exercised prior to meeting the service base vesting requirements in exchange for nonrecourse promissory notes (Refer to “The Promissory Notes Transactions” in “Note 16 – Stock-based Compensation”). </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0F_zkKkG4IrjH7j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zQV4PUWIClAf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc2VydmVkIFNoYXJlcyBvZiBDb21tb24gU3RvY2sgZm9yIEZ1dHVyZSBJc3N1YW5jZSAoRGV0YWlscykgU3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIEJhbGFuY2UgU2hlZXRzIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zxYMKNSTVOBk" title="Stock option exercised">2,470,000</span> stock options as of December 31, 2023 that were early exercised in exchange for non-recourse promissory notes (Refer to “Note 16 – Stock-based Compensation”). </span></td></tr> </table> 9043234 9043234 140133 140133 45000 2583577 4795223 11811944 13978590 10292000 2470000000 9076724 140133 140133 0.46 0.46 P10Y P10Y 45000 <p id="xdx_80B_eus-gaap--RevenueFromContractWithCustomerTextBlock_zjgBCnTimiT2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 15. <span id="xdx_82A_zBppVaMG1bpe">Revenue</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under ASC 606, revenue is recognized throughout the life of the executed agreement. The Company measures revenue based on consideration specified in a contract with a customer. Furthermore, the majority of the Company’s revenues are recognized over time as services are performed. The Company recognizes revenue when a performance obligation is satisfied by transferring control of the product or service to the customer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--RevenueFromExternalCustomersByGeographicAreasTableTextBlock_z3T7Q8bIJ1pk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company provides services to customers worldwide, with the majority of revenues being derived from contracts with customers located within the United States. The table below presents the breakdown of the Company’s revenues, based on the customer’s location (in thousands).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zcgjSV3mu1K" style="display: none">Schedule of Revenues, Based on the Customer’s Location</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240101__20241231_z5Z9pzPe57Sb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20230101__20231231_zdBq43FCvyN8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended<br/> December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Customer locations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__country--US_zelSVSPSMQze" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 68%; text-align: left">United States</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,544</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,165</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__us-gaap--NonUsMember_zHd6CThoZFBg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Rest of the world</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">267</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">273</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_pn3n3_zWjJbD7EnCib" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 20pt; font-weight: bold; text-align: left">Total revenue</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,811</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,438</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zbFmWYrGiN2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_zmZt7m7ga35i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents the breakdown of the Company’s revenues, based on the customer’s service type (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_zfAy8mAvPYg5" style="display: none">Schedule of Revenues, Based on the Customer’s Service Type</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240101__20241231_zCpwYD8e1kqc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20230101__20231231_zU3MpSoA2wL8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended<br/> December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Service type</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--AISolutionsMember_zlixIWjh4lC" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 68%; text-align: left; padding-bottom: 1pt">AI Solutions (Products and Services)</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">8,811</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><span id="xdx_F23_zLipg8VMPLJh">(1)</span></td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">7,438</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><span id="xdx_F2C_zGTYZTbwyhPd">(1)</span></td></tr> <tr id="xdx_408_eus-gaap--Revenues_pn3n3_zAIfZ5vd8kN6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 20pt; font-weight: bold; text-align: left">Total revenue</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,811</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,438</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0E_zyJchUPBPq0g" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zZ6t1mOSrcB8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The revenue from the AI Solutions - Products is insignificant during the year ended December 31, 2024 and 2023. </span></td></tr> </table> <p id="xdx_8A6_zxMUD2pKRO7j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Service Type </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2024 and 2023, the Company had one significant service type, AI Solutions (products and services). For the year ended December 31, 2024 and 2023, there were $<span id="xdx_90D_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--AISolutionsMember_ztEqBljuHUz2" title="Revenues">8,811</span> thousand and $<span id="xdx_907_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--AISolutionsMember_zs5PQSAKVgh6" title="Revenues">7,438</span> thousand of AI Solutions (products and services) revenue during the year ended December 31, 2024 and 2023, respectively. The revenue recognised for AI education services were <span id="xdx_902_eus-gaap--Revenues_pn3n3_dxL_c20240101__20241231__srt--ProductOrServiceAxis__custom--AIEducationServicesMember_zjCd81zzzrTi" title="Revenues::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1894">Nil</span></span> during the year ended December 31, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred Revenue </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2024, the Company recognized revenue of $<span id="xdx_907_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn2n3_c20240101__20241231_zziadMvomMW4" title="Deferred revenue, revenue recognized">20.6</span> thousand from the deferred revenue balance as of December 31, 2023. During the year ended December 31, 2023, the Company recognized revenue of $<span id="xdx_90D_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn2n3_c20220101__20221231_zmVxRtWjfiv8" title="Deferred revenue, revenue recognized">192.3</span> thousand from the deferred revenue balance as of December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contract Costs </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. Management expects that commission fees paid to sales representatives as a result of obtaining service contracts and contract renewals, are recoverable and therefore the Company’s consolidated balance sheets included capitalized balances in the amount of $<span id="xdx_906_eus-gaap--CapitalizedContractCostNet_iI_pn2n3_c20241231_z6BM9V7Yrpag" title="Capitalized contract cost">21.9</span> thousand and $<span id="xdx_901_eus-gaap--CapitalizedContractCostNet_iI_pn2n3_c20231231_zoz3bMYmsKel" title="Capitalized contract cost">20.6</span> thousand as of December 31, 2024 and December 31, 2023 which represents the current portion and is included within prepaid expenses and other current assets, respectively and $<span id="xdx_908_eus-gaap--OtherAssetsNoncurrent_iI_pn3n3_c20241231_zkpaudqa6hG4" title="Other assets">5</span> thousand and $<span id="xdx_906_eus-gaap--OtherAssetsNoncurrent_iI_pn2n3_c20231231_z6iDjENJ9hB6" title="Other assets">1.6</span> thousand, as of December 31, 2024 and December 31, 2023, respectively, which are included within other assets. Capitalized commission fees are amortized on a straight-line basis over the average period of service contracts of approximately two years and are included in selling and marketing in the accompanying consolidated statements of operations and comprehensive loss. Amortization recognized during the year ended December 31, 2024, and 2023 was $<span id="xdx_90C_eus-gaap--CapitalizedContractCostAmortization_pn2n3_c20240101__20241231_zDlTTyNn2iCh" title="Capitalized contract cost amortization">36.2</span> and $<span id="xdx_90C_eus-gaap--CapitalizedContractCostAmortization_pn2n3_c20230101__20231231_zNWG9NdJDPja" title="Capitalized contract cost amortization">46.2</span> thousand, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transaction price allocated to remaining performance obligations </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company elected to apply the practical expedient for the right to invoice and does not disclose performance obligations that have original expected durations of one year or less.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zgt2vUtoeTdl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The opening and closing balances of contract assets, deferred revenue and unbilled revenue are as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zffLsNkBGVwb" style="display: none">Schedule of Contract Assets, Deferred Revenue and Unbilled Revenue</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract<br/> asset</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Deferred<br/> revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unbilled<br/> Revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Ending balance as of December 31, 2022</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_981_eus-gaap--ContractWithCustomerAssetNetCurrent_iS_pn3n3_c20230101__20231231_zeexrwSJogdf" style="width: 14%; font-weight: bold; text-align: right" title="Contract asset, beginning balance">36</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_981_eus-gaap--ContractWithCustomerLiabilityCurrent_iS_pn3n3_c20230101__20231231_zy3lwe4HlxHa" style="width: 14%; font-weight: bold; text-align: right" title="Deferred revenue, beginning balance">192</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_983_eus-gaap--UnbilledReceivablesCurrent_iS_pn3n3_c20230101__20231231_z16v5wl6HgS2" style="width: 14%; font-weight: bold; text-align: right" title="Unbilled Revenue, beginning balance">90</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Increase/(decrease), net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_pn3n3_c20230101__20231231_z8UvWlSauXDc" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">(14</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_pn3n3_c20230101__20231231_zDomfJHxpD9c" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">(171</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--IncreaseDecreaseInUnbilledReceivable_pn3n3_c20230101__20231231_z8deWP9wV7U3" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">(10</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Ending balance as of December 31, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ContractWithCustomerAssetNetCurrent_iS_pn3n3_c20240101__20241231_zwkO69p5Qp4" style="text-align: right" title="Contract asset, beginning balance">22</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ContractWithCustomerLiabilityCurrent_iS_pn3n3_c20240101__20241231_zc3ZwLNTdG0f" style="text-align: right" title="Deferred revenue, beginning balance">21</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--UnbilledReceivablesCurrent_iS_pn3n3_c20240101__20241231_zxiChbKwLLg7" style="text-align: right" title="Unbilled Revenue, beginning balance">80</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Increase/(decrease), net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_pn3n3_c20240101__20241231_z6hzhowza6f5" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">5</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_pn3n3_c20240101__20241231_zR39kbmq56U7" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">33</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_ecustom--IncreaseDecreaseInUnbilledReceivable_pn3n3_c20240101__20241231_zquG7TPaBlgc" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">33</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold">Ending balance as of December 31, 2024</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98E_eus-gaap--ContractWithCustomerAssetNetCurrent_iE_pn3n3_c20240101__20241231_zN3qgZ7FWxb" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Contract asset, ending balance">27</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_980_eus-gaap--ContractWithCustomerLiabilityCurrent_iE_pn3n3_c20240101__20241231_z81og9zp5Zqb" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Deferred revenue, ending balance">54</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_985_eus-gaap--UnbilledReceivablesCurrent_iE_pn3n3_c20240101__20241231_zjjID6aqFmR5" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Unbilled Revenue, ending balance">113</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zfxRCG81J8m3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p id="xdx_89C_eus-gaap--RevenueFromExternalCustomersByGeographicAreasTableTextBlock_z3T7Q8bIJ1pk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company provides services to customers worldwide, with the majority of revenues being derived from contracts with customers located within the United States. The table below presents the breakdown of the Company’s revenues, based on the customer’s location (in thousands).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zcgjSV3mu1K" style="display: none">Schedule of Revenues, Based on the Customer’s Location</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240101__20241231_z5Z9pzPe57Sb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20230101__20231231_zdBq43FCvyN8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended<br/> December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Customer locations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__country--US_zelSVSPSMQze" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 68%; text-align: left">United States</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,544</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,165</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__us-gaap--NonUsMember_zHd6CThoZFBg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Rest of the world</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">267</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">273</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_pn3n3_zWjJbD7EnCib" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 20pt; font-weight: bold; text-align: left">Total revenue</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,811</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,438</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 8544000 7165000 267000 273000 8811000 7438000 <p id="xdx_891_eus-gaap--ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_zmZt7m7ga35i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents the breakdown of the Company’s revenues, based on the customer’s service type (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_zfAy8mAvPYg5" style="display: none">Schedule of Revenues, Based on the Customer’s Service Type</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240101__20241231_zCpwYD8e1kqc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20230101__20231231_zU3MpSoA2wL8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended<br/> December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Service type</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--AISolutionsMember_zlixIWjh4lC" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 68%; text-align: left; padding-bottom: 1pt">AI Solutions (Products and Services)</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">8,811</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><span id="xdx_F23_zLipg8VMPLJh">(1)</span></td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">7,438</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><span id="xdx_F2C_zGTYZTbwyhPd">(1)</span></td></tr> <tr id="xdx_408_eus-gaap--Revenues_pn3n3_zAIfZ5vd8kN6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 20pt; font-weight: bold; text-align: left">Total revenue</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,811</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,438</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0E_zyJchUPBPq0g" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zZ6t1mOSrcB8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The revenue from the AI Solutions - Products is insignificant during the year ended December 31, 2024 and 2023. </span></td></tr> </table> 8811000 7438000 8811000 7438000 8811000 7438000 20600 192300 21900 20600 5000 1600 36200 46200 <p id="xdx_895_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zgt2vUtoeTdl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The opening and closing balances of contract assets, deferred revenue and unbilled revenue are as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zffLsNkBGVwb" style="display: none">Schedule of Contract Assets, Deferred Revenue and Unbilled Revenue</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract<br/> asset</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Deferred<br/> revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unbilled<br/> Revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Ending balance as of December 31, 2022</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_981_eus-gaap--ContractWithCustomerAssetNetCurrent_iS_pn3n3_c20230101__20231231_zeexrwSJogdf" style="width: 14%; font-weight: bold; text-align: right" title="Contract asset, beginning balance">36</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_981_eus-gaap--ContractWithCustomerLiabilityCurrent_iS_pn3n3_c20230101__20231231_zy3lwe4HlxHa" style="width: 14%; font-weight: bold; text-align: right" title="Deferred revenue, beginning balance">192</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_983_eus-gaap--UnbilledReceivablesCurrent_iS_pn3n3_c20230101__20231231_z16v5wl6HgS2" style="width: 14%; font-weight: bold; text-align: right" title="Unbilled Revenue, beginning balance">90</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Increase/(decrease), net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_pn3n3_c20230101__20231231_z8UvWlSauXDc" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">(14</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_pn3n3_c20230101__20231231_zDomfJHxpD9c" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">(171</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--IncreaseDecreaseInUnbilledReceivable_pn3n3_c20230101__20231231_z8deWP9wV7U3" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">(10</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Ending balance as of December 31, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ContractWithCustomerAssetNetCurrent_iS_pn3n3_c20240101__20241231_zwkO69p5Qp4" style="text-align: right" title="Contract asset, beginning balance">22</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ContractWithCustomerLiabilityCurrent_iS_pn3n3_c20240101__20241231_zc3ZwLNTdG0f" style="text-align: right" title="Deferred revenue, beginning balance">21</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--UnbilledReceivablesCurrent_iS_pn3n3_c20240101__20241231_zxiChbKwLLg7" style="text-align: right" title="Unbilled Revenue, beginning balance">80</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Increase/(decrease), net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_pn3n3_c20240101__20241231_z6hzhowza6f5" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">5</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_pn3n3_c20240101__20241231_zR39kbmq56U7" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">33</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_ecustom--IncreaseDecreaseInUnbilledReceivable_pn3n3_c20240101__20241231_zquG7TPaBlgc" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">33</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold">Ending balance as of December 31, 2024</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98E_eus-gaap--ContractWithCustomerAssetNetCurrent_iE_pn3n3_c20240101__20241231_zN3qgZ7FWxb" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Contract asset, ending balance">27</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_980_eus-gaap--ContractWithCustomerLiabilityCurrent_iE_pn3n3_c20240101__20241231_z81og9zp5Zqb" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Deferred revenue, ending balance">54</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_985_eus-gaap--UnbilledReceivablesCurrent_iE_pn3n3_c20240101__20241231_zjjID6aqFmR5" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Unbilled Revenue, ending balance">113</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 36000 192000 90000 -14000 -171000 -10000 22000 21000 80000 5000 33000 33000 27000 54000 113000 <p id="xdx_800_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_z25zQ90NRqpb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 16. <span id="xdx_827_zpq5q5ayztJ5">Stock-based Compensation</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective June 2014, the Company adopted an equity-based compensation plan, the 2014 Equity Incentive Plan (the “2014 Plan”), which allows for the grant of stock options, stock issuances and other equity interests in the Company to the Company’s officers, directors, employees and consultants. The 2014 Plan is administrated by the Company’s Board of Directors, or a committee appointed by the Board. In February 2023, the Company’s board of directors and stockholders adopted the 2023 Equity Incentive Plan (the “2023 Plan”), which provides for the grant of incentive stock options, restricted stock awards and restricted stock units (“RSUs”) to eligible employees, directors and consultants of the Company. With the introduction of the 2023 Plan, shares are no longer available for future grants under the 2014 Plan. Awards outstanding under the 2014 Plan will be governed by the 2023 Plan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20230228__us-gaap--PlanNameAxis__custom--TwentyTwentyThreePlanMember_z2Kvx17HYbH1" title="Common Stock were authorized for issuance">4,951,530</span> shares of Common Stock were authorized for issuance under the 2023 Plan to officers, directors, employees and consultants of the Company. The 2023 Plan was amended and approved by the stockholders of the Company in December 2023 to increase the number of shares of the Company’s Common Stock reserved for issuance under the Fusemachines Inc. 2023 Amended and Restated Equity Plan (the “2023 Equity Incentive Plan”) by <span id="xdx_905_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20230228__us-gaap--PlanNameAxis__custom--TwentyTwentyThreeEquityIncentivePlanMember_zSDu4Pdhahvg">595,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to <span id="xdx_905_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20231231__us-gaap--PlanNameAxis__custom--TwentyTwentyThreeEquityIncentivePlanMember_zRUCKw3AS4af">5,546,530</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20241231__us-gaap--PlanNameAxis__custom--TwentyTwentyThreePlanMember_z16sESYTdiZ3" title="Common stock were available for future grant">1,112,751</span> shares of Common Stock were available for future grant under the 2023 Plan. Shares that are expired, terminated, surrendered, or cancelled without having been fully exercised or issued will be available for future awards. The Company may use either authorized and unissued shares or treasury shares, when available, to meet share requirements resulting from the exercise of stock options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zCQgyrokV3j5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The stock-based compensation expense during the year ended December 31, 2024, and 2023 are reported in the following consolidated financial statement line items (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zkLQIkc9gqNk" style="display: none">Schedule of Stock-based Compensation Expense</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240101__20241231_zr9uEp7qeik2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20230101__20231231_zyZelPUGkzEc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended<br/> December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_ziPZvdlXVSod" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">General and administrative</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">723</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,972</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--CostOfSalesMember_z4dBwU3czonf" style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_z0vQw5Sg8K1a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Selling and marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zQSxkTO4Z5yf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Research and development</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">130</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">27</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_zGrkTMqPtOGj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; font-weight: bold; text-align: left">Total stock-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,067</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,154</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zt7yVEhGCjAd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock Options </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s stock options outstanding consist primarily of time-based options to purchase common stock, the majority of which vest over a <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20240101__20241231__srt--RangeAxis__srt--MinimumMember_zzLvZjzIUOn5" style="display: none" title="Vesting period">2 </span>two-to-four-year <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20240101__20241231__srt--RangeAxis__srt--MaximumMember_zpTfvt2RhF71" style="display: none" title="Vesting period">4 </span>period and have a <span id="xdx_90B_ecustom--ContractualTerm_dtY_c20240101__20241231_zRFukBDrvhTk" style="display: none" title="Contractual term">10 </span>ten-year contractual term. These awards are subject to the risk of forfeiture until vested by virtue of continued employment or service to the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_ziK94EII7bJl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the stock option activity for options with service-based vesting conditions during the year ended December 31, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zVnv6z9m6ZNl" style="display: none">Schedule of Stock Option Activity for Options with Service-based Vesting</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of<br/> Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted<br/> Average<br/> Exercise<br/> Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted<br/> Average<br/> Remaining<br/> Contractual<br/> Term<br/> (Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate<br/> Intrinsic<br/> Value (In<br/> thousands)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; font-weight: bold">Outstanding balance as of December 31, 2023 (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20240101__20241231_fKDEp_zYMkqliLc4Gh" style="width: 12%; text-align: right" title="Number of Options, Outstanding beginning balance">4,795,223</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20240101__20241231_fKDEp_zfiycwthGG1i" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding beginning balance">0.54</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230101__20231231_fKDEp_z2slnqaEgiyb" style="width: 12%; text-align: right" title="Weighted Average Remaining Contractual Term (Years), Outstanding balance">6.18</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20240101__20241231_fKDEp_zwSRPa2lLKle" style="width: 12%; text-align: right" title="Aggregate Intrinsic Value, Outstanding beginning balance">3,568</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20240101__20241231_zBM4qb8dVis1" style="text-align: right" title="Number of Options, Granted">460,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20240101__20241231_zOb2ZhA4JsXk" style="text-align: right" title="Weighted Average Exercise Price, Granted">4.46</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised (2)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20240101__20241231_fKDI___zQVtPISiGrO4" style="text-align: right" title="Number of Options, Exercised">(2,485,854</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20240101__20241231_fKDI___zdkbDrRCjpgd" style="text-align: right" title="Weighted Average Exercise Price, Exercised">0.46</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20240101__20241231_zNqwnH9GHy1f" style="text-align: right" title="Number of Options, Forfeited">(129,959</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20240101__20241231_zp3v9qkIeIsh" style="text-align: right" title="Weighted Average Exercise Price, Forfeited">1.73</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_c20240101__20241231_zZ4NKxFmo2b9" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Expired">(55,833</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20240101__20241231_zje1dqWA4ALf" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Expired">1.13</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Outstanding balance as of December 31,2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20240101__20241231_zKGuGrmP3jpf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of Options, Outstanding ending balance">2,583,577</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20240101__20241231_z9WXrBvG2AM9" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted Average Exercise Price, Outstanding ending balance">1.24</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231_zWE4hhtPrwrj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted Average Remaining Contractual Term (Years), Outstanding balance">6.50</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20240101__20241231_z0cgawd0D8zi" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Aggregate Intrinsic Value, Outstanding ending balance">11,885</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Options vested and exercisable as of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber_iE_pid_c20240101__20241231_z99J5QMSp5T6" style="text-align: right" title="Number of Options, Options vested and exercisable ending balance">2,165,748</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iE_pid_c20240101__20241231_zjeVHSPy1xVf" style="text-align: right" title="Weighted Average Exercise Price, Options vested and exercisable ending balance">0.95</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20240101__20241231_zDCMU50wpzY" style="text-align: right" title="Weighted Average Remaining Contractual Term (Years), Options vested and exercisable balance">6.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iE_pn3n3_c20240101__20241231_zeoe3DScq5jl" style="text-align: right" title="Aggregate Intrinsic Value, Options vested and exercisable ending balance">10,590</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F02_zkFSlz6bmZGb">(1)</i></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F10_zDiv8bDGLPcl">The number of options outstanding includes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbiBBY3Rpdml0eSBmb3IgT3B0aW9ucyB3aXRoIFNlcnZpY2UtYmFzZWQgVmVzdGluZyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zCkh3lKi6lmc" title="Stock option exercised">2,470,000</span> stock options that were legally exercised in exchange for nonrecourse promissory notes. Refer to “The Promissory Notes Transactions”.</i></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F09_znG4RsjiEZPk">(2</i></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F1B_z4boYRXySg6g">The number of options exercised excludes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbiBBY3Rpdml0eSBmb3IgT3B0aW9ucyB3aXRoIFNlcnZpY2UtYmFzZWQgVmVzdGluZyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zl86eQejsJd8" title="Stock option exercised">10,292</span> stock options that were legally exercised prior to meeting the service base vesting requirements in exchange for nonrecourse promissory notes. Refer to “The Promissory Notes Transactions</i></span></td></tr> </table> <p id="xdx_8AA_z9d5XP450Hbf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2024 and 2023, the Company recorded stock-based compensation expense of $<span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_pn2n3_c20240101__20241231_zpQ0LZIZ9lmg" title="Stock-based compensation expense">828.3</span> thousand and $<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_pn2n3_c20230101__20231231_zuJfQNfNpO18" title="Stock-based compensation expense">1,331.9</span> thousand, respectively. As of December 31, 2024, total stock-based compensation expense not yet recognized related to unvested stock options was $<span id="xdx_905_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn2n3_c20241231_zWwOvu7avsD4" title="Stock-based compensation expense not yet recognized">715.5</span> thousand, which is expected to be recognized over a weighted-average period of <span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20240101__20241231_z1zTD7BsSikc" title="Weighted-average period">2.72</span> years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The total intrinsic value of options exercised was $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_pn2n3_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMjrrp1RXQ03" title="Total intrinsic value of options exercised">10,647.5</span> thousand and <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_pn2n3_dc_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zmuyavmtmrV9" title="Total intrinsic value of options exercised">zero</span> during the year ended December 31, 2024 and 2023 respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The weighted average grant-date fair value per share of stock options granted during the year ended December 31, 2024 and 2023 was $<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20240101__20241231_zL5ZRJSxymcb" title="Weighted average grant-date fair value per share of stock options granted">2.80</span> and $<span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20230101__20231231_zUgHT3645EJi" title="Weighted average grant-date fair value per share of stock options granted">0.41</span>, respectively. The Company estimated the fair value of stock options using the Black-Scholes Model on the date of grant. The assumptions used in the Black-Scholes Model were as follows:</span></p> <p id="xdx_890_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zHK2SMOUKDYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zqoF5vtDSG2j" style="display: none">Schedule of Assumptions Used in The Black-Scholes Model</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Weighted average expected term (years)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20241231_zRpzPHNsUVBe" title="Weighted average expected term (years)">5.79</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230101__20231231_z1QziMYpbT2d" title="Weighted average expected term (years)">4.02</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average expected volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20241231_zx9Vfd8Xptt6" style="text-align: right" title="Weighted average expected volatility">66.90%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20230101__20231231_zZRmIM39TNgc" style="text-align: right" title="Weighted average expected volatility">73.28%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20240101__20241231_zZiSKCEDfGBa" title="Risk-free interest rate, minimum">4.08</span>% - <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20240101__20241231_zCXSl4n2gMwd" title="Risk-free interest rate, maximum">4.10</span>%</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20230101__20231231_z66vVpd2k2I7" title="Risk-free interest rate">3.99</span>%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20240101__20241231_zNxQvg2n7Gja" style="text-align: right" title="Dividend yield">0%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20230101__20231231_zwhoQYeJLYj1" style="text-align: right" title="Dividend yield">0%</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A4_zs3Ip0MfjsJ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The Promissory Notes Transaction </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Early Exercise of Stock Options </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company permits certain employees and directors to exercise stock options granted under the 2023 Plan prior to vesting. In February 2023, the Company’s Chief Executive Officer, Mr. Maskey and other three executives early exercised a total of <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20230228__us-gaap--AwardTypeAxis__custom--FebruaryOptionsAwardsMember_z2aHmhaySKJf" title="Stock option outstanding">2,470,000</span> stock options prior to vesting (The February Options Awards); however, in lieu of the cash consideration required to exercise the stock options, these individuals each provided a <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20230228__20230228__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zAIxJJ3HxYXg" title="Bearing interest percentage">3.82</span>% interest bearing non-recourse note (the “2023 Promissory Notes”), for an aggregate principle of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pn2n3_c20230228__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zdEMSRS5HW2a" title="Aggregate principle">1,136.2</span> thousand. The notes are scheduled to mature in <span id="xdx_901_eus-gaap--DebtInstrumentMaturityDateDescription_c20230228__20230228__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zuUnOx4kwfVg" title="Maturity date">February 2030</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The nonrecourse nature of the loan secured by the shares pledged as collateral essentially provides the employee with rights like that of an option and thus no receivable for amounts due under the 2023 Promissory Notes was recorded on the Company’s consolidated balance sheets. While the shares of common stock purchased by the employees in exchange for the 2023 Promissory Notes are considered legally issued, the shares are not deemed, for accounting purposes, outstanding and are considered restricted until all of the options are fully vested and the outstanding principal and accrued interest due on the note is repaid in full.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The issuance of the 2023 Promissory Notes resulted in an additional stock-based compensation expense of $<span id="xdx_90C_eus-gaap--AllocatedShareBasedCompensationExpense_pn2n3_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zIxymQSsR91f" title="Stock-based compensation expense">11.7</span> thousand and $<span id="xdx_90F_eus-gaap--AllocatedShareBasedCompensationExpense_pn2n3_c20230101__20231231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zlIaewC4lPh2" title="Stock-based compensation expense">822.3</span> thousand for the year ended December 31, 2024 and 2023, respectively, based on the grant-date fair value of the Promissory Notes, which was determined using the Black-Scholes Model.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The assumptions used in deriving the grant-date fair value of the 2023 Promissory Notes via the Black-Scholes Model were as follows: (i) a stock price of $<span id="xdx_904_eus-gaap--SharePrice_iI_pid_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zBBFPz48kYnj" title="Stock price">0.58</span> per share, (ii) an exercise price of $<span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zdnsxPXj3Nr9" title="Exercise price">0.46</span> per share, (iii) an estimated risk-free interest rate of <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zPcsxpAmLRSe" title="Risk-free interest rate">4.02</span>%, (iv) an expected term of <span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zYw3gkZ38Wj7" title="Expected term">3.50</span> years, (v) volatility of <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zWOi7zT1DuM7" title="Volatility">75</span>%, and (vi) a dividend yield of <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zAEVyqclzMSj" title="Dividend yield">0</span>%. These assumptions resulted in a grant-date fair value of approximately $<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zBBHC6rXGHO2" title="Grant-date fair value per option">0.35</span> per option.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company continues to recognize expenses for the original option award of <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20230228__us-gaap--AwardTypeAxis__custom--FebruaryOptionsAwardsMember_zsGcEi0NZeoc" title="Stock option outstanding">2,470,000</span> shares granted in February 2023 (the “February Option Awards”), which were early exercised in exchange for Promissory Notes. The early exercise is not considered substantive for accounting purposes until the vesting requirements are met through continued employment and service to the Company. As of December 31, 2024 and 2023, the Company recognized $<span id="xdx_905_eus-gaap--DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense_pn2n3_c20240101__20241231__us-gaap--AwardTypeAxis__custom--FebruaryOptionsAwardsMember_zfmS4y7c8OS7" title="Stock-based compensation expense recognized">41.4</span> thousand and $<span id="xdx_90E_eus-gaap--DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense_pn2n3_c20230101__20231231__us-gaap--AwardTypeAxis__custom--FebruaryOptionsAwardsMember_zn8S1B96KkSd" title="Stock-based compensation expense recognized">776.5</span> thousand, respectively, in stock-based compensation expense related to the February Option Awards. The unrecognized stock-based compensation expense related to the February Option Awards was Nil. The weighted-average grant-date fair value per share of the February Option Awards was $<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20240101__20241231__us-gaap--AwardTypeAxis__custom--FebruaryOptionsAwardsMember_zusi6SX6G6N6" title="Grant-date fair value per option">0.33</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Repayment of the Promissory Notes </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, the Company repurchased <span id="xdx_90B_eus-gaap--StockRepurchasedDuringPeriodShares_pid_c20240101__20240131_zJPKJfyBlNn2" title="Repurchased shares of common stock">667,000</span> shares of common stock from Sameer Maskey, the CEO, at a price of $4.352 per share, totalling $<span id="xdx_90B_eus-gaap--StockRepurchasedDuringPeriodValue_pn2n3_c20240101__20240131_zswqLRAPGZ38" title="Repurchased shares of common stock, value">2,902.7</span> thousand (the “Repurchase Consideration”). Mr. Maskey applied $<span id="xdx_90A_eus-gaap--RepaymentsOfNotesPayable_pn2n3_c20240101__20240131__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyThreePromissoryNotesMember_zk7vbcuQR9B4" title="Repayments of promissory note">902.7</span> thousand of the Repurchase Consideration toward repayment of his 2023 Promissory Note to the Company. Upon repayment, the 2023 Promissory Note, along with any accrued interest, was settled, and the vested shares pledged under the 2023 Promissory Notes are now considered exercised. As of the date, the 2023 Promissory Note was repaid and <span id="xdx_907_ecustom--SharesRemainSubjectToVesting_pid_c20240101__20240131_z2SkIOkLuiYb" title="Shares remain subject to vesting">7,917</span> shares remain subject to vesting. Pursuant to the settlement, $<span id="xdx_90A_eus-gaap--DepositLiabilityCurrent_iI_pn1n3_c20240131_zoNh2LljKAWf" title="Settlement of deposit liability">3.64</span> thousand was recorded as a deposit liability in the consolidated balance sheets in accrued expenses and other current liabilities, until the stock vests. As the shares vest, the amounts are reclassified to additional paid-in capital in the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Forgiveness of Promissory Notes </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2024, the Company’s board of directors approved the forgiveness of the 2023 Promissory Notes totaling $<span id="xdx_900_eus-gaap--ExtinguishmentOfDebtAmount_pn2n3_c20240801__20240831__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyThreePromissoryNotesMember_zckuepFOrlT5" title="Debt forgiveness">262.2</span> thousand (excluding interest) for three of its executives. The forgiveness of these 2023 Promissory Notes effectively modified the strike price to zero, allowing the executives to retain shares at no cost.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASC 718, the incremental value of the modification was calculated as the difference between the fair value of the modified award and the fair value of the original award immediately before the modification. As of December 31, 2024, the Company recognized $<span id="xdx_90F_eus-gaap--DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense_pn2n3_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyThreePromissoryNotesMember_zWmnMnpGlF0j" title="Stock-based compensation expense recognized">227.2</span> thousand in stock-based compensation expense related to this modification.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 4951530 595000 5546530 1112751 <p id="xdx_89E_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zCQgyrokV3j5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The stock-based compensation expense during the year ended December 31, 2024, and 2023 are reported in the following consolidated financial statement line items (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zkLQIkc9gqNk" style="display: none">Schedule of Stock-based Compensation Expense</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240101__20241231_zr9uEp7qeik2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20230101__20231231_zyZelPUGkzEc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended<br/> December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_ziPZvdlXVSod" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">General and administrative</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">723</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,972</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--CostOfSalesMember_z4dBwU3czonf" style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_z0vQw5Sg8K1a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Selling and marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zQSxkTO4Z5yf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Research and development</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">130</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">27</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_zGrkTMqPtOGj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; font-weight: bold; text-align: left">Total stock-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,067</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,154</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 723000 1972000 44000 86000 170000 69000 130000 27000 1067000 2154000 P2Y P4Y P10Y <p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_ziK94EII7bJl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the stock option activity for options with service-based vesting conditions during the year ended December 31, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zVnv6z9m6ZNl" style="display: none">Schedule of Stock Option Activity for Options with Service-based Vesting</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of<br/> Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted<br/> Average<br/> Exercise<br/> Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted<br/> Average<br/> Remaining<br/> Contractual<br/> Term<br/> (Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate<br/> Intrinsic<br/> Value (In<br/> thousands)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; font-weight: bold">Outstanding balance as of December 31, 2023 (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20240101__20241231_fKDEp_zYMkqliLc4Gh" style="width: 12%; text-align: right" title="Number of Options, Outstanding beginning balance">4,795,223</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20240101__20241231_fKDEp_zfiycwthGG1i" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding beginning balance">0.54</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230101__20231231_fKDEp_z2slnqaEgiyb" style="width: 12%; text-align: right" title="Weighted Average Remaining Contractual Term (Years), Outstanding balance">6.18</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20240101__20241231_fKDEp_zwSRPa2lLKle" style="width: 12%; text-align: right" title="Aggregate Intrinsic Value, Outstanding beginning balance">3,568</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20240101__20241231_zBM4qb8dVis1" style="text-align: right" title="Number of Options, Granted">460,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20240101__20241231_zOb2ZhA4JsXk" style="text-align: right" title="Weighted Average Exercise Price, Granted">4.46</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised (2)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20240101__20241231_fKDI___zQVtPISiGrO4" style="text-align: right" title="Number of Options, Exercised">(2,485,854</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20240101__20241231_fKDI___zdkbDrRCjpgd" style="text-align: right" title="Weighted Average Exercise Price, Exercised">0.46</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20240101__20241231_zNqwnH9GHy1f" style="text-align: right" title="Number of Options, Forfeited">(129,959</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20240101__20241231_zp3v9qkIeIsh" style="text-align: right" title="Weighted Average Exercise Price, Forfeited">1.73</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_c20240101__20241231_zZ4NKxFmo2b9" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Expired">(55,833</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20240101__20241231_zje1dqWA4ALf" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Expired">1.13</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Outstanding balance as of December 31,2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20240101__20241231_zKGuGrmP3jpf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of Options, Outstanding ending balance">2,583,577</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20240101__20241231_z9WXrBvG2AM9" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted Average Exercise Price, Outstanding ending balance">1.24</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231_zWE4hhtPrwrj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted Average Remaining Contractual Term (Years), Outstanding balance">6.50</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20240101__20241231_z0cgawd0D8zi" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Aggregate Intrinsic Value, Outstanding ending balance">11,885</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Options vested and exercisable as of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber_iE_pid_c20240101__20241231_z99J5QMSp5T6" style="text-align: right" title="Number of Options, Options vested and exercisable ending balance">2,165,748</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iE_pid_c20240101__20241231_zjeVHSPy1xVf" style="text-align: right" title="Weighted Average Exercise Price, Options vested and exercisable ending balance">0.95</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20240101__20241231_zDCMU50wpzY" style="text-align: right" title="Weighted Average Remaining Contractual Term (Years), Options vested and exercisable balance">6.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iE_pn3n3_c20240101__20241231_zeoe3DScq5jl" style="text-align: right" title="Aggregate Intrinsic Value, Options vested and exercisable ending balance">10,590</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F02_zkFSlz6bmZGb">(1)</i></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F10_zDiv8bDGLPcl">The number of options outstanding includes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbiBBY3Rpdml0eSBmb3IgT3B0aW9ucyB3aXRoIFNlcnZpY2UtYmFzZWQgVmVzdGluZyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zCkh3lKi6lmc" title="Stock option exercised">2,470,000</span> stock options that were legally exercised in exchange for nonrecourse promissory notes. Refer to “The Promissory Notes Transactions”.</i></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F09_znG4RsjiEZPk">(2</i></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F1B_z4boYRXySg6g">The number of options exercised excludes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbiBBY3Rpdml0eSBmb3IgT3B0aW9ucyB3aXRoIFNlcnZpY2UtYmFzZWQgVmVzdGluZyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zl86eQejsJd8" title="Stock option exercised">10,292</span> stock options that were legally exercised prior to meeting the service base vesting requirements in exchange for nonrecourse promissory notes. Refer to “The Promissory Notes Transactions</i></span></td></tr> </table> 4795223 0.54 P6Y2M4D 3568000 460000 4.46 2485854 0.46 129959 1.73 55833 1.13 2583577 1.24 P6Y6M 11885000 2165748 0.95 P6Y14D 10590000 2470000000 10292000 828300 1331900 715500 P2Y8M19D 10647500 0 2.80 0.41 <p id="xdx_890_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zHK2SMOUKDYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zqoF5vtDSG2j" style="display: none">Schedule of Assumptions Used in The Black-Scholes Model</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Weighted average expected term (years)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20241231_zRpzPHNsUVBe" title="Weighted average expected term (years)">5.79</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230101__20231231_z1QziMYpbT2d" title="Weighted average expected term (years)">4.02</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average expected volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20241231_zx9Vfd8Xptt6" style="text-align: right" title="Weighted average expected volatility">66.90%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20230101__20231231_zZRmIM39TNgc" style="text-align: right" title="Weighted average expected volatility">73.28%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20240101__20241231_zZiSKCEDfGBa" title="Risk-free interest rate, minimum">4.08</span>% - <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20240101__20241231_zCXSl4n2gMwd" title="Risk-free interest rate, maximum">4.10</span>%</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20230101__20231231_z66vVpd2k2I7" title="Risk-free interest rate">3.99</span>%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20240101__20241231_zNxQvg2n7Gja" style="text-align: right" title="Dividend yield">0%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20230101__20231231_zwhoQYeJLYj1" style="text-align: right" title="Dividend yield">0%</td><td style="text-align: left"> </td></tr> </table> P5Y9M14D P4Y7D 0.6690 0.7328 0.0408 0.0410 0.0399 0 0 2470000 0.0382 1136200 February 2030 11700 822300 0.58 0.46 0.0402 P3Y6M 0.75 0 0.35 2470000 41400 776500 0.33 667000 2902700 902700 7917 3640 262200 227200 <p id="xdx_807_eus-gaap--EarningsPerShareTextBlock_zBIlYwUcKvm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 17. <span id="xdx_82F_zBTmQGglvjE4">Net Loss Per Share </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zcxC1znvJjAh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands except for share and per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zK9HLrAB3F3j" style="display: none">Schedule of Basic and Diluted Net Loss Per Share</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231_zbXEYubgCO4f" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zd4Ugs6g1c1g" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--NetIncomeLoss_zHNyRqBENck6" style="vertical-align: bottom; background-color: White"> <td style="width: 68%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">(15,383</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">(6,762</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Weighted-average common shares outstanding - basic and diluted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231_zcns29dVIOEa" title="Weighted-average common shares outstanding - basic"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231_zNSZRPpla74j" title="Weighted-average common shares outstanding - diluted">10,574,934</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231_zlbFXibJdCT4" title="Weighted-average common shares outstanding - basic"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231_zLN5UYAYvnUb" title="Weighted-average common shares outstanding - diluted">9,220,534</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Net loss per share attributable to Fusemachines Inc. common stockholders - basic and diluted</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231_zHOB9cy5OWqc" title="Net loss per share attributable to Fusemachines Inc. common stockholders - basic"><span id="xdx_902_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231_zs6goQtFSFE3" title="Net loss per share attributable to Fusemachines Inc. common stockholders - diluted">(1.45</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_904_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231_zgEkxc9EBnld" title="Net loss per share attributable to Fusemachines Inc. common stockholders - basic"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231_zEqbr6MAnhv" title="Net loss per share attributable to Fusemachines Inc. common stockholders - diluted">(0.73</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p id="xdx_8AE_zNVniyzhBBae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zzylR2gWSNmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zOBqW9TVdLQe" style="display: none">Schedule of Outstanding Shares of Potentially Dilutive Securities</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zOLpGbpztrWa" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20230101__20231231_zxy1pjBoEV2b" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertiblePreferredStockMember_zg9GDsPzR9Nb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Convertible Preferred Stock (as converted to common stock)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_z9Wi3vLDQKM" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common Stock Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zl16BGVhIIW4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Stock options</td><td style="padding-bottom: 1pt"><span id="xdx_F4E_zh11Udeh4Ssl" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,583,577</td><td style="padding-bottom: 1pt; text-align: left">(1)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,795,223</td><td id="xdx_F2E_zXkEEAwJFW0k" style="padding-bottom: 1pt; text-align: left">(2)</td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zNhD1wjjx9x5" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Antidilutive securities excluded from computation of earnings per share, amount</span></td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,766,944</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13,978,590</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0C_zKIrx7WSKsX" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zZnKJ3o1vAD8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE91dHN0YW5kaW5nIFNoYXJlcyBvZiBQb3RlbnRpYWxseSBEaWx1dGl2ZSBTZWN1cml0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zODIoPlU6168" title="Stock options exercised">10,292</span> stock options as of December 31, 2024 that were legally exercised prior to meeting the service base vesting requirements in exchange for nonrecourse promissory notes. (Refer to “The Promissory Notes Transactions” in “Note 16 – Stock-based Compensation”). </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F00_zZJ2dxgihzv5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_z8dMBgFb9FSh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE91dHN0YW5kaW5nIFNoYXJlcyBvZiBQb3RlbnRpYWxseSBEaWx1dGl2ZSBTZWN1cml0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20230101__20231231_zI4bmTnKPHSh" title="Stock options exercised">2,470,000</span> stock options as of December 31, 2023 that were early exercised in exchange for non-recourse promissory notes. (Refer to “Note 16 – Stock-based Compensation”). </span></td></tr> </table> <p id="xdx_8AB_zyxujDWN7cIe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The convertible notes were also outstanding as of December 31, 2024 and December 31, 2023, which could obligate the Company to issue common and preferred stock upon the occurrence of various future events at prices and in amounts that are not determinable until the occurrence of those future events. Because the necessary conditions for the conversion of the convertible notes have not been satisfied as of December 31, 2024 and December 31, 2023, the Company has excluded the convertible notes from the table above and the calculation of diluted net loss per share. (Refer to “Note 12 – Long-term Debt”)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has also entered into a contingent obligation to issue <span id="xdx_90F_ecustom--SharesIssuedForContingentObligation_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zlDcHp5SzqJ1" title="Contingent obligation shares issued">45,000</span> shares of its common stock to a certain vendor in connection with an outstanding accounts payable balance as part of a settlement agreement (refer to “Note 19 – Commitments and Contingencies”). The issuance of common stock is contingent upon the completion the Merger (refer to “Note 1 – Organization”). As the Merger had not taken place as of December 31, 2024, and December 31, 2023, the conditions for the issuance of common stock have not been satisfied. Accordingly, the Company has excluded the common stock shares arising from this contingent obligation from the table above and the calculation of diluted net loss per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zcxC1znvJjAh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands except for share and per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zK9HLrAB3F3j" style="display: none">Schedule of Basic and Diluted Net Loss Per Share</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231_zbXEYubgCO4f" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zd4Ugs6g1c1g" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--NetIncomeLoss_zHNyRqBENck6" style="vertical-align: bottom; background-color: White"> <td style="width: 68%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">(15,383</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">(6,762</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Weighted-average common shares outstanding - basic and diluted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231_zcns29dVIOEa" title="Weighted-average common shares outstanding - basic"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231_zNSZRPpla74j" title="Weighted-average common shares outstanding - diluted">10,574,934</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231_zlbFXibJdCT4" title="Weighted-average common shares outstanding - basic"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231_zLN5UYAYvnUb" title="Weighted-average common shares outstanding - diluted">9,220,534</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Net loss per share attributable to Fusemachines Inc. common stockholders - basic and diluted</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231_zHOB9cy5OWqc" title="Net loss per share attributable to Fusemachines Inc. common stockholders - basic"><span id="xdx_902_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231_zs6goQtFSFE3" title="Net loss per share attributable to Fusemachines Inc. common stockholders - diluted">(1.45</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_904_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231_zgEkxc9EBnld" title="Net loss per share attributable to Fusemachines Inc. common stockholders - basic"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231_zEqbr6MAnhv" title="Net loss per share attributable to Fusemachines Inc. common stockholders - diluted">(0.73</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> -15383000 -6762000 10574934 10574934 9220534 9220534 -1.45 -1.45 -0.73 -0.73 <p id="xdx_891_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zzylR2gWSNmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zOBqW9TVdLQe" style="display: none">Schedule of Outstanding Shares of Potentially Dilutive Securities</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zOLpGbpztrWa" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20230101__20231231_zxy1pjBoEV2b" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertiblePreferredStockMember_zg9GDsPzR9Nb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Convertible Preferred Stock (as converted to common stock)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_z9Wi3vLDQKM" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common Stock Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zl16BGVhIIW4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Stock options</td><td style="padding-bottom: 1pt"><span id="xdx_F4E_zh11Udeh4Ssl" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,583,577</td><td style="padding-bottom: 1pt; text-align: left">(1)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,795,223</td><td id="xdx_F2E_zXkEEAwJFW0k" style="padding-bottom: 1pt; text-align: left">(2)</td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zNhD1wjjx9x5" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Antidilutive securities excluded from computation of earnings per share, amount</span></td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,766,944</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13,978,590</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0C_zKIrx7WSKsX" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zZnKJ3o1vAD8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE91dHN0YW5kaW5nIFNoYXJlcyBvZiBQb3RlbnRpYWxseSBEaWx1dGl2ZSBTZWN1cml0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zODIoPlU6168" title="Stock options exercised">10,292</span> stock options as of December 31, 2024 that were legally exercised prior to meeting the service base vesting requirements in exchange for nonrecourse promissory notes. (Refer to “The Promissory Notes Transactions” in “Note 16 – Stock-based Compensation”). </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F00_zZJ2dxgihzv5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_z8dMBgFb9FSh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE91dHN0YW5kaW5nIFNoYXJlcyBvZiBQb3RlbnRpYWxseSBEaWx1dGl2ZSBTZWN1cml0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20230101__20231231_zI4bmTnKPHSh" title="Stock options exercised">2,470,000</span> stock options as of December 31, 2023 that were early exercised in exchange for non-recourse promissory notes. (Refer to “Note 16 – Stock-based Compensation”). </span></td></tr> </table> 9043234000 9043234000 140133000 140133000 2583577000 4795223000 11766944000 13978590000 10292 2470000 45000 <p id="xdx_80E_eus-gaap--IncomeTaxDisclosureTextBlock_z7fxcAWqeql9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 18. <span id="xdx_82E_zaPb8wh4R74h">Income Taxes</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zqCpfavHdPxl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The provision for income taxes consists of the following (in thousand):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zgSOxrAzleB8" style="display: none">Schedule of Provision For Income Taxes</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20240101__20241231_zaMzzcMaWz8i" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20230101__20231231_zV7iZepkn9F9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended<br/> December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_iB_zAOKH8Jr5Umb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Current provision:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CurrentFederalTaxExpenseBenefit_i01_pn3n3_maCITEBz3Iw_zPoQQYf9KE7l" style="vertical-align: bottom; background-color: White"> <td>Federal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2159">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_i01_pn3n3_maCITEBz3Iw_z0G8Ci2c0UU" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%">State</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2162">—</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">9</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--CurrentForeignTaxExpenseBenefit_i01_pn3n3_maCITEBz3Iw_zeGmRgSuRCia" style="vertical-align: bottom; background-color: White"> <td>Foreign</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">42</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CurrentIncomeTaxExpenseBenefit_i01T_pn3n3_mtCITEBz3Iw_maITEBzEOs_zWQkWgtr2SNa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total current provision</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">42</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">11</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract_iB_zLkI4mUsVEJ8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Deferred:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_i01_pn3n3_maDITEBz7Bw_zunX6bhBfI25" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Federal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2174">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2175">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_i01_pn3n3_maDITEBz7Bw_zIQwUkpO1RTe" style="vertical-align: bottom; background-color: White"> <td>State</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2177">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2178">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredForeignIncomeTaxExpenseBenefit_i01_pn3n3_maDITEBz7Bw_zCyG8YDSelV8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Foreign</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(11</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2181">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredIncomeTaxExpenseBenefit_i01T_pn3n3_mtDITEBz7Bw_maITEBzEOs_zvMC7izBHJT7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total deferred provision</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(11</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2184">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--IncomeTaxExpenseBenefit_i01T_pn3n3_mtITEBzEOs_zshvoVHn1xu8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total provision for income taxes</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">31</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zgBaOgajbEoc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p id="xdx_895_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zcrGIc2HovQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_z7xDZTNFKBF8" style="display: none">Schedule of Deferred Income Taxes</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20241231_zOQ9ytahqER1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20231231_z0LRiQ3DWGab" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsNetAbstract_iB_zFMyjvGqn4x2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_i01I_pn3n3_maDTANz6B4_zEWMxe9RgIJ7" style="vertical-align: bottom; background-color: White"> <td style="width: 68%; text-align: left">U.S. federal and state net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">3,608</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">2,698</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--DeferredTaxAssetsAllowanceForCreditLosses_i01I_pn3n3_maDTANz6B4_zwiA90n0KzHk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Allowance for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">108</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--DeferredTaxAssetsResearchAndDevelopment_i01I_pn3n3_maDTANz6B4_zgnk3FLPIrxl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,305</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">596</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--DeferredTaxAssetsAmortization_i01I_pn3n3_maDTANz6B4_zXvkfZZBXgcg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2203">—</span></span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--DeferredTaxAssetsAccruedExpensesAndOtherCurrentLiabilities_i01I_pn3n3_maDTANz6B4_zQZwUl1z3zv" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">740</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">301</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_i01I_pn3n3_maDTANz6B4_zuoUHqrNmPal" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">273</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">590</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferredTaxAssetsOperatingLeaseLiability_i01I_pn3n3_maDTANz6B4_zKK4O0mX32ll" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsGross_i01TI_pn3n3_mtDTANz6B4_maDTALNzgPh_zseUYTtJXORd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total deferred tax assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,277</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,305</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxLiabilitiesNetAbstract_iB_pn3n3_z6LVfWQP2tUk" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--DeferredTaxLiabilitiesAmortization_i01NI_pn3n3_di_maDITLziVx_zaqqxzgKASvc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(54</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2222">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_i01NI_pn3n3_di_maDITLziVx_z18Ehz7vN72l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment, net (21) (15)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(13</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(21</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_ecustom--DeferredTaxLiabilitiesOperatingLeaseRightofuseAssets_i01NI_pn3n3_di_maDITLziVx_z4RxENqVXWFh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(109</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DeferredIncomeTaxLiabilities_i01NTI_pn3n3_di_mtDITLziVx_z2Cg3cCqVC19" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(176</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(28</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsNet_i01NI_pn3n3_di_zdwUPHyxuaf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,091</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,277</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsLiabilitiesNet_i01TI_pn3n3_zyLaY8rlIXQ8" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Net deferred tax assets after valuation allowance</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2237">—</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zKA21UYM1fQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zfS96XM1kvKa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax expense differs from the amount of income tax determined by applying the U.S. federal statutory income tax rate of 21% to pretax loss as a result of the following differences (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_z0wINWDpWyP6" style="display: none">Schedule of Federal Statutory Income Tax Rate</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; font-weight: bold; text-align: left">Loss before income taxes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_pn3n3_c20240101__20241231_zMJHod1f9rjg" style="width: 12%; text-align: right" title="Loss before income taxes">(15,352</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_pn3n3_c20230101__20231231_zGQsMJsJ9Jz8" style="width: 12%; text-align: right" title="Loss before income taxes">(6,751</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Federal tax at statutory rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_c20240101__20241231_zPfUGYzf1tMe" style="text-align: right" title="Federal tax at statutory rate">(3,224</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20240101__20241231_z4Z0iY2lmRD3" style="text-align: right" title="Federal tax at statutory rate, percentage">21</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_c20230101__20231231_ze18B6HUIS9h" style="text-align: right" title="Federal tax at statutory rate">(1,418</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231_zCL9fFqJqOi9" style="text-align: right" title="Federal tax at statutory rate, percentage">21</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Foreign rate differential</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_pn3n3_c20240101__20241231_zHEiv6LTY1Hk" style="text-align: right" title="Foreign rate differential">20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_c20240101__20241231_z09kWTmoyHCh" style="text-align: right" title="Foreign rate differential, percentage">-0.13</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_pn3n3_c20230101__20231231_zTTKoVjQ7gdc" style="text-align: right" title="Foreign rate differential">38</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_c20230101__20231231_zFwyrqfq2sl2" style="text-align: right" title="Foreign rate differential, percentage">-0.56</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State taxes, net of federal benefit</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_c20240101__20241231_zLpMYetiNjHg" style="text-align: right" title="State taxes, net of federal benefit">(357</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_c20240101__20241231_zWkxveLsQ1Ub" style="text-align: right" title="State taxes, net of federal benefit, percentage">2.33</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_c20230101__20231231_zeBE8Lx8sSCj" style="text-align: right" title="State taxes, net of federal benefit">(519</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_c20230101__20231231_zs38t9aQIqNb" style="text-align: right" title="State taxes, net of federal benefit, percentage">7.69</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtPermanentDifferences_pn3n3_c20240101__20241231_zqgPTOtUNGx6" style="text-align: right" title="Permanent differences">132</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--EffectiveIncomeTaxRateReconciliationPermanentDifferenceslPercentage_pid_dp_uPure_c20240101__20241231_zyxNThPRk515" style="text-align: right" title="Permanent differencesl, percentage">-0.86</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtPermanentDifferences_pn3n3_c20230101__20231231_zisdP6BJ2ws6" style="text-align: right" title="Permanent differences">11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--EffectiveIncomeTaxRateReconciliationPermanentDifferenceslPercentage_pid_dp_uPure_c20230101__20231231_zKthG2b3Bevf" style="text-align: right" title="Permanent differencesl, percentage">-0.17</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Change in Fairvalue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_pn3n3_c20240101__20241231_zY8nAbIlkHRb" style="width: 12%; text-align: right" title="Change in Fairvalue">1,282</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_c20240101__20241231_zXtdNZByWaCd" style="width: 12%; text-align: right" title="Change in Fairvalue, percentage">-8.35</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_pn3n3_c20230101__20231231_zvpZVferrARc" style="width: 12%; text-align: right" title="Change in Fairvalue">122</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_c20230101__20231231_zrW8v5zsjpI2" style="width: 12%; text-align: right" title="Change in Fairvalue, percentage">-1.81</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock Based Compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount_pn3n3_c20240101__20241231_zIse78sUXNXf" style="text-align: right" title="Stock Based Compensation">450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent_pid_dp_uPure_c20240101__20241231_zEIJDqMkRoPl" style="text-align: right" title="Stock Based Compensation, percentage">-2.93</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount_pn3n3_c20230101__20231231_zzLmhbOnCRk2" style="text-align: right" title="Stock Based Compensation">36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent_pid_dp_uPure_c20230101__20231231_zQE6G1T1Fagc" style="text-align: right" title="Stock Based Compensation, percentage">-0.53</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax Credits</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--IncomeTaxReconciliationTaxCredits_iN_pn3n3_di_c20240101__20241231_zx8p5EyTBh7k" style="text-align: right" title="Tax Credits">(62</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCredits_pid_dp_uPure_c20240101__20241231_zbaB0tpBLdj1" style="text-align: right" title="Tax Credits, percentage">0.40</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--IncomeTaxReconciliationTaxCredits_iN_pn3n3_di_c20230101__20231231_z3iTgz1WxVYj" style="text-align: right" title="Tax Credits"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2297">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCredits_pid_dp_uPure_c20230101__20231231_z2aj1eyRKjQ8" style="text-align: right" title="Tax Credits, percentage"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2299">—</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Other</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_pn3n3_c20240101__20241231_zTD2Gk9gBuC8" style="text-align: right" title="Other">(43</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_pid_dp_uPure_c20240101__20241231_z5YTORKQ45Be" style="text-align: right" title="Other, percentage">0.28</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_pn3n3_c20230101__20231231_zFBKXW3BmaJj" style="text-align: right" title="Other">(88</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_pid_dp_uPure_c20230101__20231231_zWnwB2CActC8" style="text-align: right" title="Other, percentage">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_c20240101__20241231_zv7HYjPWyi97" style="text-align: right" title="Change in valuation allowance">1,834</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_c20240101__20241231_zlBco6qJNC3k" style="text-align: right" title="Change in valuation allowance, percentage">-11.94</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_c20230101__20231231_zcRGMx6P5FY9" style="text-align: right" title="Change in valuation allowance">1,829</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_c20230101__20231231_zdvGdlnNm8V8" style="text-align: right" title="Change in valuation allowance, percentage">-27.09</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Provision for income tax</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20240101__20241231_z7KWgXesxrY" style="font-weight: bold; text-align: right" title="Provision for income tax">31</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_981_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20240101__20241231_zPcQhw81Zgce" style="font-weight: bold; text-align: right" title="Provision for income tax, percentage">(0.20</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_989_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20230101__20231231_zLVmJIDxy1o6" style="font-weight: bold; text-align: right" title="Provision for income tax">11</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98B_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20230101__20231231_zrbWLSUaWHgi" style="font-weight: bold; text-align: right" title="Provision for income tax, percentage">(0.16</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> <p id="xdx_8AB_zbXsV3a3FOak" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under Internal Revenue Code Section 382 (“Section 382”), if a corporation undergoes an “ownership change,” the corporation’s ability to use its prechange net operating loss (“NOL”) carryforwards and other pre-change tax attributes to offset its post-change income may be limited. Generally, an ownership change occurs when certain shareholders increase their aggregated ownership by more than 50 percentage points over their lowest ownership percentage in a testing period (typically three years). The Company has not completed a study to assess whether an ownership change has occurred or whether there have been multiple ownership changes since becoming a “loss corporation” as defined in Section 382. Future changes in stock ownership, which may be outside the Company’s control, may trigger an ownership change. In addition, future equity offerings or acquisitions that have an equity component of the purchase price could result in an ownership change. If an ownership change has occurred or does occur in the future, utilization of the NOL carryforwards or other tax attributes may be limited.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ultimate realization of deferred tax assets is dependent upon the generation of sufficient future taxable income during the periods in which those temporary differences become deductible. Management has considered all positive and negative evidence in connection with the realization of the deferred tax assets based on projected future taxable income and tax planning strategies. Based upon the level of projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company will not realize the benefits of these deductible differences. Therefore, the Company continues to record a <span id="xdx_90C_ecustom--PercentageOfValuationAllowance_iI_pid_dp_uPure_c20241231_zDC0o4RBXiGa" title="Valuation allowance percentage"><span id="xdx_907_ecustom--PercentageOfValuationAllowance_iI_pid_dp_uPure_c20231231_zaaGdH6l0R8a" title="Valuation allowance percentage">100</span></span>% valuation allowance against all deferred tax assets as of December 31, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The valuation allowance for the year ending December 31, 2024 increased by $<span id="xdx_90F_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn2n3_c20241231_zzOleghs2lEc" title="Valuation allowance">1,834.0</span> thousand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, <span id="xdx_901_eus-gaap--OperatingLossCarryforwardsLimitationsOnUse_c20240101__20241231_zdQ2CWTii7Dg" title="Operating loss carryforwards description">the Company had federal net operating loss carryforward of approximately $<span id="xdx_909_eus-gaap--OperatingLossCarryforwards_iI_pn3n3_c20241231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zeUqSZX3KZE4" title="Net operating loss carryforward">11,377</span> thousand of which approximately $1,163 thousand will begin to expire in 2037 for federal tax purposes, and approximately $10,215 thousand in federal net operating loss carryforward can be carried forward indefinitely. While these federal NOLs do not expire, the Tax Cuts &amp; Jobs Act of 2017 limits the amount of federal net operating loss utilized each year after December 31, 2017 to 80% of taxable income. As at December 31, 2024, the Company has state net operating loss carryforward of approximately $<span id="xdx_901_eus-gaap--OperatingLossCarryforwards_iI_pn3n3_c20241231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zghCkbwjbkOb" title="Net operating loss carryforward">18,336</span> thousand that start expiring in 2026. In addition, the Company has foreign net operating loss carryforward of $1,596 thousand that start expiring in 2042.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has identified unrecognized tax benefits and approximately $<span id="xdx_906_eus-gaap--UnrecognizedTaxBenefits_iI_pn2n3_c20241231_ztxBZc1RQDkj" title="Unrecognized tax benefits">22.0</span> thousand and $<span id="xdx_90E_eus-gaap--UnrecognizedTaxBenefits_iI_pn2n3_c20231231_zpfdBanygqFe" title="Unrecognized tax benefits">22.0</span> thousand were recorded in the financial statements for the years ended December 31, 2024 and 2023. These amounts include interest and penalties and are recorded as a component of other (expense) income in the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax returns are filed in the United States and various state jurisdictions. The Company is not currently under examination by income tax authorities in federal or state jurisdictions. Due to net operating loss carryforward, the Company’s returns remain open for all prior years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zqCpfavHdPxl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The provision for income taxes consists of the following (in thousand):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zgSOxrAzleB8" style="display: none">Schedule of Provision For Income Taxes</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20240101__20241231_zaMzzcMaWz8i" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20230101__20231231_zV7iZepkn9F9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended<br/> December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_iB_zAOKH8Jr5Umb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Current provision:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CurrentFederalTaxExpenseBenefit_i01_pn3n3_maCITEBz3Iw_zPoQQYf9KE7l" style="vertical-align: bottom; background-color: White"> <td>Federal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2159">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_i01_pn3n3_maCITEBz3Iw_z0G8Ci2c0UU" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%">State</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2162">—</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">9</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--CurrentForeignTaxExpenseBenefit_i01_pn3n3_maCITEBz3Iw_zeGmRgSuRCia" style="vertical-align: bottom; background-color: White"> <td>Foreign</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">42</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CurrentIncomeTaxExpenseBenefit_i01T_pn3n3_mtCITEBz3Iw_maITEBzEOs_zWQkWgtr2SNa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total current provision</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">42</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">11</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract_iB_zLkI4mUsVEJ8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Deferred:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_i01_pn3n3_maDITEBz7Bw_zunX6bhBfI25" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Federal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2174">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2175">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_i01_pn3n3_maDITEBz7Bw_zIQwUkpO1RTe" style="vertical-align: bottom; background-color: White"> <td>State</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2177">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2178">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredForeignIncomeTaxExpenseBenefit_i01_pn3n3_maDITEBz7Bw_zCyG8YDSelV8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Foreign</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(11</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2181">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredIncomeTaxExpenseBenefit_i01T_pn3n3_mtDITEBz7Bw_maITEBzEOs_zvMC7izBHJT7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total deferred provision</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(11</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2184">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--IncomeTaxExpenseBenefit_i01T_pn3n3_mtITEBzEOs_zshvoVHn1xu8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total provision for income taxes</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">31</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 9000 42000 2000 42000 11000 -11000 -11000 31000 11000 <p id="xdx_895_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zcrGIc2HovQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_z7xDZTNFKBF8" style="display: none">Schedule of Deferred Income Taxes</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20241231_zOQ9ytahqER1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20231231_z0LRiQ3DWGab" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsNetAbstract_iB_zFMyjvGqn4x2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_i01I_pn3n3_maDTANz6B4_zEWMxe9RgIJ7" style="vertical-align: bottom; background-color: White"> <td style="width: 68%; text-align: left">U.S. federal and state net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">3,608</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">2,698</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--DeferredTaxAssetsAllowanceForCreditLosses_i01I_pn3n3_maDTANz6B4_zwiA90n0KzHk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Allowance for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">108</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--DeferredTaxAssetsResearchAndDevelopment_i01I_pn3n3_maDTANz6B4_zgnk3FLPIrxl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,305</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">596</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--DeferredTaxAssetsAmortization_i01I_pn3n3_maDTANz6B4_zXvkfZZBXgcg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2203">—</span></span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--DeferredTaxAssetsAccruedExpensesAndOtherCurrentLiabilities_i01I_pn3n3_maDTANz6B4_zQZwUl1z3zv" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">740</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">301</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_i01I_pn3n3_maDTANz6B4_zuoUHqrNmPal" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">273</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">590</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferredTaxAssetsOperatingLeaseLiability_i01I_pn3n3_maDTANz6B4_zKK4O0mX32ll" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsGross_i01TI_pn3n3_mtDTANz6B4_maDTALNzgPh_zseUYTtJXORd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total deferred tax assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,277</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,305</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxLiabilitiesNetAbstract_iB_pn3n3_z6LVfWQP2tUk" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--DeferredTaxLiabilitiesAmortization_i01NI_pn3n3_di_maDITLziVx_zaqqxzgKASvc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(54</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2222">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_i01NI_pn3n3_di_maDITLziVx_z18Ehz7vN72l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment, net (21) (15)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(13</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(21</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_ecustom--DeferredTaxLiabilitiesOperatingLeaseRightofuseAssets_i01NI_pn3n3_di_maDITLziVx_z4RxENqVXWFh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(109</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DeferredIncomeTaxLiabilities_i01NTI_pn3n3_di_mtDITLziVx_z2Cg3cCqVC19" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(176</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(28</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsNet_i01NI_pn3n3_di_zdwUPHyxuaf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,091</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,277</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsLiabilitiesNet_i01TI_pn3n3_zyLaY8rlIXQ8" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Net deferred tax assets after valuation allowance</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2237">—</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 3608000 2698000 232000 108000 1305000 596000 5000 740000 301000 273000 590000 119000 7000 6277000 4305000 54000 13000 21000 109000 7000 176000 28000 6091000 4277000 10000 <p id="xdx_89C_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zfS96XM1kvKa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax expense differs from the amount of income tax determined by applying the U.S. federal statutory income tax rate of 21% to pretax loss as a result of the following differences (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_z0wINWDpWyP6" style="display: none">Schedule of Federal Statutory Income Tax Rate</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; font-weight: bold; text-align: left">Loss before income taxes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_pn3n3_c20240101__20241231_zMJHod1f9rjg" style="width: 12%; text-align: right" title="Loss before income taxes">(15,352</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_pn3n3_c20230101__20231231_zGQsMJsJ9Jz8" style="width: 12%; text-align: right" title="Loss before income taxes">(6,751</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Federal tax at statutory rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_c20240101__20241231_zPfUGYzf1tMe" style="text-align: right" title="Federal tax at statutory rate">(3,224</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20240101__20241231_z4Z0iY2lmRD3" style="text-align: right" title="Federal tax at statutory rate, percentage">21</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_c20230101__20231231_ze18B6HUIS9h" style="text-align: right" title="Federal tax at statutory rate">(1,418</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231_zCL9fFqJqOi9" style="text-align: right" title="Federal tax at statutory rate, percentage">21</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Foreign rate differential</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_pn3n3_c20240101__20241231_zHEiv6LTY1Hk" style="text-align: right" title="Foreign rate differential">20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_c20240101__20241231_z09kWTmoyHCh" style="text-align: right" title="Foreign rate differential, percentage">-0.13</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_pn3n3_c20230101__20231231_zTTKoVjQ7gdc" style="text-align: right" title="Foreign rate differential">38</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_c20230101__20231231_zFwyrqfq2sl2" style="text-align: right" title="Foreign rate differential, percentage">-0.56</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State taxes, net of federal benefit</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_c20240101__20241231_zLpMYetiNjHg" style="text-align: right" title="State taxes, net of federal benefit">(357</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_c20240101__20241231_zWkxveLsQ1Ub" style="text-align: right" title="State taxes, net of federal benefit, percentage">2.33</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_c20230101__20231231_zeBE8Lx8sSCj" style="text-align: right" title="State taxes, net of federal benefit">(519</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_c20230101__20231231_zs38t9aQIqNb" style="text-align: right" title="State taxes, net of federal benefit, percentage">7.69</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtPermanentDifferences_pn3n3_c20240101__20241231_zqgPTOtUNGx6" style="text-align: right" title="Permanent differences">132</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--EffectiveIncomeTaxRateReconciliationPermanentDifferenceslPercentage_pid_dp_uPure_c20240101__20241231_zyxNThPRk515" style="text-align: right" title="Permanent differencesl, percentage">-0.86</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtPermanentDifferences_pn3n3_c20230101__20231231_zisdP6BJ2ws6" style="text-align: right" title="Permanent differences">11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--EffectiveIncomeTaxRateReconciliationPermanentDifferenceslPercentage_pid_dp_uPure_c20230101__20231231_zKthG2b3Bevf" style="text-align: right" title="Permanent differencesl, percentage">-0.17</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Change in Fairvalue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_pn3n3_c20240101__20241231_zY8nAbIlkHRb" style="width: 12%; text-align: right" title="Change in Fairvalue">1,282</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_c20240101__20241231_zXtdNZByWaCd" style="width: 12%; text-align: right" title="Change in Fairvalue, percentage">-8.35</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_pn3n3_c20230101__20231231_zvpZVferrARc" style="width: 12%; text-align: right" title="Change in Fairvalue">122</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_c20230101__20231231_zrW8v5zsjpI2" style="width: 12%; text-align: right" title="Change in Fairvalue, percentage">-1.81</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock Based Compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount_pn3n3_c20240101__20241231_zIse78sUXNXf" style="text-align: right" title="Stock Based Compensation">450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent_pid_dp_uPure_c20240101__20241231_zEIJDqMkRoPl" style="text-align: right" title="Stock Based Compensation, percentage">-2.93</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount_pn3n3_c20230101__20231231_zzLmhbOnCRk2" style="text-align: right" title="Stock Based Compensation">36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent_pid_dp_uPure_c20230101__20231231_zQE6G1T1Fagc" style="text-align: right" title="Stock Based Compensation, percentage">-0.53</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax Credits</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--IncomeTaxReconciliationTaxCredits_iN_pn3n3_di_c20240101__20241231_zx8p5EyTBh7k" style="text-align: right" title="Tax Credits">(62</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCredits_pid_dp_uPure_c20240101__20241231_zbaB0tpBLdj1" style="text-align: right" title="Tax Credits, percentage">0.40</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--IncomeTaxReconciliationTaxCredits_iN_pn3n3_di_c20230101__20231231_z3iTgz1WxVYj" style="text-align: right" title="Tax Credits"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2297">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCredits_pid_dp_uPure_c20230101__20231231_z2aj1eyRKjQ8" style="text-align: right" title="Tax Credits, percentage"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2299">—</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Other</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_pn3n3_c20240101__20241231_zTD2Gk9gBuC8" style="text-align: right" title="Other">(43</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_pid_dp_uPure_c20240101__20241231_z5YTORKQ45Be" style="text-align: right" title="Other, percentage">0.28</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_pn3n3_c20230101__20231231_zFBKXW3BmaJj" style="text-align: right" title="Other">(88</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_pid_dp_uPure_c20230101__20231231_zWnwB2CActC8" style="text-align: right" title="Other, percentage">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_c20240101__20241231_zv7HYjPWyi97" style="text-align: right" title="Change in valuation allowance">1,834</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_c20240101__20241231_zlBco6qJNC3k" style="text-align: right" title="Change in valuation allowance, percentage">-11.94</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_c20230101__20231231_zcRGMx6P5FY9" style="text-align: right" title="Change in valuation allowance">1,829</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_c20230101__20231231_zdvGdlnNm8V8" style="text-align: right" title="Change in valuation allowance, percentage">-27.09</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Provision for income tax</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20240101__20241231_z7KWgXesxrY" style="font-weight: bold; text-align: right" title="Provision for income tax">31</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_981_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20240101__20241231_zPcQhw81Zgce" style="font-weight: bold; text-align: right" title="Provision for income tax, percentage">(0.20</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_989_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20230101__20231231_zLVmJIDxy1o6" style="font-weight: bold; text-align: right" title="Provision for income tax">11</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98B_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20230101__20231231_zrbWLSUaWHgi" style="font-weight: bold; text-align: right" title="Provision for income tax, percentage">(0.16</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> -15352000 -6751000 -3224000 0.21 -1418000 0.21 20000 -0.0013 38000 -0.0056 -357000 0.0233 -519000 0.0769 132000 -0.0086 11000 -0.0017 1282000 -0.0835 122000 -0.0181 450000 -0.0293 36000 -0.0053 62000 0.0040 -43000 0.0028 -88000 0.0130 1834000 -0.1194 1829000 -0.2709 31000 -0.0020 11000 -0.0016 1 1 1834000.0 the Company had federal net operating loss carryforward of approximately $11,377 thousand of which approximately $1,163 thousand will begin to expire in 2037 for federal tax purposes, and approximately $10,215 thousand in federal net operating loss carryforward can be carried forward indefinitely. While these federal NOLs do not expire, the Tax Cuts & Jobs Act of 2017 limits the amount of federal net operating loss utilized each year after December 31, 2017 to 80% of taxable income. As at December 31, 2024, the Company has state net operating loss carryforward of approximately $18,336 thousand that start expiring in 2026. In addition, the Company has foreign net operating loss carryforward of $1,596 thousand that start expiring in 2042. 11377000 18336000 22000.0 22000.0 <p id="xdx_809_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zjPotFh0q1bh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 19. <span id="xdx_82C_zOhtqWrSriEd">Commitments and Contingencies</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consulting Agreement </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2020, the Company entered into a consulting agreement with a certain vendor, whereby they agreed to help develop and implement sales strategies for the Company for $<span id="xdx_903_eus-gaap--LegalFees_pn2n3_c20201231__20201231_zkKtH4fppUP8" title="Commission fee">10.0</span> thousand per month as well as a commission fee as defined in the agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2024, the Company entered into a second agreement (the “Second Agreement”) with the same vendor mentioned above whereby the Company and vendor acknowledged an outstanding accounts payable balance of $<span id="xdx_90A_eus-gaap--AccountsPayableCurrentAndNoncurrent_iI_pn2n3_c20240831__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zM0OYS1aOdeh" title="Outstanding accounts payable">408.9</span> thousand owed to the vendor for services provided. The Second Agreement stipulates that in full and final satisfaction of this balance, the Company will: (i) issue <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240831__20240831__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zrTQntQRMd6i" title="Issuance shares of common stock">45,000</span> shares of its common stock to the vendor immediately prior to and contingent upon the consummation of the Merger (see “Note 1 – Organization”), and (ii) pay $<span id="xdx_90B_eus-gaap--RepaymentsOfOtherDebt_pn2n3_c20240831__20240831__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zkltAON34jc3" title="Payment to the vendor">208.9</span> thousand in cash to the vendor within ten days after the closing of the Merger. If the Merger does not close the $<span id="xdx_90E_eus-gaap--ProceedsFromRepaymentsOfOtherDebt_pn2n3_c20240831__20240831__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zP77N4TKlWT4" title="Cash payable to the vendor">408.9</span> thousand will be payable to the vendor in cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the feature in the Second Agreement whereby the closing of the Merger triggers the obligation to issue <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_pid_c20240831__20240831__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zT2DSmjxWJ02" title="Issuance shares of common stock conversion feature">45,000</span> shares of the Company’s common stock (the “Conversion Feature”) to determine whether the feature should be considered a freestanding financial instrument (as defined in ASC 480-10-20) or whether it should be considered embedded. The Company determined that the Conversion Feature should be considered embedded because it did not meet the definition of a freestanding financial instrument because it was neither i) entered into separately and apart from any of the entity’s other financial instruments, nor was it ii) separately exercisable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After determining that the Conversion Feature should be considered embedded, the Company determined that it did not require bifurcation as an embedded derivative under ASC 815-15 because it did not meet the net settlement criterion to be considered a derivative.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to determining that derivative bifurcation for the Conversion Feature was not required, the Company evaluated its obligations to the vendor under the Second Agreement to determine whether the Second Agreement should be accounted for as an extinguishment (in accordance with ASC 470-50) of the Company’s initial obligations (those obligations prior to the Second Agreement under the initial consulting agreement) and an immediate recognition of the new obligations specified in the Second Agreement. The Company determined that the Second Agreement should be accounted for as an extinguishment because the Conversion Feature represented the addition of a substantive conversion option, as that term is used in ASC 470-50-50-10 (and as it is defined in ASC 470-20-40-7). As the Company determined that the Second Agreement should be accounted for as an extinguishment, it calculated a loss on extinguishment (in accordance with ASC 470-50-40-4) equal to the reacquisition price of the new obligations under the Second Agreement less the net carrying amount of the initial obligation under the initial consulting agreement. The reacquisition price was equal to the fair value of the new obligations on the effective date of the Second Agreement, which was determined to be $<span id="xdx_900_eus-gaap--AssetRetirementObligation_iI_pn2n3_c20241231__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zkfMuzN3VVfa" title="Fair value of obligations">478.6</span> thousand, and the net carrying amount of the initial obligation was $<span id="xdx_908_eus-gaap--PurchaseObligation_iI_pn2n3_c20241231__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zrOSWJypl0A5" title="Initial obligations">408.9</span> thousand, which resulted in a loss on extinguishment of $<span id="xdx_90F_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn2n3_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zl89IV2sBgqd" title="Loss on extinguishment">69.7</span> thousand, which is recorded in loss on extinguishment of payable in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2024. In accordance with ASC 470-20-25-13, the offset to the loss on extinguishment of $<span id="xdx_90F_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn2n3_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zIICPzHiilJ4" title="Loss on extinguishment">69.7</span> thousand was recorded as an increase to additional paid-in capital as the premium associated with the new obligations issued under the Second Agreement was determined to be substantial. The $<span id="xdx_908_eus-gaap--PurchaseObligation_iI_pn2n3_c20241231__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zUtxZ7Zi3gb9" title="Initial obligations">408.9</span> thousand obligation incurred under the initial consulting agreement, which is described in the Second Agreement, is recorded in accounts payable in the consolidated balance sheet as of December 31, 2024. The same will be subsequently accounted for under amortized cost.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of the new obligations used to determine the loss on extinguishment was determined using a probability-weighted expected return method/scenario-based method. The significant inputs to the valuation method were an estimate of the probability of the Merger closing, an estimate of the date the Merger will close,</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an estimate of the fair value of the Fusemachines shares (estimate based on an income approach and market approach in accordance with Internal Revenue Service Ruling 59-60 for compliance with Internal Revenue Code Section 409A) to be issued upon the closing of the Merger, and an estimated discount rate. As the method for estimating the fair value of the new obligations used significant unobservable inputs, it was determined to represent a Level 3 fair value measurement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Guarantees and Indemnifications </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or has been required to defend any action related to its indemnification obligations. As of December 31, 2024 and December 31, 2023, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Litigation </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is not party to any material legal proceedings at this time. From time to time, the Company may become involved in various legal proceedings that arise in the ordinary course of its business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lease obligations </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to “Note 20 – Leases” for a description of the Company’s lease obligations as of December 31, 2024 and December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 10000.0 408900 45000 208900 408900 45000 478600 408900 69700 69700 408900 <p id="xdx_80B_eus-gaap--LeasesOfLesseeDisclosureTextBlock_z8eTf3GJNvr4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 20. <span id="xdx_829_zeCEePmQTxqh">Leases</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has operating leases for office space. <span id="xdx_902_eus-gaap--LesseeOperatingLeaseOptionToExtend_c20240101__20241231_zILfOS9p19I" title="Lease term description">These leases have expected remaining lease terms ranging from less than one year to 9 years.</span> The Company currently has five leases with an initial term of 12 months or less that are accounted for as short-term leases. The Company does not separate lease and fixed non-lease components of lease contracts. The Company’s lease terms may include options to extend or terminate the lease. These options are included in the lease term only when it is reasonably certain that the Company will elect the option.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are no material residual guarantees associated with any of the Company’s leases, and there are no significant restrictions or covenants included in the Company’s lease agreements. Certain leases include variable payments related to common area maintenance and property taxes, which are billed by the landlord, as is customary with these types of charges for office space.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2023, the Company entered into a termination of its existing Hattisar lease agreement in Nepal, for which the original lease term was till November 2024. On account of the termination of the agreement, the company recognized a gain on termination of lease in Consolidated Statement of Operations and Comprehensive Loss in the year ended December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There was <span id="xdx_90C_eus-gaap--OperatingLeasesRentExpenseSubleaseRentals1_pn3n3_do_c20240101__20241231_zIKm2HtQr7uf" title="Sublease rental income"><span id="xdx_903_eus-gaap--OperatingLeasesRentExpenseSubleaseRentals1_pn3n3_do_c20230101__20231231_zFa03HoubVW3" title="Sublease rental income">no</span></span> sublease rental income for the year ended December 31, 2024 and 2023, and the Company is not the lessor in any lease arrangement. There were no related party lease arrangements during the year ended December 31, 2024, and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--LeaseCostTableTextBlock_zHu2cT0Lsnsb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents certain information related to the Company’s lease costs for the period ended (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_z2XiV2Z4889" style="display: none">Schedule of Lease Costs</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20241231_zVzmQyrokKTc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20230101__20231231_zDe1oEfKfPA2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year<br/> Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseCost_pn3n3_maLCzXdU_zyNJQLqxGh3l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Operating lease expense</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">204</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">248</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShortTermLeaseCost_pn3n3_maLCzXdU_zG97PzT1Vn62" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Short-term lease cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--VariableLeaseCost_pn3n3_maLCzXdU_zelXe2cJmFce" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Variable lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LeaseCost_iT_pn3n3_mtLCzXdU_zhz6lxW3Inne" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total lease cost</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">343</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">334</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zxhc2Neh0amb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lease Position </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--OperatingLeaseLeaseIncomeTableTextBlock_zq1NFjLMRtbe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease right-of-use assets and operating lease liabilities were recorded in the consolidated balance sheets as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_zHCU7PKxc2Rl" style="display: none">Schedule of Operating Lease Right-of-Use Assets and Liabilities</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20241231_zIsisUa5bKI" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20231231_zulhfU6Y1mO5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_zk4LAhW7Hp16" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 68%; text-align: left">Operating lease right-of-use assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">870</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,005</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_maOLLzEpT_zc1evMpEOb26" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating lease liability, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Noncurrent liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_maOLLzEpT_zu3ZogupZkCe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Operating lease liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">878</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">979</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_mtOLLzEpT_zGTDwdaM9wJb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total operating lease liability</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">952</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,066</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zLvDFjiCxgz1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_ecustom--ScheduleOfOperatingLeasesWeightedAverageRemainingLeaseTermTableTextBlock_zk1j8kTbYCv5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents certain information related to the weighted-average remaining lease term and the weighted-average discount rate for the Company’s operating leases:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zVH5XBh2Q0a8" style="display: none">Schedule of Operating Leases Weighted Average Remaining Lease Term</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Weighted average remaining lease term (in years) - operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90D_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20241231_ziYTMqnAd8af" title="Weighted average remaining lease term (in years) - operating leases">7.17</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90B_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zNxfIP5YgFDa" title="Weighted average remaining lease term (in years) - operating leases">7.96</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average discount rate - operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20241231_zzlJL65EXbHh" title="Weighted average remaining lease term (in years) - operating leases">9.25</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20231231_z3oy18UBD3D9" title="Weighted average remaining lease term (in years) - operating leases">9.29</span></td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8AB_zOLyKMiHE8Gh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash Flows </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_ecustom--ScheduleOfCashFlowsForTheCompanyOperatingLeasesTableTextBlock_zmFdG53HGUSi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents certain information related to the cash flows for the Company’s operating leases for the period ended (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zDBOEu6FKS8l" style="display: none">Schedule of Cash Flows for the Operating Leases</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20240101__20241231_zU04CA7xvVze" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20230101__20231231_za0ZGfXeR1Gc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year<br/> Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_pn3n3_zSlOarpuLG46" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Amortization of right-of-use assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">111</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_pn3n3_znxoM1jmmL55" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in operating lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(87</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(83</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--SupplementalNoncashAmountsOfLeaseLiabilitiesArisingFromObtainingRightofuseAssets_pn3n3_znENoPI1iOt7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2419">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A3_zPe4UGoaYzB9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zBLoqaX9qZv" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future minimum lease payments required under operating leases are as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zi9fBflpWdMc" style="display: none">Schedule of Future Minimum Lease Payments</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Year Ended December 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zCWPW910RQ4h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Future Minimum Rents</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzod0_zb33RdT8uyN1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">159</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzod0_zC4mKkI1rPq7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">167</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPzod0_zk7X11g05OF7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">175</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_maLOLLPzod0_zpdraBfmsNC2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">184</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_maLOLLPzod0_z1I4oPR3dH19" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pn3n3_maLOLLPzod0_zgKNUlrS0Ili" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">2030 and thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">453</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzod0_zXUkLJlXJhEk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Total minimum lease payments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,331</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zlKFaFs48Ytj" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Less: effects of discounting</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(379</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_z4gLOVfpgMJf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Present value of future minimum lease payments</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">952</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AA_zBycR36Sl6vh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> These leases have expected remaining lease terms ranging from less than one year to 9 years. 0 0 <p id="xdx_89E_eus-gaap--LeaseCostTableTextBlock_zHu2cT0Lsnsb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents certain information related to the Company’s lease costs for the period ended (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_z2XiV2Z4889" style="display: none">Schedule of Lease Costs</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20241231_zVzmQyrokKTc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20230101__20231231_zDe1oEfKfPA2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year<br/> Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseCost_pn3n3_maLCzXdU_zyNJQLqxGh3l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Operating lease expense</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">204</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">248</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShortTermLeaseCost_pn3n3_maLCzXdU_zG97PzT1Vn62" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Short-term lease cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--VariableLeaseCost_pn3n3_maLCzXdU_zelXe2cJmFce" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Variable lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LeaseCost_iT_pn3n3_mtLCzXdU_zhz6lxW3Inne" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total lease cost</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">343</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">334</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 204000 248000 122000 68000 17000 18000 343000 334000 <p id="xdx_893_eus-gaap--OperatingLeaseLeaseIncomeTableTextBlock_zq1NFjLMRtbe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease right-of-use assets and operating lease liabilities were recorded in the consolidated balance sheets as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_zHCU7PKxc2Rl" style="display: none">Schedule of Operating Lease Right-of-Use Assets and Liabilities</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20241231_zIsisUa5bKI" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20231231_zulhfU6Y1mO5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_zk4LAhW7Hp16" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 68%; text-align: left">Operating lease right-of-use assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">870</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,005</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_maOLLzEpT_zc1evMpEOb26" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating lease liability, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Noncurrent liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_maOLLzEpT_zu3ZogupZkCe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Operating lease liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">878</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">979</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_mtOLLzEpT_zGTDwdaM9wJb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total operating lease liability</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">952</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,066</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 870000 1005000 74000 87000 878000 979000 952000 1066000 <p id="xdx_893_ecustom--ScheduleOfOperatingLeasesWeightedAverageRemainingLeaseTermTableTextBlock_zk1j8kTbYCv5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents certain information related to the weighted-average remaining lease term and the weighted-average discount rate for the Company’s operating leases:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zVH5XBh2Q0a8" style="display: none">Schedule of Operating Leases Weighted Average Remaining Lease Term</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Weighted average remaining lease term (in years) - operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90D_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20241231_ziYTMqnAd8af" title="Weighted average remaining lease term (in years) - operating leases">7.17</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90B_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zNxfIP5YgFDa" title="Weighted average remaining lease term (in years) - operating leases">7.96</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average discount rate - operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20241231_zzlJL65EXbHh" title="Weighted average remaining lease term (in years) - operating leases">9.25</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20231231_z3oy18UBD3D9" title="Weighted average remaining lease term (in years) - operating leases">9.29</span></td><td style="text-align: left">%</td></tr> </table> P7Y2M1D P7Y11M15D 0.0925 0.0929 <p id="xdx_899_ecustom--ScheduleOfCashFlowsForTheCompanyOperatingLeasesTableTextBlock_zmFdG53HGUSi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents certain information related to the cash flows for the Company’s operating leases for the period ended (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zDBOEu6FKS8l" style="display: none">Schedule of Cash Flows for the Operating Leases</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20240101__20241231_zU04CA7xvVze" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20230101__20231231_za0ZGfXeR1Gc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year<br/> Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_pn3n3_zSlOarpuLG46" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Amortization of right-of-use assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">111</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">145</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_pn3n3_znxoM1jmmL55" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in operating lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(87</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(83</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--SupplementalNoncashAmountsOfLeaseLiabilitiesArisingFromObtainingRightofuseAssets_pn3n3_znENoPI1iOt7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2419">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81</td><td style="text-align: left"> </td></tr> </table> 111000 145000 -87000 -83000 81000 <p id="xdx_89D_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zBLoqaX9qZv" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future minimum lease payments required under operating leases are as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zi9fBflpWdMc" style="display: none">Schedule of Future Minimum Lease Payments</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Year Ended December 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zCWPW910RQ4h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Future Minimum Rents</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzod0_zb33RdT8uyN1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">159</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzod0_zC4mKkI1rPq7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">167</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPzod0_zk7X11g05OF7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">175</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_maLOLLPzod0_zpdraBfmsNC2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">184</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_maLOLLPzod0_z1I4oPR3dH19" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pn3n3_maLOLLPzod0_zgKNUlrS0Ili" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">2030 and thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">453</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzod0_zXUkLJlXJhEk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Total minimum lease payments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,331</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zlKFaFs48Ytj" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Less: effects of discounting</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(379</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_z4gLOVfpgMJf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Present value of future minimum lease payments</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">952</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 159000 167000 175000 184000 193000 453000 1331000 379000 952000 <p id="xdx_80B_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_z0eBiC4P5XO" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 21. <span id="xdx_820_zTjIM0Q5Titg">Related Parties</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2015 Convertible Promissory Note </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2015, the Company issued a convertible promissory note to Sanjay Shrestha, a member of the Company’s board of directors, with a principal amount of $<span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20151001__20151031__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoConvertiblePreferredStockMember_zXel4qCB8Ogk" title="Stock issued during period, value">25.0</span> thousand, that was convertible to <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pn3n3_c20151001__20151031__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoConvertiblePreferredStockMember_zb4oyxMA9kic" title="Stock issued during period, shares">38,037</span> shares of Series Seed-2 Convertible Preferred Stock at a conversion rate of $<span id="xdx_90A_eus-gaap--SharePrice_iI_pid_c20151031__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoConvertiblePreferredStockMember_zHwgtjyqOgNc" title="Conversion rate">0.6704</span> per share (the “Related Party Convertible Note”). In February 2023, the Company’s board of directors formally approved the conversion of the Related Party Convertible Note and issued the shares to Sanjay Shrestha.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related Party Convertible Notes </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2019 and September 2021, the Company entered into two convertible promissory note agreements (the “Related Party Convertible Notes Payable”) with a lender. As of December 31, 2024 and December 31, 2023, the lender was considered a principal owner of the Company because it held greater than <span id="xdx_904_ecustom--VotingCommonStockPercenatge_iI_pid_dp_uPure_c20241231_zGrb0DcWYCBb" title="Voting common stock percentage">10</span>% of voting common stock of the Company. The related party convertible notes payable were $<span id="xdx_90D_eus-gaap--NotesAndLoansPayable_iI_pn3n3_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zau2ZcYUht7h" title="Related party convertible notes payable">6,524.0</span> thousand and $<span id="xdx_904_eus-gaap--NotesAndLoansPayable_iI_pn3n3_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zxmpnZ5j63h9" title="Related party convertible notes payable">3,764.0</span> thousand, as of December 31, 2024 and December 31, 2023, respectively, recorded in “Related party convertible notes payable, at fair value” in the consolidated balance sheet. Refer to “Note 12 – Long-Term Debt” “Convertible Notes at Fair Value” section.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2021 Investment Agreement </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2021, Fusemachines Nepal Private Limited entered into an investment agreement with a related party, Gyanu Maskey (“Mrs. Maskey”), an immediate family member of Sameer Maskey (“Mr. Maskey”) the Company’s CEO (the “January 2021 Related Party Investment Agreement”) and Mrs. Maskey agreed to subscribe to <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210101__20210131__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyOneInvestmentAgreementMember_zSS2q6EWCF11" title="Subscribe shares">433,728</span> shares of Fusemachines Nepal Private Limited ordinary shares (the “January 2021 Subscription Shares”) over a term of three years (the “Completion Date”) and provided an advance amount of $<span id="xdx_901_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn2n3_c20210101__20210131__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyOneInvestmentAgreementMember_zjQ6JfuAyK5g" title="Advance amount">376.4 </span>thousand to Fusemachines Nepal Private Limited during 2021. According to the terms of the January 2021 Related Party Investment Agreement, the Company could opt to refund Mrs. Maskey prior to the Completion Date without having to issue the January 2021 Subscription Shares. In 2021 the Company opted to refund Mrs. Maskey, not issue the January 2021 Subscription Shares, and agreed to provide a refund in monthly payments. The January 2021 Related Party Investment Agreement was completed in February 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>BO2 Purchase Agreement </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2021, Fusemachines Nepal Private Limited entered into the BO2 Purchase Agreement with a related party, BO2, and Mr. Maskey. According to the terms of the BO2 Purchase Agreement, BO2 agreed to invest up to $<span id="xdx_908_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pn2n3_c20210701__20210731__us-gaap--TypeOfArrangementAxis__custom--BO2PurchaseAgreementMember_zqDYEsD18L05" title="Advance amount">964.2</span> thousand in Fusemachines Nepal Private Limited to support the development and growth of the</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">business. (Refer to “Note 10 – Cumulative Mandatorily Redeemable Financial Instruments”). In addition, the BO2 Purchase Agreement also included terms and conditions of regulating the management and operation of Fusemachines Nepal Private Limited, their relationship with each other, certain aspects of the business and affairs of, and their dealings with, Fusemachines Nepal Private Limited and BO2’s exit from Fusemachines Nepal Private Limited. The BO2 Agreement required Fusemachines Nepal Private Limited to pay BO2 a one-time arrangement fee of <span id="xdx_90A_ecustom--ArrangementFeePercentage_iI_pid_dp_uPure_c20210731__us-gaap--TypeOfArrangementAxis__custom--BO2PurchaseAgreementMember_zN7xUqKRbA2h" title="Arrangement fee percentage">1.5</span>% exclusive of value added tax (“VAT”) of the BO2’s total investment, and an annual monitoring fee. Fusemachines Nepal Private Limited incurred an initial arrangement fee of $<span id="xdx_903_ecustom--ArrangementFee_pn2n3_c20210701__20210731__us-gaap--TypeOfArrangementAxis__custom--BO2PurchaseAgreementMember_zKiCYn7T18Wl" title="Arrangement fee">13.7</span> thousand which was recorded as a reduction to cumulative mandatorily redeemable common and preferred stock liability in the consolidated balance sheet for the periods ended December 31, 2024, and December 31, 2023.Additionally, Fusemachines Nepal Private Limited incurred $<span id="xdx_901_eus-gaap--OtherExpenses_pn2n3_c20210701__20210731__us-gaap--TypeOfArrangementAxis__custom--BO2PurchaseAgreementMember_zYJ7Hif2qLQj" title="Annual monitoring fee">5.2</span> thousand as an annual monitoring fee for the years ended December 31, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Repurchase and Repayment of 2023 Promissory Notes </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, the Company repurchased <span id="xdx_900_eus-gaap--StockRepurchasedDuringPeriodShares_pid_c20240101__20240131__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zKpC2rmdWTb9" title="Company repurchased shares">667,000 </span>shares of its common stock from Mr. Maskey, at a price of $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20240131__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zyfUThxkTgZ3" title="Company repurchased shares">4.352</span> per share for a total of $<span id="xdx_900_eus-gaap--StockRepurchasedDuringPeriodValue_pn2n3_c20240101__20240131__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_z2TkmDZQJ375" title="Company repurchased value">2,902.7</span> thousand. Out of this amount, $<span id="xdx_90A_eus-gaap--RepaymentsOfRelatedPartyDebt_pn2n3_c20240101__20240131__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zBaR7NC5USfg" title="Repayment">902.7</span> thousand was applied towards repayment of Mr. Maskey’s 2023 Promissory Note including accrued interest and balance of the Repurchase Consideration amounting to $<span id="xdx_900_eus-gaap--Cash_iI_pn3n3_c20240131__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zcjmRFogn5i" title="Repurchase Consideration amounting">2,000.0</span> thousand that was paid in cash to Mr. Maskey (see “Note 16 – Stock-Based Compensation”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>January 2024 Related Party Pledge Agreement </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, Mr. Maskey entered into a pledge agreement (the “January 2024 Related Party Pledge Agreement”) with Consilium Extended Opportunities Fund, LP (“Consilium”). As per the terms of the January 2024 Related Party Pledge Agreement, Mr. Maskey agreed to assign a security interest to Consilium of <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240101__20240131__us-gaap--TypeOfArrangementAxis__custom--January2024RelatedPartyPledgeAgreementMember_zU4r7pdZdYhg" title="Shares of common stock">3,600,000</span> shares of common stock held by Mr. Maskey to fully secure the Company’s obligations under the January 2024 Convertible Notes (also see “Note 12 – Long-Term Debt”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2024 Related Party Promissory Notes </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2024, the Company entered into seven separate promissory notes with Sameer Maskey, the CEO of the Company for aggregate principal amount of $<span id="xdx_907_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourRelatedPartyPromissoryNotesMember_zZ9anheIG80a" title="Aggregate principal amount">700.0</span> thousand (refer to “Note 12 – Long-Term Debt”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 25000.0 38037000 0.6704 0.10 6524000.0 3764000.0 433728 376400 964200 0.015 13700 5200 667000 4.352 2902700 902700 2000000.0 3600000 700000.0 <p id="xdx_80C_eus-gaap--CompensationAndEmployeeBenefitPlansTextBlock_z7aGklGmAXOk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 22. <span id="xdx_82A_zpPvbBYOgnw8">Employee Benefit Plans </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains a 401(k)-retirement savings plan for its U.S. employees including its named executive officers, who satisfy certain eligibility requirements. The Internal Revenue Code allows eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions to the 401(k) plan. The Company also maintains a government-mandated contribution plan under the social security act, 2075 (2018) act number 19 of the year 2075 (the “Social Security Act”) for certain employees in Nepal. The Company did not make any matching contributions for the years ended December 31, 2024 and 2023 for either of these plans.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_80B_eus-gaap--SubsequentEventsTextBlock_zixC76WCDkCb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 23. <span><span id="xdx_823_zcwIXrSuhlvf">Subsequent Events<br/></span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span><span> </span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has evaluated subsequent events through the date of issuance of these consolidated financial statements, and determined that there have been no events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the below items:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendment of the maturity date and conversion option </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 31, 2025, the company entered into an amendment agreement of the convertible note payable to Dolma. Pursuant to the amendment agreement, the maturity date was revised to <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_c20250131__20250131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zGSqB5m0k9Q6" title="Debt instrument, maturity date">February 28, 2026</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the amendment agreement, it was agreed that if the Company enters into a SPAC Business Combination Agreement at any time while the Notes are outstanding, any portion of the Aggregate Notes Amount that is not redeemed or repaid in connection or prior to the closing of the SPAC Transaction will convert, without any required action by the Holder, into shares of Common Stock immediately prior to the consummation of the SPAC Transaction contemplated by the SPAC Business Combination Agreement at a conversion rate that is derived from a Company valuation of $<span id="xdx_90F_eus-gaap--ConversionOfStockAmountConverted1_c20250131__20250131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zCILPDGKH8dl" title="Conversion of stock, amount converted">85,000,000</span>, on a fully-diluted basis (provided that the Notes will be deemed have converted simultaneously with all other convertible notes being converted in connection the SPAC Transaction)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revision of PIPE investment amount </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, CSLM entered into a second amendment to the original merger agreement dated January 22, 2024 to amend the definition of the “PIPE Investment amount” to mean the sum of (i) $<span id="xdx_90F_eus-gaap--PayableInvestmentPurchase_iI_c20250204__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zlCJgvimtXZc" title="PIPE Investment amount">8,840,000</span> and (ii) the contingent PIPE Investment amount, if any.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Waiver of covenant fees </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, the company, CSLM Acquisition Corp. and CSLM merger sub inc. entered into a second amendment to the original merger agreement dated January 22, 2024. The amendment specifically deleted Section 7.3 of the original agreement, which had stipulated a delay fee in the event the Company failed to deliver the audited 2023 financial statements to the CSLM by the PCAOB audit deadline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the terms of the original agreement, the Company was required to provide the audited financial statements no later than February 29, 2024, or incur delay fees as mentioned in the agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had covenanted to provide the audited financial statements no later than February 29, 2024, however, provided the audited financial statements to CSLM in September 2024. As a result, the Company has recorded $<span id="xdx_90C_eus-gaap--DeferredCostsCurrentAndNoncurrent_iI_pn2n3_c20241231_z95OjYYGThic" title="Deferred transaction costs">505.0</span> thousand of deferred transaction costs on the consolidated financial statement as of December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the second amendment the delay fee provision is eliminated and provides the Company with relief from future penalties related to the delivery of the 2023 financial statements. Subsequent to the year ended December 31, 2024, the company shall record waiver which will have no impact in the subsequent consolidated statement of profit and loss as the amount of provision will be eliminated from the deferred transaction cost and from the Accounts Payable, Accrued expense and other current liabilities in the Consolidated Balance Sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>February 2025 Convertible note </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the second amendment to the Merger Agreement, an entity provided financing to Fusemachines in the amount of $<span id="xdx_908_eus-gaap--ConvertibleDebt_iI_c20241231__us-gaap--ShortTermDebtTypeAxis__custom--FebruaryTwoThousandTwentyFiveConvertibleNoteMember_zpOdkS2uJSi2" title="Convertible note">2,160,000</span>, in exchange for a convertible note which note shall convert into shares of common stock of Fusemachines at a price of $<span id="xdx_906_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20241231__us-gaap--ShortTermDebtTypeAxis__custom--FebruaryTwoThousandTwentyFiveConvertibleNoteMember_zrhYqYvvE833" title="Convertible, conversion price">0.44</span> per share (a) automatically at the time of the Business Combination, or (b) on July 12, 2025 at the option of the holder, if not, then payable in cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendment of the maturity date </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, the maturity date of January 2024 convertible note was extended to July 12, 2025 pursuant to the second amendment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 12, 2025, an amendment to the seven promissory notes was entered into between the company and the CEO, Mr. Sameer Maskey. As per the original agreement, the maturity date was earlier of <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDateDescription_c20250212__20250212__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zQ0d1HIT3k87" title="Debt instrument, maturity date, description">(1) the occurrence of an Event of Default and (2) December 31, 2024. Pursuant to the amendment agreement, the maturity date was extended to earlier of (1) the occurrence of an Event of Default and (2) December 31, 2025.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 4, 2025, the maturity date of April 2024 convertible note was extended to <span id="xdx_90D_eus-gaap--DebtInstrumentMaturityDateRangeEnd1_c20250404__20250404__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z1gue8cV9HQ" title="Debt instrument, maturity date end">April 5, 2026</span> from the maturity date of <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDateRangeStart1_c20250131__20250131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zq08uQV0sBKf" title="Debt instrument, maturity date start">April 5, 2025</span> pursuant to the original agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendment of the conversion price </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 5, 2025, the conversion price of the April 2024 Convertible Promissory Notes with principal amount of $<span id="xdx_906_eus-gaap--ConvertibleDebt_iI_c20250205__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--ShortTermDebtTypeAxis__custom--AprilTwoThousandTwentyFourConvertiblePromissoryNotesMember_z4tbS2IzmaOi" title="Convertible note">125,000</span>, the June 2024 Convertible Promissory Note with principal amount of $<span id="xdx_90A_eus-gaap--ConvertibleDebt_iI_c20250205__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--ShortTermDebtTypeAxis__custom--JuneTwoThousandTwentyFourConvertiblePromissoryNotesMember_zg6rhlggQRCg" title="Convertible note">130,000</span> and two September 2024 Convertible Promissory Notes with principal amount of $ <span id="xdx_903_eus-gaap--ConvertibleDebt_iI_c20250205__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--ShortTermDebtTypeAxis__custom--TwoSeptemberTwoThousandTwentyFourConvertiblePromissoryNotesMember_zl9WIsHn8a5b" title="Convertible note">100,000</span> each was amended to $<span id="xdx_903_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250205__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--RangeAxis__srt--MinimumMember_zPySmAXqClA3" title="Convertible, conversion price">3.15</span> from the original conversion price of $<span id="xdx_90F_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250205__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--RangeAxis__srt--MaximumMember_z4CQK97DibS9" title="Convertible, conversion price">4.94</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Issuance of convertible promissory note </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 24, 2025, the company entered into a convertible promissory note amounting to $<span id="xdx_909_eus-gaap--ConvertibleDebt_iI_c20250224__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertiblePromissoryNotesMember_zrZTihmpGZf7" title="Convertible note">180,000</span> with an interest rate of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20250224__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertiblePromissoryNotesMember_zJoPKRf1Ygu2" title="Debt instrument, interest rate">4.71</span>% and maturity date of <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDateRangeEnd1_c20250224__20250224__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertiblePromissoryNotesMember_zMhfJrNDTux1" title="Debt instrument, maturity date">February 19, 2028</span>. Upon closing of the merger agreement, the Note shall automatically convert into the number of shares of Common Stock equal to the then outstanding Obligations under the note divided by the applicable Conversion Price i.e., $<span id="xdx_90F_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250224__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertiblePromissoryNotesMember_z4f9fy0thMwc" title="Convertible, conversion price">3.15</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_040_zXf5Y9RSKJak" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 129.55pt; text-align: right"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ah_001"></span>Fusemachines Inc. and Subsidiaries</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Condensed Consolidated Interim Balance Sheets</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(all amounts in USD, in thousands, except number of shares and per share data)</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_30A_111_pn3n3_zOT1vLeCkgJi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Statement - Condensed Consolidated Interim Balance Sheets"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td id="xdx_49D_20250930_zAy80RqSXLN4" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_49A_20241231__srt--RestatementAxis__custom--RestatedMember_zZdFo5ikTzU4" style="text-align: center"><b>December 31,</b></td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><b>2024</b></td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-weight: bold"></td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p></td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr id="xdx_40C_eus-gaap--AssetsAbstract_iB_zMeZoNyl9uV" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-weight: bold">Assets</td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr id="xdx_405_eus-gaap--AssetsCurrentAbstract_i01B_zCACre0Rgafj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Current Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i02I_zC6NKwDqsKmd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 64%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">106</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">500</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccountsReceivableNetCurrent_i02I_zHHLhtcgZoh8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accounts receivable, current, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,237</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,427</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--UnbilledRevenue_i02I_zgilsTyVRZj9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Unbilled revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredCostsCurrent_i02I_zvQPgVjqde95" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Deferred transaction costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,871</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,865</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_zBlOKowYndkd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Prepaid expenses and other current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">259</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">219</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AssetsCurrent_i02TI_zrIHPa7G6UAh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Total current assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,520</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,124</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentNet_i01I_zA5kuBiOT4ec" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">274</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">348</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--IntangibleAssetsNetExcludingGoodwill_i01I_ziCoELmnHJWd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Intangible assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">192</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AccountsReceivableNetNoncurrent_i01I_zkhDnS59Com6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2552">-</span> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredIncomeTaxAssetsNet_i01I_z7xvs2psf6tf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Deferred tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseRightOfUseAsset_i01I_zRoK6dJHdd1d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">870</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherAssetsNoncurrent_i01I_zmc0guUF7PF" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Other assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--Assets_i01TI_zuLJvVR54li8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,783</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,548</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zuXtnPaCp836" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Liabilities and stockholders’ deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesCurrentAbstract_i01B_zHZA0pQKn4yk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccountsPayableCurrent_i02I_z3ZTfnXRTxoc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,517</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,537</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_i02I_zeyA32w9YVL2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,112</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,700</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredRevenueCurrent_i02I_zrypAT8rAV2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Deferred revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2579">-</span> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ConvertibleNotesPayableAtFairValueCurrent_i02I_zmrtrCUAxddc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Convertible notes payable, at fair value, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,986</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--ConvertibleNotesPayablesCurrent_i02I_zmYaCHgBKzd9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Convertible notes payable, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">455</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">255</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--RelatedPartyConvertibleNotesPayableAtFairValueCurrent_i02I_zJHqqLHdXSaf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Related party convertible notes payable, at fair value, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2589">-</span>  </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LoansPayableCurrent_i02I_zBCEndTTRdMe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Related party loan payable, current </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">700</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_zOz4dzaFV8Ci" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Operating lease liability, current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">82</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">74</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LiabilitiesCurrent_i02TI_znZn6IFc026f" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Total current liabilities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">30,876</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">20,306</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--RelatedPartyConvertibleNotesPayableAtFairValueNonCurrent_i01I_z9BsFikK9qMd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Related party convertible notes payable, at fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2600">-</span> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,524</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ConvertibleNotesPayable_i01I_zxrrwYh5iTh2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Convertible notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">200</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--WarrantLiabilityCurrent_i01I_zQmfCA3llzyj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Warrant liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">850</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">945</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--CumulativeMandatorilyRedeemableCommonAndPreferredStockLiability_i01I_zXoTeHMHUDs8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Cumulative mandatorily redeemable common and preferred stock liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,034</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityNoncurrent_i01I_z4DZkV90OXub" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Operating lease liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">783</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">878</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--Liabilities_i01TI_zfRHzi4WHqdd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">33,723</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">29,853</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--CommitmentsAndContingencies_i01I_ztAns3OkDhHd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commitments and contingencies <b>(Note 16)</b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2618">-</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2619">-</span></span> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--StockholdersEquityAbstract_i01B" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Stockholders’ deficit:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PreferredStockValue_i02I_zz050GMm78O5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Convertible preferred stock ($<span id="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20250930_zwg6zk9oshHg" title="Preferred stock, par value"><span id="xdx_90D_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20241231_zRTQHD9AhYi3" title="Preferred stock, par value">0.00001</span></span> par value, <span id="xdx_90F_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20250930_zICJpJdTtc01" title="Preferred stock, shares authorized">9,076,734</span> shares authorized as of September 30,2025 and December 31, 2024; <span id="xdx_903_eus-gaap--PreferredStockSharesIssued_iI_pid_c20250930_zTpbDHzZ4Ced" title="Preferred stock, shares issued"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20250930_zH0cyUorcCYh" title="Preferred stock, shares outstanding"><span id="xdx_908_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231_zjISrp6PXVG7" title="Preferred stock, shares issued"><span id="xdx_908_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231_zuaQ8aettgMj" title="Preferred stock, shares outstanding">9,043,234 </span></span></span></span>shares issued and outstanding as of September 30,2025 and December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,865</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,865</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CommonStockValue_i02I_zaNarygmf2qg" style="vertical-align: bottom; background-color: White"> <td>Common stock ($<span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20250930_zetxUge7BEb3" title="Common stock, par value"><span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231_zA5focObFdIg" title="Common stock, par value">0.00001</span></span> par value, <span id="xdx_90F_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20250930_zPLPcmu3KTPb" title="Common stock, shares authorized"><span id="xdx_905_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231_zGIF9UONuqI7" title="Common stock, shares authorized">24,200,000 </span></span>shares authorized as of September 30,2025 and December 31, 2024; <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_pid_c20250930_zxMx6EadOjDk" title="Common stock, shares issued">12,729,805 </span>and <span id="xdx_90B_eus-gaap--CommonStockSharesIssued_iI_pid_c20241231_zLzCdXbwEx4k" title="Common stock, shares issued">11,716,680 </span>shares issued, and <span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20250930_zuXrByccZKq1" title="Common stock, shares outstanding">12,062,805 </span>shares and <span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20241231_zpKgucPNFT3e" title="Common stock, shares outstanding">11,039,388 </span>outstanding as of September 30,2025 and December 31, 2024, respectively)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--TreasuryStockValue_i02NI_di_z0FqigBBdWEe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Treasury stock, at cost (<span id="xdx_901_eus-gaap--TreasuryStockCommonShares_iI_pid_c20250930_zsyV8SBB3Cwh" title="Treasury stock, shares">667,000 </span>and <span id="xdx_903_eus-gaap--TreasuryStockCommonShares_iI_pid_c20241231_z796kZ1iNTmg" title="Treasury stock, shares">667,000 </span>as of September 30,2025 and December 31, 2024, respectively)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,903</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,903</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--AdditionalPaidInCapital_i02I_zdT7z9agJ75h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additional paid in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,268</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,698</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_zrdcWqPHuFx7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(39,430</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(34,217</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i02I_zUYDHReDaGlc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Accumulated other comprehensive income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">258</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">250</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--StockholdersEquity_i02TI_zxNfBTqoMT48" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total stockholders’ deficit</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(28,940</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(24,305</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_zXGqPhYjFJ7j" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities and stockholders’ deficit</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,783</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,548</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The accompanying notes are an integral part of these condensed consolidated interim financial statements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 157.05pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ah_002"></span>Fusemachines Inc. and Subsidiaries</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Condensed Consolidated Interim Statements of Operations and Comprehensive Loss</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(all amounts in USD, in thousands, except number of shares and per share data)</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 67.1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <table cellpadding="0" cellspacing="0" id="xdx_30C_113_pn3n3_zlyvcS7BvcX3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Statement - Condensed Consolidated Interim Statements of Operations and Comprehensive Loss"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_499_20250101__20250930_zSlg1N3cZVMk" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_497_20240101__20240930_zA3fSTTsa6J1" style="border-bottom: Black 1pt solid; text-align: center"><b>2024</b></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>Nine months Ended <br/> September 30,</b></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><b>2024</b></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td colspan="5" style="text-align: center"><b>(Unaudited)</b></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--Revenues_zfAZRHK6C6Hi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">5,779</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">6,641</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CostOfRevenue_iN_di_z3u9FFn5fV9i" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cost of revenue</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,488</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,019</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--GrossProfit_iT_znn3eoLOKNg2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Gross profit</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,291</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,622</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingExpensesAbstract_iB_zMmUeNk1a9hj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Operating expenses:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--SellingAndMarketingExpense_i01_zh7LZaobLYv9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Selling and marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">934</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--GeneralAndAdministrativeExpense_i01_zat6hMYzy3Ej" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">General and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,131</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,170</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--ResearchAndDevelopmentExpense_i01_zoFv0Vfzkv39" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Research and development</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">489</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">555</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingExpenses_i01T_zhjrJ1HhjR9c" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total operating expenses</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,554</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,275</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingIncomeLoss_iT_zAnq6dB6rYIg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Loss from operations</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(3,263</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(6,653</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--OtherNonoperatingIncomeExpenseAbstract_iB_ztnZVHcmsEy7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Other (expense) income:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InterestIncomeExpenseNet_i01_zPzuFlv3G6X6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(213</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(161</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--LossOnExtinguishmentOfConvertibleNotesPayableNotesPayable_i01_z1krthV7iXCc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Loss on extinguishment of convertible notes payable / notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(391</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(549</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--LossOnExtinguishmentOfPayable_i01_zTRIJkVY8yxf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Loss on extinguishment of payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2718">-</span> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(70</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--LossOnChangeInFairValueOfConvertibleNotesAndWarrantLiability_i01_zKXyX5nm7fa4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Gain/(Loss) on change in fair value of convertible notes and warrant liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,405</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,337</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--OtherNonoperatingIncomeExpense_i01_zYDQye5OEkf8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Other (expense) income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">59</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(91</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--NonoperatingIncomeExpense_i01T_zYM2sDP4QPCh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total other (expense)/income, net</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,950</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(5,208</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_zOwwYcObTbB8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Loss before income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,213</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,861</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxExpenseBenefit_iN_pn3n3_di_z7BxCZxSDaW" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Provision for income tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2733">-</span> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(72</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_ecustom--EquityInEarningsOfInvestee_iN_pn3n3_di_zBiHnqz6D0Dc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Equity in earnings of investee, net of income tax provision of $0 and $0, respectively</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2736">-</span> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--NetIncomeLoss_iT_zu01NsAfH2ba" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(5,213</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(11,934</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_iB_zxM5shQE72R3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Other comprehensive income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax_i01N_di_z6J1DJjNhVb3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in foreign currency translation adjustment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ComprehensiveIncomeNetOfTax_i01T_zROYF3t3JhH6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total comprehensive loss</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(5,205</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(11,884</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Net loss per share - basic and diluted</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_903_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930_zT6jWBdHxZ97" title="Net loss per share - basic"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90E_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930_zZVZYW5GXumk" title="Net loss per share - diluted">(0.46</span></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_901_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930_znKDt9gDEgy6" title="Net loss per share - basic"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90A_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930_zAmcL77wBp5e" title="Net loss per share - diluted">(1.14</span></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Weighted-average common shares outstanding - basic and diluted</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930_zY38mtDnLcy6" title="Weighted-average common shares outstanding - basic"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930_z8nQpGEjcx7b" title="Weighted-average common shares outstanding - diluted">11,255,399</span></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_907_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930_zNV9EnIn6Aoa" title="Weighted-average common shares outstanding - basic"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_909_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930_z5tsPYkUg4s8" title="Weighted-average common shares outstanding - diluted">10,424,137</span></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The accompanying notes are an integral part of these condensed consolidated interim financial statements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 158.05pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ah_003"></span>Fusemachines Inc. and Subsidiaries</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Condensed Consolidated Interim Statements of Stockholders’ Deficit</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(all amounts in USD, in thousands, except number of shares and per share data)</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_308_114_pn3n3_zKtlkyGV7fv2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Statement - Condensed Consolidated Interim Statements of Stockholders' Deficit"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4BD_us-gaap--StatementClassOfStockAxis_us-gaap--ConvertiblePreferredStockMember_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_zLOqpPVXTNii" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B8_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_znjNAK2rCVAd" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B8_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockCommonMember_zCwyEiREWvl9" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4BA_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_z6jkKvxSsd3k" style="border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>capital</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4BF_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsMember_zFFXtrjOYTDd" style="border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>deficit</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B6_us-gaap--StatementEquityComponentsAxis_us-gaap--AccumulatedOtherComprehensiveIncomeMember_zv8Z6fyQZbUi" style="border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>income</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B9_zbl9Ecakze87" style="border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>deficit</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Convertible preferred</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>stock</b></span></p></td><td style="padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Stock</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional paid-in</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated other comprehensive</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Stockholders’</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>capital</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>deficit</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>income</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>deficit</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_43F_c20250101__20250930_eus-gaap--StockholdersEquity_iS_zxhMUs0CrlZ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; font-weight: bold">Balance at December 31, 2024</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_982_eus-gaap--SharesOutstanding_iS_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zEyJ8IgnWJoa" style="width: 3%; font-weight: bold; text-align: right" title="Balance, shares">9,043,234</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 3%; font-weight: bold; text-align: right">7,865</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_982_eus-gaap--SharesOutstanding_iS_pid_c20250101__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z2DAgjgXxRKi" style="width: 3%; font-weight: bold; text-align: right" title="Balance, shares">11,039,388</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 3%; font-weight: bold; text-align: right">2</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_988_eus-gaap--TreasuryStockCommonShares_iS_pid_c20250101__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zTXeMns5wuL7" style="width: 3%; font-weight: bold; text-align: right" title="Balance, shares">667,000</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%; font-weight: bold; text-align: right">(2,903</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 3%; font-weight: bold; text-align: right">4,698</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 3%; font-weight: bold; text-align: right">(34,217</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 3%; font-weight: bold; text-align: right">250</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 3%; font-weight: bold; text-align: right">(24,305</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition_zhYjzYj2M22g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2781">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2782">-</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2783">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2785">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2786">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">176</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--NetIncomeLoss_z6r6DSTTPDzh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2789">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2790">-</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2791">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2792">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,213</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2794">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,213</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_ecustom--StockIssuedDuringPeriodValueRepaymentAndForgivenessOfPromissoryNotes_ztfTINYLB8ia" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issuance of shares upon repayment and forgiveness of 2023 Promissory Notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2797">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--StockIssuedDuringPeriodSharesRepaymentAndForgivenessOfPromissoryNotes_pid_c20250101__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zMFQvvnoGuj7" style="text-align: right" title="Issuance of shares upon repayment and forgiveness of 2023 Promissory Notes, shares">10,292</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2799">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2801">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2802">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--StockIssuedDuringPeriodValueNewIssues_z0nOat0xWoa8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Issuance of common stock upon cashless exercise</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2807">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20250101__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zb48PKbplvla" style="text-align: right" title="Issuance of common stock upon cashless exercise, shares">1,133,537</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2809">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2811">-</span></td><td style="text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">707</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--StockIssuedDuringPeriodValueOther_iN_di_zuijiFxnicKa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Shares withheld related to cashless exercise</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2817">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--StockIssuedDuringPeriodSharesOther_iN_pid_di_c20250101__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zzXBoguSq3M7" style="text-align: right" title="Shares withheld related to cashless exercise, shares">(120,412</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2819">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(707</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2821">-</span></td><td style="text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(707</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_ecustom--AdjustmentsToAdditionalPaidInCapitalGainLossFromExtinguishmentOfConvertibleNotesPayable_zKuq9rlqKiC2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from extinguishment of convertible notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2827">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2828">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2829">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">391</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2831">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2832">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">391</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_zR4ju07eiHr5" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Foreign currency translation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2835">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2836">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2837">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2838">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2839">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_435_c20250101__20250930_eus-gaap--StockholdersEquity_iE_zNaPMbdMlxk1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold">Balance at September 30, 2025 (unaudited)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_986_eus-gaap--SharesOutstanding_iE_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zkE20LPevvC9" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Balance, shares">9,043,234</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,865</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98F_eus-gaap--SharesOutstanding_iE_pid_c20250101__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zTVnkJm8Zxkj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Balance, shares">12,062,805</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_987_eus-gaap--TreasuryStockCommonShares_iE_pid_c20250101__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_z9NzpP5nzolj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Balance, shares">667,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,903</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,268</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(39,430</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">258</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(28,940</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4BA_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_us-gaap--ConvertiblePreferredStockMember_z29IGADlhX82" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B8_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_zjzJBlqlchR1" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B8_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockCommonMember_zb6UY8TmuJSg" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4BA_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_zKn9strCJ2gd" style="border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>capital</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4BF_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsMember_ziZtfYn1tXj4" style="border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>deficit</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B6_us-gaap--StatementEquityComponentsAxis_us-gaap--AccumulatedOtherComprehensiveIncomeMember_zCkC3O3rNNZg" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> income</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B9_zizoUYA8frU2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deficit</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Convertible preferred</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>stock</b></span></p></td><td style="padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Stock</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional paid-in</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-bottom: 1pt; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated other</span></p> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">comprehensive</span></p></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Stockholders’</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>capital</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>deficit</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> income</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deficit</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_437_c20240101__20240930_eus-gaap--StockholdersEquity_iS_zFb05PTlfRla" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; font-weight: bold">Balance at December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_987_eus-gaap--SharesOutstanding_iS_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zGcqRgdJ3aw8" style="width: 3%; font-weight: bold; text-align: right" title="Balance, shares">9,043,234</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 3%; font-weight: bold; text-align: right">7,865</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_984_eus-gaap--SharesOutstanding_iS_pid_c20240101__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zK3Ogks0Eezc" style="width: 3%; font-weight: bold; text-align: right" title="Balance, shares">9,220,534</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 3%; font-weight: bold; text-align: right">2</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_984_eus-gaap--TreasuryStockCommonShares_iS_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zcRF8S7dzbV4" style="width: 3%; font-weight: bold; text-align: right" title="Balance, shares"><span style="-sec-ix-hidden: xdx2ixbrl2869">-</span></td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2859">-</span></td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 3%; font-weight: bold; text-align: right">2,307</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 3%; font-weight: bold; text-align: right">(18,834</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 3%; font-weight: bold; text-align: right">193</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 3%; font-weight: bold; text-align: right">(8,467</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_434_c20240101__20240930_eus-gaap--StockholdersEquity_iS_zbMVWQN9Cpw3" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_985_eus-gaap--SharesOutstanding_iS_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zzSorJ8AUCAh" style="font-weight: bold; text-align: right" title="Balance, shares">9,043,234</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">7,865</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98F_eus-gaap--SharesOutstanding_iS_pid_c20240101__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z3sEsroTFYWf" style="font-weight: bold; text-align: right" title="Balance, shares">9,220,534</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">2</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_984_eus-gaap--TreasuryStockCommonShares_iS_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_z6dw7jHrtHg6" style="font-weight: bold; text-align: right" title="Balance, shares"><span style="-sec-ix-hidden: xdx2ixbrl2883">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2873">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">2,307</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(18,834</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">193</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(8,467</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition_zkdA6Gk0Qgd1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock-based compensation</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2885">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2886">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2887">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">976</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2889">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2890">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">976</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--NetIncomeLoss_zSeyBT8Zlob9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2893">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2894">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2895">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2896">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,934</td><td style="text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2898">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,934</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_ecustom--StockIssuedDuringPeriodValueCommonStockRepurchase_zM8VITt2gaK9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock repurchase</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2901">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--StockIssuedDuringPeriodSharesCommonStockRepurchase_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z3p3A0SAe9y3" style="text-align: right" title="Common stock repurchase, shares">(667,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--StockIssuedDuringPeriodSharesCommonStockRepurchase_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zbX6MEtCxzSb" style="text-align: right" title="Common stock repurchase, shares">667,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,903</td><td style="text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2904">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2905">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2906">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,903</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_zyZyWrE7aDh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercise of stock options</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2913">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zMaRu6PZeDS7" style="text-align: right" title="Exercise of stock options, shares">26,146</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2915">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2917">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2918">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AdjustmentsToAdditionalPaidInCapitalGainOnExtinguishmentRecordedAsCapitalTransaction_zaBjHXA9Ae17" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Gain on extinguishment recorded as a capital transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2923">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2924">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2925">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2927">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2928">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">343</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--StockIssuedDuringPeriodValueRepaymentAndForgivenessOfPromissoryNotes_zrW1oKmWm9b7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Issuance of shares upon repayment of 2023 Promissory Notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2931">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--StockIssuedDuringPeriodSharesRepaymentAndForgivenessOfPromissoryNotes_pid_c20240101__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zKN3PGWPu8yk" style="text-align: right" title="Issuance of shares upon repayment and forgiveness of 2023 Promissory Notes, shares">24,28,833</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2933">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2935">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2936">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">888</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AdjustmentsToAdditionalPaidInCapitalOther_zYKEmSDkhEZ8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Premium from extinguishment of payable</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_zXNHESp2Fyoa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Foreign currency translation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2949">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2950">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2951">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2952">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2953">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">49</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">49</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43F_c20240101__20240930_eus-gaap--StockholdersEquity_iE_zqqsJKObC0qe" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Balance at September 30, 2024 (unaudited)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_981_eus-gaap--SharesOutstanding_iE_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zzemG0gVIsqa" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Balance, shares">9,043,234</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,865</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharesOutstanding_iE_pid_c20240101__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zeoNDLk9exq6" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Balance, shares">1,10,08,513</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98E_eus-gaap--TreasuryStockCommonShares_iE_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zXzgrGzz7rs1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Balance, shares">667,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,903</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,596</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(30,767</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">242</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(20,965</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_435_c20240101__20240930_eus-gaap--StockholdersEquity_iE_zq1U3wiWK1Jh" style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Balance</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98F_eus-gaap--SharesOutstanding_iE_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zm9a47Kbj7oi" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Balance, shares">9,043,234</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,865</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eus-gaap--SharesOutstanding_iE_pid_c20240101__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ziiR7OEbQV4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Balance, shares">1,10,08,513</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_980_eus-gaap--TreasuryStockCommonShares_iE_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zxEyNTeCRda8" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Balance, shares">667,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,903</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,596</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(30,767</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">242</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(20,965</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The accompanying notes are an integral part of these condensed consolidated interim financial statements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 20.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.45in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ah_004"></span>Fusemachines Inc. and Subsidiaries</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Condensed Consolidated Interim Statements of Cash Flows</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(all amounts in USD, in thousands)</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <table cellpadding="0" cellspacing="0" id="xdx_306_112_pn3n3_ziRlUBYvNYxg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Statement - Condensed Consolidated Interim Statements of Cash Flows"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" id="xdx_49D_20250101__20250930_zFKCWG3TBdHk" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td><td style="padding-bottom: 1pt"> </td> <td colspan="3" id="xdx_495_20240101__20240930_zBPU2TKfrQV6" style="border-bottom: Black 1pt solid; text-align: center"><b>2024</b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center"><b>Nine months ended September 30,</b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>2024</b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center"><b>(Unaudited)</b></td></tr> <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_zavlfXNLn7k6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Cash flows from operating activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_i01_maNCPBUz6eL_zLDNtWksSfAf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 64%; font-weight: bold; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(5,213</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(11,934</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B_zz8HQoudgbK6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Adjustments to reconcile net loss to net cash used in operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DepreciationAndAmortization_i02_z8Su8mOl7mEg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Depreciation of property and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">84</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AmortizationOfIntangibleAssets_i02_zk4CJbaMVS5a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Amortization of intangible asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ProvisionForDoubtfulAccounts_i02_ztmalGy6Wxa9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Provision for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">455</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ShareBasedCompensation_i02_zOBxQu6gLdHj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">976</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_i02_z09vSNWqzi1d" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Amortization of right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--ChangesInFairValueOfConvertibleNotesAtFairValue_i02N_di_zaLBoiwIHKx6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Changes in fair value of Convertible Notes at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,806</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FairValueAdjustmentOfWarrants_i02_zhdlJmod9w4g" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Change in fair value of common stock warrant liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(95</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">531</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--AccretionOfCumulativeMandatorilyRedeemableCommonAndPreferredStockLiability_i02_zcSALJ0AdDjf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Accretion of cumulative mandatorily redeemable common and preferred stock liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--EquityMethodInvestmentObtainedInExchangeForServices_i02N_di_zvAVbvEiesL5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Equity method investment obtained in exchange for services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3018">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(104</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--EquityMethodInvestment_i02_zw7zDX85kx15" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Equity in earnings of investee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3021">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--LossOnExtinguishmentOfConvertibleNotesPayable_i02N_di_zhuozHqdxRrg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Loss on extinguishment of convertible notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">391</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">549</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--GainLossOnSaleOfOtherAssets_i02N_di_zGAAy6Trf02a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Loss on extinguishment of payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3027">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--GainLossOnForeignExchange_i02N_di_zT2CEdfMqBKf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Unrealized Foreign exchange gain/(loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zqG4yxnvKm9j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Changes in operating assets and liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_zfE9SdDS52x2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-align: left">Accounts receivable, current, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,298</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_ecustom--IncreaseDecreaseInUnbilledRevenue_i03N_di_zVMC3C5ilXK7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left">Unbilled revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(37</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInPrepaidExpense_i03N_di_zrsGwZIcFIN6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-align: left">Prepaid expenses and other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(44</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(33</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInAccountsAndOtherReceivables_i03N_di_zJSRg723kWUe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left">Accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncreaseDecreaseInOtherCurrentAssets_i03N_di_zZsz0AWWugMc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-align: left">Other assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(59</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_zfiEhO5RzIDc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,087</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_i03_ziya2EHOQkw8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-align: left">Operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(53</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(71</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--IncreaseDecreaseInAccruedLiabilities_i03_z4RVD0iSsPy" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">461</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,223</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInDeferredRevenue_i03_z9ssoWg8q2Lj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-align: left; padding-bottom: 1pt">Deferred revenue</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(54</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_zvJS0PznyGR4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash used in operating activities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(488</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,510</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zB6yhxB2VvE5" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Cash flows from investing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ProceedsFromCostsCapitalizedForInternallyDevelopedSoftware_i01_zi5ThJ2ZmKwe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Costs capitalized for internally developed software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(72</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(107</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PaymentsToAcquireProductiveAssets_i01N_di_zQeKXrkgul77" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Purchases of property and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(51</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_ecustom--PaymentMadeToCapitalCreditors_i01N_di_zRrjhEMf5bc6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Payment made to capital creditors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3075">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3076">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_i01_zO93aXwskxAk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Disposal of property and equipment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3078">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_zwvyKFCtabxk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash used in investing activities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(80</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(155</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zDbEoyfWgRz8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Cash flows from financing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ProceedsFromNotesPayable_i01_zYI3bvreP3Zg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Proceeds from convertible notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">455</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ProceedsFromRepaymentsOfRelatedPartyDebt_i01_zC59GldltIni" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Proceeds from related party loan payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3090">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">600</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--ProceedsFromRepaymentsOfNotesPayable_i01_zDMGRVQChph5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Proceeds from convertible notes payable, at fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3093">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,500</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--PaymentsOnNotesPayableIncludingPenaltyAndLenderFees_i01N_di_zOunSd7H8I0b" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Payments on notes payable, net of penalty and lender fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3096">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--PaymentsOfFinancingCosts_i01N_di_zwMIthWKq791" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Payment of deferred transaction costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--PaymentsForRepurchaseOfCommonStock_i01N_di_zLngm2dVYaFe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Common stock repurchase</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3102">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--PaymentToAcquireExerciseOfStockOptions_i01N_di_zF1tYu673yP1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt">Exercise of stock options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3105">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_zwH5FfnBbyW9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash provided by financing activities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">175</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,565</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_z3fy2itzGDc7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Effect of exchange rate changes on cash and cash equivalents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3112">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_z7XTvZTa6iA8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net change in cash and cash equivalents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(394</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(100</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zzB0bhUjI1M" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Cash and cash equivalents at beginning of the period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">500</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">266</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zyu3jFcO5sM" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Cash and cash equivalents at end of the period</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">106</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">166</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--SupplementalCashFlowInformationAbstract_iB_zGcwfVPp6ECd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Supplemental disclosures of cash flow information</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InterestPaidNet_zvAqKOPe3LUa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Cash paid for interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3126">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxesPaidNet_zWEYSMAjkggb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Cash paid for income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--NoncashInvestingAndFinancingItemsAbstract_iB_zZleDEQxX08l" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-cash investing and financing activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--WaiverOfDeferredTransactionCostsAsOfEndOfPeriod_i01_z3wJne9zTLN" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Waiver of deferred transaction costs as of the end of the period</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">505</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3136">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--UnpaidDeferredTransactionCostsAsOfEndOfPeriod_i01_zwHYpNWUFQl5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Unpaid deferred transaction costs as of the end of the period</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">507</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,177</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--StockIssued1_i01_zu6PVzepMEJe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Common Stock issued upon cashless exercise of stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3142">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--PurchaseOfPropertyAndEquipmentThroughCapitalAdvances_i01_zMK0qcM1WW1d" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Purchase of property and equipment through capital advances</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3144">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3145">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--IssuanceOfSharesVestedUponRepaymentAndForgivenessOf2023PromissoryNotes_i01_z9QxPlXDIQjj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Issuance of shares vested upon repayment and forgiveness of 2023 Promissory Notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">888</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--SettlementOfNonrecourse2023PromissoryNoteInExchangeForCommonStockRepurchaseConsideration_i01_zpIAzbEtc6f9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Settlement of non-recourse 2023 promissory note in exchange for common stock repurchase consideration</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3150">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">903</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--GainLossOnExtinguishmentOfDebt_i01_ziehGlIh54F3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Loss) / Gain on extinguishment of debt (Refer Note no. 9 - Long Term Debt)</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(391</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3154">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--InvestmentInEquitySecurities_i01_zy3d7U8sSANa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Investment in Equity securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3156">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The accompanying notes are an integral part of these condensed consolidated interim financial statements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p id="xdx_04D_c20250101__20250930_zBo43JUJ4XF6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ah_005"></span>Fusemachines Inc. and Subsidiaries Notes to the Condensed Consolidated Interim Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2026-02-28 85000000 8840000 505000.0 2160000 0.44 (1) the occurrence of an Event of Default and (2) December 31, 2024. Pursuant to the amendment agreement, the maturity date was extended to earlier of (1) the occurrence of an Event of Default and (2) December 31, 2025. 2026-04-05 2025-04-05 125000 130000 100000 3.15 4.94 180000 0.0471 2028-02-19 3.15 106000 500000 1237000 1427000 47000 113000 1871000 1865000 259000 219000 3520000 4124000 274000 348000 192000 187000 4000 10000 10000 775000 870000 12000 5000 4783000 5548000 8517000 6537000 4112000 3700000 54000 9480000 8986000 455000 255000 7530000 700000 700000 82000 74000 30876000 20306000 6524000 180000 200000 850000 945000 1034000 1000000 783000 878000 33723000 29853000 0.00001 0.00001 9076734 9043234 9043234 9043234 9043234 7865000 7865000 0.00001 0.00001 24200000 24200000 12729805 11716680 12062805 11039388 2000 2000 667000 667000 2903000 2903000 5268000 4698000 -39430000 -34217000 258000 250000 -28940000 -24305000 4783000 5548000 5779000 6641000 2488000 3019000 3291000 3622000 934000 1550000 5131000 8170000 489000 555000 6554000 10275000 -3263000 -6653000 -213000 -161000 -391000 -549000 -70000 -1405000 -4337000 59000 -91000 -1950000 -5208000 -5213000 -11861000 72000 1000 -5213000 -11934000 -8000 -50000 -5205000 -11884000 -0.46 -0.46 -1.14 -1.14 11255399 11255399 10424137 10424137 9043234 7865000 11039388 2000 667000 -2903000 4698000 -34217000 250000 -24305000 176000 176000 -5213000 -5213000 10292 0 3000 3000 1133537 0 707000 707000 120412 0 707000 707000 391000 391000 8000 8000 9043234 7865000 12062805 2000 667000 -2903000 5268000 -39430000 258000 -28940000 9043234 7865000 9220534 2000 2307000 -18834000 193000 -8467000 9043234 7865000 9220534 2000 2307000 -18834000 193000 -8467000 976000 976000 -11934000 -11934000 -667000 -0 667000 -2903000 -2903000 26146 0 12000 12000 343000 343000 2428833 0 888000 888000 70000 70000 49000 49000 9043234 7865000 11008513 2000 667000 -2903000 4596000 -30767000 242000 -20965000 9043234 7865000 11008513 2000 667000 -2903000 4596000 -30767000 242000 -20965000 -5213000 -11934000 73000 84000 66000 42000 46000 455000 176000 976000 65000 88000 -1500000 -3806000 -95000 531000 71000 57000 104000 1000 -391000 -549000 -70000 7000 -47000 -87000 1298000 -56000 37000 44000 33000 -4000 -12000 7000 59000 1989000 3087000 -53000 -71000 461000 1223000 -54000 -2000 -488000 -2510000 -72000 -107000 8000 51000 3000 -80000 -155000 180000 455000 600000 6500000 3000000 5000 2000 2000000 -12000 175000 2565000 -1000 -394000 -100000 500000 266000 106000 166000 25000 18000 7000 505000 507000 1177000 707000 3000 888000 903000 -391000 104000 <p id="xdx_804_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z9QahGEO0iWj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1. <span><span id="xdx_829_zfHJIHBOWYc1">Organization</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span> </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines Inc. and its subsidiaries (“Fusemachines” or the “Company” or the “Parent”), listed under the Parent company below, is a Delaware corporation headquartered in the United States. Founded in 2013 and headquartered in New York with operations across North America, Latin America and Asia. Fusemachines, a privately-held company, is a provider of enterprise artificial intelligence (“AI”) Solutions (Products and Services). The Company accelerates its customers’ data to AI journey by offering a suite of AI services that addresses the strategic goals and vision of their enterprise. The Company operates under five legal entities and one branch (as noted below):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines Inc. (Parent)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines Nepal Inc. (Wholly Owned Holding Company)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines Nepal Private Ltd. (Majority Owned Subsidiary)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines Canada Inc (Wholly Owned Subsidiary)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines India Inc. (Dormant Holding Company)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines Inc. Dominican Republic (Wholly Owned Branch)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Oxygen Private Limited (“BO2”), a Company domiciled in Nepal holds certain redeemable common and preferred stock of Fusemachines Nepal Private Ltd. (Refer to “Note 7 – Cumulative Mandatorily Redeemable Financial Instruments”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Merger Agreement</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, CSLM, Merger Sub, and Fusemachines entered into the Merger Agreement, which was subsequently amended in August 2024 (the First Amendment to the Merger Agreement) and February 2025 (the Second Amendment to Merger Agreement), collectively referred to herein as the Merger Agreement. Pursuant to the terms of the Merger Agreement:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At least one business day prior to the Closing Date, CSLM will undergo the Domestication which involves CSLM merging with and into a newly formed Delaware corporation, CSLM Holdings, Inc or Pubco. Following this merger, CSLM will cease to exist and the newly formed Delaware corporation, Pubco, will be the surviving entity.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger Sub will merge with and into Fusemachines, the separate corporate existence of Merger Sub will cease to exist and Fusemachines will be the surviving company and a wholly owned subsidiary of Pubco.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The business combination will be accounted for as a reverse recapitalization in accordance with generally accepted accounting principles in the United States (“GAAP”) and not as a business combination under ASC 805. Under this method of accounting, CSLM will be treated as the acquired company for accounting purposes, whereas Fusemachines Inc. will be treated as the accounting acquirer. Under the Merger Agreement, the Fusemachines equity holders that hold shares of company common stock, shares of convertible preferred stock, company stock options, or convertible notes will receive an aggregate of number of common stock equal to the quotient obtained by dividing (a) $<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20240131__20240131__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zLTMnHVwj2Kj" title="Issuance of share value">200,000</span> thousand, by (b) $<span id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20240131__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zC5fYXU6tfrj" title="Common stock, par value">10.00</span> in exchange for all Fusemachines’ fully diluted company common stock. The Merger Agreement will become effective upon the filing of the certificate of merger with the Secretary of State of the State of Delaware or upon certain conditions as specified in the articles of the merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2025, CSLM entered into a second amendment to the Merger Agreement (the “2nd Amendment”) to (a) amend the definition of the “PIPE Investment Amount” to mean the sum of (i) $<span id="xdx_90E_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pp0p0_c20250228__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zYiMizPvnty6" title="Line of credit facility">8,840,000</span>, and (ii) the Contingent PIPE Investment Amount, if any; and (b) remove the delay fees incurred in connection with delivery of Fusemachines’ audited financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 22, 2025, the Company consummated the business combination whereby (a) CSLM merged with and into CSLM Holdings., a Delaware corporation and wholly owned subsidiary of CSLM at which time the separate existence of CSLM ceased and CSLM Holdings became the surviving corporation (“<b>Pubco</b>” or “<b>New Fusemachines</b>”) in accordance with the Delaware General Corporation Law (“<b>DGCL</b>”), the Cayman Islands Companies Act (As Revised) (the “<b>Companies Act</b>”), the Certificate of Merger, (the “<b>Certificate of Merger</b>”), and the amended and restated memorandum and articles of association of CSLM (the “<b>Domestication</b>”); (b) the merger (the “<b>Merger</b>”) of Merger Sub with and into Fusemachines, pursuant to which, at the closing of the transactions contemplated by the Business Combination Agreement (the “<b>Closing</b>”), the separate corporate existence of Merger Sub ceased and Fusemachines became the surviving corporation and a wholly-owned subsidiary of Pubco, pursuant to the terms of the Business Combination Agreement and in accordance with the laws of the State of Delaware, as more fully described elsewhere in the Proxy Statement/Prospectus; and (c) the other transactions contemplated by the Business Combination Agreement and documents related thereto (such transactions, together with the Domestication and the Merger, the “<b>Business Combination</b>”). In connection with the Business Combination, Pubco was renamed “Fusemachines Inc.” (the “Combined Company”) and Fusemachines was renamed “Fusemachines USA, Inc.” (the “Company”). These unaudited condensed financial statements do not reflect the impact of the de-SPAC Transaction, since it was executed after September 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Covenant Fees</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Merger Agreement, the Company was covenanted to deliver to CSLM its audited financial statements for the twelve month periods ended December 31, 2023 and 2022 for inclusion in the registration statement on Form S-4 to be filed by CSLM in connection with the Merger, and that such audited financial statements had been prepared in conformity with GAAP applied on a consistent basis and in accordance with the requirements of the Public Company Accounting Oversight Board for public companies. The Company had covenanted to provide the audited financial statements no later than February 29, 2024, or incur delay fees in the amount equal to $<span id="xdx_901_eus-gaap--PaymentsForFees_pn2n3_c20240331__20240331__us-gaap--AwardTypeAxis__custom--FirstOneMonthMember_zZDAXfAy2UZd" title="Delay fees">35.0</span> thousand for the first one-month delay to March 31, 2024 (pro-rated for a partial month), $<span id="xdx_90C_eus-gaap--PaymentsForFees_pn2n3_c20250430__20250430__us-gaap--AwardTypeAxis__custom--SecondOneMonthMember_zbkdpRq1wQ7a" title="Delay fees">50.0</span> thousand for the second one-month delay to April 30, 2024, and thereafter $<span id="xdx_902_eus-gaap--PaymentsForFees_pn2n3_c20250531__20250531__us-gaap--AwardTypeAxis__custom--EachSubsequentOneMonthMember_zXjRbmJVl5Lc" title="Delay fees">70.0</span> thousand for each subsequent one-month delay (pro-rated for any partial month). The Company provided the audited financial statements to CSLM in September 2024. As such, the Company has recorded $<span id="xdx_905_eus-gaap--DeferredCostsCurrentAndNoncurrent_iI_pn2n3_c20241231_zR2qimI7kZy9" title="Deferred transaction costs">505</span> thousand of deferred transaction costs on the audited consolidated balance sheets as of December 31, 2024. On February 4, 2025, the company entered into a second amendment of the original agreement wherein the above-mentioned delay fee provision is deleted and provides the Company with relief from future penalties related to the delivery of the 2023 financial statements. Accordingly, the company recorded waiver in the nine months ended September 30, 2025 which have no impact in the unaudited condensed consolidated interim Statements of Operations and Comprehensive Loss as the amount of provision was eliminated from the deferred transaction cost and from the Accounts Payable, Accrued expense and other current liabilities in the unaudited condensed consolidated interim balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 200000000 10.00 8840000 35000.0 50000.0 70000.0 505000 <p id="xdx_800_eus-gaap--SignificantAccountingPoliciesTextBlock_zGZNdIpdCXAg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2. <span id="xdx_825_zlTdnRCWPb9i">Summary of Significant Accounting Policies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There have been no significant changes to the accounting policies during the nine months period ended September 30, 2025, as compared to the significant accounting policies described in Note 2 of the Notes to Consolidated Financial Statements in the Company’s audited consolidated financial statements included in the registration statement Form S-4/A filed on April 23, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zmTI09VdZZJl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis of Presentation and Principles of Consolidation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company prepares its unaudited condensed consolidated interim financial statements in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding financial reporting. The unaudited condensed consolidated interim financial statements include the financial statements of Fusemachines Inc. and its subsidiaries. Investments in entities where we hold at least a 20% ownership interest and have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. All intercompany balances and transactions have been eliminated. These unaudited condensed consolidated interim financial statements are presented in United States Dollars (“USD”or $), which is the functional currency of the Parent Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_ecustom--UnauditedInterimFinancialInformationPolicyTextBlock_zsJthXFMavA6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Interim Financial Information</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the opinion of the Company, the accompanying unaudited condensed consolidated interim financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of its financial position and its results of operations, changes in stockholders’ deficit and cash flows. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheet at December 31, 2024, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The accompanying unaudited condensed consolidated interim financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the fiscal year ended December 31, 2024, which provides a more complete discussion of the Company’s accounting policies and certain other information. The interim results for the nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025, or for any future periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zjNoC8wvv6S3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zy2n0H1kTGF2">Prior Period Reclassifications</span> and Restatement</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in prior periods have been reclassified to conform with current period presentation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company identified an immaterial prior period error in the Condensed Consolidated Interim Statements of Operations and Comprehensive Loss for nine month ended September 2024. The error relates to an administrative error in documenting the exercise price for certain stock option awards, which resulted in an incorrect stock-based compensation expense in the previously issued financial statements. The Company assessed the materiality of this change on prior period consolidated financial statements in accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” (ASC Topic 250, Accounting Changes and Error Corrections). Based on this assessment, the Company concluded that this error corrections in its Consolidated Interim Statements of Operations and Comprehensive Loss is not material to previously presented consolidated financial statements. Accordingly, the Company updated the comparative financial information for the nine month ended September 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amounts in the “As previously reported” columns are amounts derived from the Company’s financial statements included in S-4 dated 27^th November 2024. The amounts in the “Restatement adjustments” columns present the impact of the following adjustments:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock_zDjUx3b95X2e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The corrections in the Consolidated Interim Statements of Operations and Comprehensive Loss were as follows for the periods presented below (tables only present those line items which have been impacted):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_z22QvzjRgAel" style="display: none">Schedule of Restatement Items on the Financial Statements</span></p> <table cellpadding="0" cellspacing="0" id="xdx_302_134_pn3n3_zBFhwZMZ2uR2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Consolidated Interim Statements of Operations and Comprehensive Loss (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z4RPXcEjNOw7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Previously reported</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zwncyFeNn76c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20240101__20240930_zSyQL9f11D0h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As corrected</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Nine months Ended September 30, 2024</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Previously reported</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As corrected</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--CostOfRevenue_iN_di_zmxIQJzSshWd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Cost of revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-3,029</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">10</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-3,019</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--GrossProfit_iT_zvKLQPYW6nV8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; text-align: left">Gross profit</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,612</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,622</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingExpensesAbstract_iB_zCqIFG8DIvQa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Operating expenses:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--SellingAndMarketingExpense_zhjQbkg7Cq92" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Selling and marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,576</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--GeneralAndAdministrativeExpense_zGi4fQG6dEW4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">General and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,287</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,170</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ResearchAndDevelopmentExpense_z2MtTAsP3DKi" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">596</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">555</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingExpenses_iT_zvVHiHP75fl4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; font-weight: bold; text-align: left">Total operating expenses</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,459</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-184</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,275</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingIncomeLoss_iT_zxXFM2zU1mXl" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Loss from operations</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-6,847</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">194</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-6,653</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_z7k1KMwTKcNj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Loss before income taxes</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-12,055</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">194</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-11,861</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_iT_zW6lRBmcLqlh" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net loss</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-12,128</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">194</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-11,934</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ComprehensiveIncomeNetOfTax_iT_zsG0oReTpDI4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total comprehensive loss</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-12,078</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">194</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-11,884</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net loss per share - basic and diluted</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_909_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z81asAb3VaK" title="Net loss per share - basic"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_90C_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zXmIpQnAdXA2" title="Net loss per share - diluted">-1.16</span></span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_903_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_z6759jvJz6gk" title="Net loss per share - basic"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_903_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zy9Lq30VkoV6" title="Net loss per share - diluted">0.02</span></span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_903_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930_zRlW9cMQwIH5" title="Net loss per share - basic"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930_zkaEgCRvnfB1" title="Net loss per share - diluted">-1.14</span></span></td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The corrections to the condensed Statements of Stockholders’ Deficit were as follows for the periods presented below (tables only present those line items which have been impacted):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_307_134_pn3n3_zyH3N3WqhFA2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Condensed Statements of Stockholders' Deficit (Details)"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zoJcQ2bvEtf2" style="font-weight: bold; text-align: center">(As previously reported)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zM16kqNXZwR8" style="font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20240101__20240930_zECcfB1W8Nj4" style="font-weight: bold; text-align: center">(As corrected)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Stockholders’ Deficit</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Stockholders’ Deficit</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(As previously reported)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(As corrected)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--StockholdersEquity_iS_zai5TSzdxzb8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Balance at December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">(8,467</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3242">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">(8,467</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition_zhj1xFwNcST6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(194</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">976</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLoss_z7xCdDPFArWd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,128</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,934</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--StockIssuedDuringPeriodValueCommonStockRepurchase_zNinKvERVe49" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock repurchase</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,903</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3254">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,903</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_zTl2JS1pEBr" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercise of stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3258">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--AdjustmentsToAdditionalPaidInCapitalGainOnExtinguishmentRecordedAsCapitalTransaction_zZ335Dn6Aht4" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Gain on extinguishment recorded as a capital transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3262">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">343</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--StockIssuedDuringPeriodValueRepaymentAndForgivenessOfPromissoryNotes_zzJTnwpwHcVg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Issuance of shares upon repayment of 2023 Promissory Notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3266">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">888</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AdjustmentsToAdditionalPaidInCapitalOther_zOrsbjDdEVA" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Premium from extinguishment of payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3270">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_zbFV4MfI0yI6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">49</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3274">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">49</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--StockholdersEquity_iE_zZQsi5exP8fa" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at September 30, 2024 (unaudited)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(20,965</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3278">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(20,965</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The corrections to the Statements of cash flow statement were as follows for the periods presented below (tables only present those line items which have been impacted):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_301_134_pn3n3_zZaUdbgU51R8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Statements of Cash Flow (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zycnfPSOQBsh" style="font-weight: bold; text-align: center">(As previously reported)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zjR7pg79FNv4" style="font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20240101__20240930_z5tDIUjrqgze" style="font-weight: bold; text-align: center">(As corrected)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Nine months ended</p> <p style="margin-top: 0; margin-bottom: 0">September 30,</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine months ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(As previously reported)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(As corrected)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_zujgqAS5Dpwb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Cash flows from operating activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--NetIncomeLoss_zu6d00nFrwzf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 46%; font-weight: bold; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(12,128</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">194</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(11,934</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_iB_z97EnVQI9AAd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Adjustments to reconcile net loss to net cash used in operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ShareBasedCompensation_zeHrQ49Hwc1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(194</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">976</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iT_z7oFeFERqBU" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash used in operating activities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,510</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3298">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,510</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--NetCashProvidedByUsedInInvestingActivities_iT_zfy16xR0lOj4" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash used in investing activities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(155</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3302">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(155</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--NetCashProvidedByUsedInFinancingActivities_iT_zZIAOrnUlh25" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash provided by financing activities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,565</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3306">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,565</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_8AA_znppwD9QRPn2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_845_eus-gaap--UseOfEstimates_z6gOsFY6Bgag" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of unaudited condensed consolidated interim financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements, as well as revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to the valuation of operating lease right-of-use assets, convertible notes, cumulative mandatorily redeemable common and preferred stock liability, common stock warrants, common and convertible preferred stock, current expected credit losses (“CECL”), stock-based compensation, useful lives of property and equipment and intangible assets, impairment of long-lived assets, capitalization of software development costs, equity method investments and income taxes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company bases its estimates and judgments on historical experience, knowledge of current conditions and its beliefs of what could occur in the future, given available information. Actual results could differ from those estimates, and such differences may be material to the unaudited condensed consolidated interim financial statements. Changes in facts and circumstances may cause the Company to revise its estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zp8PpUmsk8s2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounts Receivable and Related Allowance for Expected Credit Losses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company classifies its right to consideration in exchange for deliverables as an accounts receivable. A receivable is a right to consideration that is unconditional (i.e., only the passage of time is required before payment is due) regardless of whether the amounts have been billed. Accounts receivable represents amounts due from the Company’s customers for AI solutions (products and services). The Company receives payments from customers based upon agreed-upon contractual terms. The timing of revenue recognition may differ from the timing of invoicing to customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account receivables are stated net of allowance for expected credit losses. Outstanding receivables are reviewed periodically, and allowances are provided for the estimated amount of receivables that may not be collected. The allowance for expected credit loss is based on the probability of future collection determined by applying a loss-rate method using the Company’s historical loss experience. The Company also considers reasonable and supportable current and future conditions in determining its estimated loss rates, such as external forecasts, macroeconomic trends or other factors including customer specific credit risk characteristics. The adequacy of the allowance is evaluated on a regular basis. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible, which occurs when balances reach 365 days past due. Subsequent recoveries are credited to the allowance. Changes in the allowance are recorded as adjustments to bad debt expense in the period incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bad debt expense is included in general and administrative expenses in the unaudited condensed consolidated interim statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_848_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zvIxkeuxozab" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment reporting</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under Topic 280, an operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the CODM to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines operates as <span id="xdx_90D_eus-gaap--NumberOfOperatingSegments_dc_uSegment_c20250101__20250930_zUZTpaw3RSGg" title="Number of operating segment">one</span> operating segment with a focus on data engineering, AI consulting, and technical services. The Company’s Chief Executive Officer (“CEO”), as the Company’s chief operating decision maker, manages and allocates resources to the operations of the Company on a consolidated basis. This enables the Company’s CEO to assess the overall level of available resources and determine how best to deploy these resources across service lines in line with the Company’s long-term company-wide strategic goals.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The CODM considers the Company’s net income/(loss), expenses and the components of total assets to assess the segment’s performance and make resource allocation decisions for the Company’s single segment which is consistent with that presented within these financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As the Company’s operations are comprised of a single reporting segment, the Company’s segment assets are reflected on the accompanying unaudited condensed consolidated interim balance sheet as “total assets” and its significant segment expenses and net loss are listed on the accompanying Unaudited Condensed Consolidated Interim Statements of Operations and Comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zmTePe7Bdsg2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impairment of Long-Lived Assets</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived assets, such as property and equipment and finite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company uses the straight-line method of depreciation and amortization. When the carrying value of an asset is more than the sum of the undiscounted expected future cash flows, an impairment is recognized. An impairment loss is measured as the excess of the asset’s carrying amount over its fair value. Intangible assets that have finite useful lives are amortized over their estimated useful lives on a straight-line basis. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset, or a significant decline in the observable market value of an asset, among others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_zUuGnD9EjEs5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company holds long-lived assets in two countries worldwide. The table below presents the breakdown of the Company’s long-lived assets, based on geographic region (in thousands).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zQyH4klqjCZe" style="display: none">Schedule of Long-lived Assets, Based on Geographic Region</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td id="xdx_493_20250930_zLYz0OlTtzth" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td id="xdx_49C_20241231_zYBH22ywkrtc" style="border-bottom: Black 1pt solid; text-align: center"><b>2024</b></td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>Long lived assets as of</b></td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"><b>September 30,</b></td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"><b>December 31,</b></td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><b>2024</b></td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_40F_eus-gaap--NoncurrentAssets_iI_hsrt--StatementGeographicalAxis__country--NP_zjK2q1F4Mhol" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Nepal</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">219</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">286</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NoncurrentAssets_iI_hsrt--StatementGeographicalAxis__country--US_zbB0DxwvC9ue" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">249</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--NoncurrentAssets_iI_zecx5SyRUiwj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total long-lived assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">465</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">535</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zcEETxzXSGbj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zUS26f3djDMl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value Option (“FVO”) Election</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into related party convertible notes payable, at fair value in October 2019, September 2021, and Convertible Notes payable at fair value in January 2024, (the “Convertible Notes at Fair Value”). (Refer to “Note 9 – Long-Term Debt”). As permitted under ASC 825, Financial Instruments (“ASC 825”), the Company elected the FVO to account for the Convertible Notes at Fair Value and Related Party Convertible notes at Fair Value. In accordance with ASC 825, the Company recorded them at fair value. The FVO may be applied instrument by instrument, but it is irrevocable. Subsequent changes in fair value would be recorded as a separate line in the unaudited condensed consolidated interim statements of operations and comprehensive loss. As a result of applying the FVO, direct costs and fees related to the Convertible Notes at Fair Value and Related Party Convertible notes at Fair Value were expensed as incurred. The Company concluded it was appropriate to apply the FVO to Convertible Notes at Fair Value and Related Party Convertible notes at Fair Value because they are liabilities that are not, in whole or in part, classified as a component of stockholders’ equity. In addition, the Convertible Notes at Fair Value and Related Party Convertible notes at Fair Value met other applicable criteria for electing the FVO under ASC 825.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_z9HBeJonfRQh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue Recognition</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes revenue in accordance with ASC Topic 606, <i>Revenue from Contracts with Customers </i>(“ASC 606”). Under ASC 606, the Company recognizes revenue when (or as) customers obtain control of promised goods or services, in an amount that reflects the consideration which is expected to be received in exchange for those goods or services. The Company recognizes revenue following the five-step model prescribed under ASC 606: (i) identify contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenues when (or as) the Company satisfies a performance obligation. The Company applies the provisions of ASC 606 to an arrangement when a substantive contract exists and collectability is probable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company derives the majority of its revenue from AI Solutions (Products and Services) that largely represents professional services Fusemachines provides to its customers to help them achieve any AI-related goals within their organization. Standard contractual arrangements are governed by Master Services Agreements (“MSAs”), which set out general terms including payment, termination rights, and intellectual property ownership. Detailed scope, pricing, and performance obligations are defined in Statements of Work (“SOWs”), which are executed for each engagement or project phase. The Company’s contracts for AI Services have different terms based on the scope and complexity of engagements; pricing for the majority of contracts are invoiced monthly on a time-and-materials basis. The Company notes that its contracts meet the requirements for over-time revenue recognition, as the customer is simultaneously receiving the benefits and able to consume the benefits of the services being provided. For professional services that are distinct and billed on a time-and-materials basis, revenue is generally recognized as the services are provided, which is reflective of the transfer of the services to the customer. The Company elected the “right to invoice” practical expedient based on the Company’s right to invoice a customer at an amount that approximates the value to the customer and the performance completed to date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also provides AI Education Services which represents a customized curriculum of educational services provided to train the customer’s C-suite on AI for Business. The Company provides AI Education Services over time as the course proceeds and the students retain knowledge over time. Thus, the customer receives and consumes benefits as the Company performs the AI Education Services, and revenue is recognized overtime.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to time-and-materials arrangements, the Company also enters into milestone-based or fixed-fee contracts. For these contracts, revenue is recognized over time using input method (e.g., labor hours incurred relative to total expected hours) that faithfully depicts performance. If a contract does not meet the criteria for over-time recognition, revenue is recognized at the point in time when control transfers to the customer. During the nine months ended September 30, 2025 and September 30, 2024, the revenues from milestone based or fixed fee contracts were insignificant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company’s AI Solutions includes product revenues primarily comprising of software license fees from sales of term-based license contracts, under which we grant customers the license right to use the software for a specified period (i.e. when the customer can access, use, and benefit from the software license). Term software licenses are satisfied at a point in time and associated revenue is recognized upon the later of 1) delivery of the software, or 2) the beginning of the period in which the customer has received the license right to use the software. For customer contracts that include software license fees, implementation and/or other consulting services, the portion of the transaction price allocated to software licenses is generally recognized when delivered. Implementation, customization, or model tuning services if applicable, when included, are evaluated as separate performance obligations when they are distinct from the software and not highly interdependent. These services are generally satisfied over time as the work progresses. During the nine months ended September 30, 2025 and September 30, 2024, the product revenues were insignificant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For most contracts, the Company uses a Master Service Agreements (“MSA”) to govern the overall relevant terms and conditions of the business agreement, and a Statement of Work (“SOW”) to specify the services delivered and the associated prices. Performance obligations specific to each individual contract are defined within the terms of each SOW. Each performance obligation is identified based on the services that will be transferred to our customer that are both capable of being distinct and are distinct within the context of the contract. The transaction price is determined based on the consideration to which the Company will be entitled and expect to receive in exchange for transferring services to the customer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consideration for some contracts may include variable consideration including volume discounts and rebates. If the consideration promised includes a variable amount, the Company only includes estimated amounts of consideration in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. These estimates require management judgments and estimates. The determination of whether to constrain consideration in the transaction is based on historical, current, and forecasted information that is reasonably available to the Company, taking into consideration the type of customer, the transaction, and specific facts and circumstances of each arrangement. The Company uses judgement to determine if collectability of consideration is uncertain, and accordingly, revenue recognition is deferred until the uncertainty is resolved and cash is collected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days of the invoice date. In certain arrangements, the Company will receive payment from a customer either before or after the performance obligation to which the invoice relates has been satisfied. As a practical expedient, the Company does not account for significant financing components if the period between when it transfers the promised good or service to the customer and when the customer pays for the product or service will be one year or less.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation based on its relative standalone selling price. The stand-alone selling prices are determined based on the prices at which the Company separately sells these products. For items that are not sold separately, the Company estimates the stand-alone selling prices using other observable inputs. As Fusemachines Inc. is the sole reportable segment, all revenues are attributed to the sole segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contract Balances</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Differences in timing between revenue recognition and cash collection result in contract assets and contract liabilities. The Company classifies these assets as unbilled revenue; the liabilities are classified as deferred revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred revenue represents the amounts billed or cash payments received in advance of revenue recognition at the end of the reporting period. These amounts are recorded in deferred revenue until revenue is recognized through delivery of service or upon meeting the performance obligation. The Company’s deferred revenue represents contract liabilities. Generally, when billing occurs subsequent to revenue recognition, the Company reports unbilled revenue on the unaudited condensed consolidated interim balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zrO2kPbWGWva" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock-Based Compensation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-based compensation expense attributable to equity awards granted to employees and non-employees is measured at the grant date based on the fair value of the award. For employee awards, the expense is recognized on a straight-line basis over the requisite service period for awards that actually vest, which is generally the period from the grant date to the end of the vesting period. For non-employee awards, the expense for awards that actually vest is recognized based on when the goods or services are provided.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). This standard requires all equity-based payments to employees and non-employees, including grants of employee stock options and restricted stock awards, to be recognized in the unaudited condensed consolidated interim statements of operations and comprehensive loss based on the grant date fair value of the award. The stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the award, which is generally the period from the accounting grant date to the end of the vesting period. The Company elected to account for forfeitures of awards as they occur.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since the adoption of ASU 2018-07, Improvements to Nonemployee Stock-Based Payment Accounting, the measurement date for non-employee awards is the date of grant, and stock-based compensation costs are recognized in the same period and in the same manner as if the entity had paid cash for the goods or services. Stock-based compensation expense is classified as general and administrative, cost of revenue, selling and marketing and research and development expenses in the unaudited condensed consolidated interim statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company estimates the fair value of stock option awards granted using the Black Scholes Merton option pricing formula (the “Black-Scholes Model”). This model requires various significant judgmental assumptions in order to derive a final fair value determination for each type of award, including the expected term, expected volatility, expected dividend yield, risk-free interest rate and fair value of the Company’s stock on the date of grant. The expected option term for options granted is calculated using the “simplified method”. This election was made based on the lack of sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The simplified method defines the expected term as the average of the contractual term and the vesting period. Estimated volatility is based on similar entities whose stock prices are publicly traded. The Company uses the historical volatilities of similar entities due to the lack of sufficient historical data for the Company’s common stock price. The Company estimates volatility based upon the observed historical volatilities of comparable companies over a lookback period commensurate with the estimated holding period, adjusted for relative leverage using the Black-Scholes-Merton formula. Dividend yields are based on the Company’s history and expected future actions. The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero. The risk-free interest rate is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the stock option award was granted with a maturity equal to the expected term of the stock option award. All grants of stock options generally have an exercise price equal to or greater than the fair market value of the Company’s common stock on the date of grant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because the Company is privately held and there is no public market for its Stock, the fair value of the Company’s equity is approved by the Company’s board of directors thereof as of the date stock-based awards are granted. In estimating the fair value of its stock, the Company uses a third-party valuation specialist and considers factors it believes are material to the valuation process, including but not limited to, the price at which recent equity was issued by the Company to independent third parties or transacted between third parties, any indications of value from offers to acquire the Company, actual and projected financial results, risks, prospects, economic and market conditions, and estimates of weighted average cost of capital. The Company believes the combination of these factors provides an appropriate estimate of the expected fair value of the Company and reflects the best estimate of the fair value of the Company’s common stock at each grant date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--StockholdersEquityPolicyTextBlock_zks48woInyj9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes Receivable from Stockholders</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time the Company has entered into promissory note agreements with certain employees for the purpose of financing the early exercise of the Company’s stock options. Although the shares of common stock purchased by the employees in exchange for the promissory notes are considered legally issued, the Company does not consider them outstanding for accounting purposes. Instead, the Company treats them as restricted until the options are fully vested and the outstanding principal and accrued interest on the notes are repaid in full. Unvested shares for which the promissory notes are fully satisfied are recorded as a share repurchase liability and as shares vest are recognized to additional paid-in capital in the unaudited condensed consolidated interim balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--AdvertisingCostsPolicyTextBlock_z7KmCkMTDLga" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Advertising Cost</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising costs are expensed as incurred. Advertising costs were $<span id="xdx_90C_eus-gaap--AdvertisingExpense_pn2n3_c20250101__20250930_zEP26I2l7BN5" title="Advertising cost">29.1</span> thousand and $ <span id="xdx_905_eus-gaap--AdvertisingExpense_pn2n3_c20240101__20240930_zUWIlgarhiBe" title="Advertising cost">18.3</span> thousand for the nine months ended September 30, 2025, and 2024, respectively, which are included in selling and marketing costs on the unaudited condensed consolidated interim statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_ecustom--DeferredTransactionCostsPolicyTextBlock_zjfOvaoup3G8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred Transaction Costs</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records deferred transaction costs, which consist of legal, accounting, and other fees related to the preparation of the Merger. (Refer to “Note 1 – Organization”). The deferred transaction costs will be offset against proceeds from the transaction upon the effectiveness of the Business Combination. As of September 30, 2025 and December 31, 2024, $<span id="xdx_90C_ecustom--DeferredTransactionCost_iI_pn3n3_c20250930_zR7ce2bVgKsi" title="Deferred transaction cost">1,871</span> thousand and $<span id="xdx_90B_ecustom--DeferredTransactionCost_iI_pn3n3_c20241231_zXao4HIdVoB" title="Deferred transaction cost">1,865</span> thousand of deferred transaction costs, respectively, were capitalized and recorded in deferred transaction costs on the unaudited condensed consolidated interim balance sheets. Transaction costs that are not eligible to be capitalized are expensed as incurred and included within general and administrative expense in the unaudited condensed consolidated interim statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--ResearchAndDevelopmentExpensePolicy_zebNjqjUC9wi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research and Development Costs</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for research and development costs in accordance with the ASC 730, <i>Research and Development</i>. Under ASC 730, all research and development costs are expensed as incurred, with the exception of certain software development costs discussed above. Our research and development costs consist primarily of payroll costs associated with software product development, testing, quality assurance, documentation, enhancements and upgrades for existing customers under maintenance. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and Development costs were $<span id="xdx_903_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250930_ztELNmlikZ9i" title="Research and development expense">489</span> thousand and $<span id="xdx_904_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20240930_zJoI1R4GX8vg" title="Research and development expense">555</span> thousand for the period ended September 30, 2025, and 2024, respectively, which are included in the unaudited condensed consolidated interim statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--SellingGeneralAndAdministrativeExpensesPolicyTextBlock_zCRbYepOUkAb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General and Administrative Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of expenses associated with general and administrative functions of the business such as the costs of salaries, stock-based compensation expense, Information Technology (“IT”) infrastructure, allowance for expected credit losses, travel, legal and accounting services, insurance, rent, software and tools, meals, other professional services activities, and certain non-income taxes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zvviKHEjA804" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitments and Contingencies</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may at times be involved in litigation in the ordinary course of business. The Company will, from time to time, when appropriate in management’s estimation, record adequate reserves in the Company’s unaudited condensed consolidated interim financial statements for pending litigation. Currently there are no pending or threatened litigation matters that management believes require accrual or disclosure in addition to those presented in the Note on Litigation (refer Note 16 – Commitments and Contingencies).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--RisksAndUncertaintiesPolicyTextBlock_zjrm3dn0RInh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks and Uncertainties</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of its global operations, the Company may be subject to certain inherent risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration of Credit -</i></b> Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents, and accounts receivable. The Company maintains cash and cash equivalents with financial institutions. The Company believes its credit policies reflect normal industry terms and business risk and there is no expectation of non-performance by the counterparties. Accounts receivables are generally dispersed across many customers operating in different industries; therefore, concentration of credit risk is limited. If any of the Company’s customers enter bankruptcy protection or otherwise take steps to alleviate their financial distress, the Company’s credit losses and write-offs of receivables could increase, which would negatively impact its results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Significant Customers and Suppliers</i></b> — The concentration of credit risk with respect to accounts receivable is primarily limited to certain customers to which the Company makes substantial sales. To minimize credit risk related to accounts receivable, the Company maintains allowances for potential credit losses based on historical loss patterns as well as future expectations. As of September 30, 2025 and December 31, 2024, the Company had four customers whose accounts receivable balance accounted for at least 10% of the Company’s consolidated accounts receivables, respectively. These customers accounted for approximately <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--FourCustomersMember_z5xdwMZhuOxi" title="Concentration risk, percentage">57.9</span>% and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--FourCustomersMember_zJoNH5iU1HOj" title="Concentration risk, percentage">61.6</span>% of the Company’s receivables at the end of the respective periods. For the nine month ended September 30, 2025 and 2024, the Company had three and two customers whose revenue accounted for at least 10% of the Company’s consolidated revenue, respectively. These customers accounted for approximately <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_zjBygptdgOqh" title="Concentration risk, percentage">43.3</span> % and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_zSQuw6VyX2rd" title="Concentration risk, percentage">21.6</span> % of the Company’s total revenue at the end of the respective periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company pays its suppliers on normal commercial terms and does not believe that there is any significant supply risk from its suppliers. As of September 30, 2025 and December 31, 2024, the Company had two and three suppliers whose account payable accounted for at least 10% of the Company’s consolidated account payables, respectively. These suppliers accounted for approximately <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__srt--MajorCustomersAxis__custom--TwoSupplierMember_zQWgl9IMqHh6" title="Concentration risk, percentage">47.2</span>% and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__srt--MajorCustomersAxis__custom--ThreeSupplierMember_zGxxZ6gT8jQ5" title="Concentration risk, percentage">57.05</span>% of the Company’s total payables at the end of the respective periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign currency risk </i></b>- The Company’s global operations are conducted predominantly in U.S. dollars. While revenue is generated in U.S. dollars, the Company incurs expenses in other currencies, principally, Nepalese rupees and Canadian dollars. The Company’s international operations expose it to risk of adverse fluctuations in foreign currency exchange rates through the remeasurement of foreign currency denominated assets and liabilities (both third-party and intercompany) and translation of earnings and cash flows into U.S. dollars.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest rate risk </i></b>- The Company is exposed to market risk from changes in interest rates. Exposure to interest rate risk results primarily from variable rates related to cash, short-term investments, and the Company’s borrowings. The Company does not believe it is exposed to material direct risks associated with changes in interest rates related to these deposits, investments and borrowings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_ecustom--RelatedPartiesPolicyTextBlock_zsk7jFAdJEC4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Parties</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related party also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party control or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all significant related party transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_ecustom--GoingConcernPolicyTextBlock_zlGzjwyiB17e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going Concern</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s unaudited condensed consolidated interim financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2025, the Company had cash of approximately $<span id="xdx_908_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20250930_z8A7DGoav7Pi" title="Cash and cash equivalents">106.0</span> thousand. For the nine months ended September 30, 2025, the Company used approximately $<span id="xdx_903_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn3n3_di_c20250101__20250930_za9LzfuDg3fi" title="Net cash used in operating activities">488.0</span> thousand in cash for operating activities. Historically, the Company has incurred recurring net losses from operations and negative cash flows from operating activities. As of September 30, 2025, the Company had an accumulated deficit of approximately $<span id="xdx_90D_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn3n3_di_c20250930_z0ZmwZH5sPVa" title="Accumulated deficit">39,430</span> thousand. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern within one year of the date these unaudited condensed consolidated interim financial statements were issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders and debt holders. Specifically, continuation is contingent on the Company’s ability to obtain necessary equity or February 24, 2025 to continue operations, and ultimately the Company’s ability to generate profit from sales and positive operating cash flows, which is not assured.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 22, 2025, Merger Sub merged with and into Fusemachines, with Fusemachines continuing as the surviving company and becoming a wholly owned subsidiary of Pubco. In connection with the closing, approximately $<span id="xdx_90F_eus-gaap--Cash_iI_pn5n6_c20251022__srt--OwnershipAxis__custom--FusemachinesPubcoMember_zKCO1HyHJ4Yb" title="Cash">14.0</span> million in cash was received for the issuance of shares of Fusemachines Pubco Common Stock. All convertible notes were settled through the issuance of Fusemachines Common Stock, and certain promissory notes were repaid in cash upon closing. Following the business combination, the net balance of cash and cash equivalents was approximately $<span id="xdx_90E_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn5n6_c20251022__srt--OwnershipAxis__custom--FusemachinesPubcoMember_zzkk8Df2s4Uh" title="Cash and cash equivalents">9.4</span> million. The Company’s trade payables, accrued expenses, and other current liabilities exceed the net cash and cash equivalents balance. Management is evaluating initiatives to streamline operations through reductions in headcount and consultant costs, and continued negotiations with vendors to achieve more favorable terms. In addition, the Company’s business plan anticipates a measured growth trajectory supported by new client acquisitions and expansion of existing customer relationships. While these actions are expected to enhance the Company’s financial position and extend its operational runway once implemented, they remain in the planning and negotiation stages.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date on which these unaudited condensed consolidated interim financial statements were available to be issued, we believe that the cash on hand, and additional investments available through issuance of new Common Stock, will be inadequate to satisfy the Company’s working capital and capital expenditure requirements for at least the next twelve months. The ability of the Company to continue as a going concern is dependent upon management’s plan to raise additional capital from issuance of equity or receive additional borrowings to fund the Company’s operating and investing activities over the next year. These unaudited condensed consolidated interim financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--EquityMethodInvestmentsPolicy_zP3H6SynK2c1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment in Equity Securities</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s equity investment comprises of investments in equity securities of private companies. These equity investments are accounted for under the equity method, and initially recorded at estimated fair value, less any impairment. The Company’s share of gains and losses if any from these equity method investments are included in the unaudited condensed consolidated interim statements of operations and comprehensive loss, net of income tax provision. Equity investments are reviewed regularly to determine whether there is a decline in estimated fair value below the carrying amount. If there is a decline that is other-than-temporary, the investment is written down to estimated fair value. When evaluating the equity investment for impairment, the Company performs a qualitative and quantitative assessment to evaluate whether a decline in estimated fair value below the carrying amount is other-than- temporary. The qualitative assessment includes a review of macroeconomic conditions, industry and market considerations, the investee’s recent operating results and trends, recent acquisitions and sales of the investee securities, and other publicly available data, among other factors. If the Company determines that the decline is other-than-temporary, the Company records an impairment loss to write the equity investment to the estimated fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_ecustom--TreasuryStockPolicyTextBlock_zNv0o8HKa6Yc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Treasury Stock</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records treasury stock activities under the cost method whereby the cost of the acquired stock is recorded as treasury stock. The Company’s accounting policy upon the formal retirement of treasury stock is to deduct the par value from the Company’s common stock and to reflect any excess cost over par value as a reduction to additional paid-in capital (to the extent created by previous issuances of the shares) and then retained earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--EarningsPerSharePolicyTextBlock_zW6zFin13Sh4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net Loss per Share </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company applies the two-class method to compute basic and diluted net loss per share attributable to common shareholders, when shares meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common shareholders for the period to be allocated between common and participating securities based upon their respective rights to share in the earnings as if all income (loss) for the period had been distributed. The Company reported a net loss attributable to common shareholders for the nine months ended September 30, 2025 and 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the year. Diluted net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted average number of shares outstanding, plus the impact of potential common shares, if dilutive, resulting from the potential exercise of warrants or options, and the potential conversion of preferred stock or convertible notes, into common stock, under the if-converted method. Due to the net losses for the nine month period ended September 30, 2025 and 2024, basic and dilutive net loss per share were the same, as the effect of potentially dilutive securities would have been anti-dilutive</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--EmergingGrowthCompanyPolicyTextBlock_zJDq4xnmQBe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Growth Company (EGC)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an emerging growth company (“EGC”) as defined in the Jumpstart Our Business Startups Act, (the “JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, the Company’s unaudited condensed consolidated interim financial statements may not be comparable to companies that comply with public company Financial Accounting Standards Board (“FASB”) standards’ effective dates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 22, 2025, the</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Company consummated its merger with CSLM Holdings, Inc., a publicly traded Special Purpose Acquisition Company (“SPAC”), pursuant to which the Company became a wholly owned subsidiary of CSLM Holdings, Inc. (renamed Fusemachines Inc.) and the transaction was accounted for as a reverse recapitalization in accordance with U.S. GAAP (the “Transaction”). Refer to Note 1 – Organization for additional details regarding the Transaction. Following the completion of the Transaction, Fusemachines Inc. continues to qualify as an emerging growth company (“EGC”) as defined under the Jumpstart Our Business Startups Act of 2012 and will retain such status until the earliest of: (i) the last day of the Company’s first fiscal year following the fifth anniversary of the completion of the SPAC’s initial public offering; (ii) the last day of the fiscal year in which the Company has total annual gross revenues of at least $<span id="xdx_90E_ecustom--GrossRevenue_pn7n9_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zNUG3cStqFUa" title="Gross revenue">1.07</span> billion; (iii) the last day of the fiscal year in which the Company becomes a large accelerated filer (market value of non-affiliate-held common stock exceeding $<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn6n6_c20240101__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zG6M0Ycq6yb3" title="Market value of non-affiliate-held common stock">700</span> million as of the prior September 30); or (iv) the date on which the Company has issued more than $<span id="xdx_90E_ecustom--NonConvertibleDebt_pn8n9_c20250101__20250930_zba4bi0QJxkj" title="Non convertible debt">1.0</span> billion in non-convertible debt securities during the preceding three-year period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zqSqqyAFYbr8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent Accounting Pronouncements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_843_ecustom--NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock_zhstRXXxTGV3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Accounting Pronouncements Not Yet Adopted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASU 2023-09<i>, Income Taxes (Topic 740): Improvements to Income Tax Disclosures</i>. In December 2023, the FASB issued this ASU to update income tax disclosure requirements, primarily related to the income tax rate reconciliation and income taxes paid information. This update is effective on a prospective basis for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its unaudited condensed consolidated interim financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2024, the SEC issued its final climate disclosure rules (Rule 1), which require the disclosure of climate-related information in annual reports and registration statements, beginning with annual reports for the year ending December 31, 2025. The rules require disclosure in the audited financial statements of certain effects of severe weather events and other natural conditions above certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates, if material. We are currently evaluating the impact of the new rules and continue to monitor the status of the related legal challenges.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. In November 2024, the FASB issued this ASU that requires more detailed disclosure about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expense and depreciation expense. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The guidance does not affect recognition or measurement in our unaudited condensed consolidated interim financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASU 2024-04 Debt - Debt with Conversion and Other Options - Induced Conversions of Convertible Debt Instruments. In November 2024, the FASB issued this ASU which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions or extinguishments. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in Update 2020-06. We are currently evaluating the impact this guidance will have on our unaudited condensed consolidated interim financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2025, the FASB issued Accounting Standards Update No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”). ASU 2025-03 changes how companies determine the accounting acquirer in certain business combinations involving variable interest entities. The new guidance requires considering the factors used for other acquisition transactions to assess which party is the accounting acquirer. ASU 2025-03 is effective for the Company’s annual reporting periods beginning on January 1, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on its financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2025, the FASB issued Accounting Standards Update No. 2025-04, Compensation – Stock Compensation (Topic 718) and Revenue from Contracts With Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer (“ASU 2025-04”). ASU 2025-04 revises the definition of a performance condition, eliminates the forfeiture policy election for service conditions, and clarifies that the variable consideration constraint in Topic 606 does not apply to share-based consideration payable to customers. The new guidance requires entities to consistently account for share-based awards granted to customers by clarifying the treatment of vesting conditions and ensuring alignment with Topic 606 and Topic 718. ASU 2025-04 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on its financial statements and related disclosures. </span>The Company does not believe any other new accounting pronouncements issued by the FASB that have not become effective will have a material impact on its unaudited condensed consolidated interim financial statements.</p> <p id="xdx_859_zdqHjC9cjSZg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zmTI09VdZZJl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis of Presentation and Principles of Consolidation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company prepares its unaudited condensed consolidated interim financial statements in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding financial reporting. The unaudited condensed consolidated interim financial statements include the financial statements of Fusemachines Inc. and its subsidiaries. Investments in entities where we hold at least a 20% ownership interest and have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. All intercompany balances and transactions have been eliminated. These unaudited condensed consolidated interim financial statements are presented in United States Dollars (“USD”or $), which is the functional currency of the Parent Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_ecustom--UnauditedInterimFinancialInformationPolicyTextBlock_zsJthXFMavA6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Interim Financial Information</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the opinion of the Company, the accompanying unaudited condensed consolidated interim financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of its financial position and its results of operations, changes in stockholders’ deficit and cash flows. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheet at December 31, 2024, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The accompanying unaudited condensed consolidated interim financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the fiscal year ended December 31, 2024, which provides a more complete discussion of the Company’s accounting policies and certain other information. The interim results for the nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025, or for any future periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zjNoC8wvv6S3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zy2n0H1kTGF2">Prior Period Reclassifications</span> and Restatement</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in prior periods have been reclassified to conform with current period presentation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company identified an immaterial prior period error in the Condensed Consolidated Interim Statements of Operations and Comprehensive Loss for nine month ended September 2024. The error relates to an administrative error in documenting the exercise price for certain stock option awards, which resulted in an incorrect stock-based compensation expense in the previously issued financial statements. The Company assessed the materiality of this change on prior period consolidated financial statements in accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” (ASC Topic 250, Accounting Changes and Error Corrections). Based on this assessment, the Company concluded that this error corrections in its Consolidated Interim Statements of Operations and Comprehensive Loss is not material to previously presented consolidated financial statements. Accordingly, the Company updated the comparative financial information for the nine month ended September 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amounts in the “As previously reported” columns are amounts derived from the Company’s financial statements included in S-4 dated 27^th November 2024. The amounts in the “Restatement adjustments” columns present the impact of the following adjustments:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock_zDjUx3b95X2e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The corrections in the Consolidated Interim Statements of Operations and Comprehensive Loss were as follows for the periods presented below (tables only present those line items which have been impacted):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_z22QvzjRgAel" style="display: none">Schedule of Restatement Items on the Financial Statements</span></p> <table cellpadding="0" cellspacing="0" id="xdx_302_134_pn3n3_zBFhwZMZ2uR2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Consolidated Interim Statements of Operations and Comprehensive Loss (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z4RPXcEjNOw7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Previously reported</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zwncyFeNn76c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20240101__20240930_zSyQL9f11D0h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As corrected</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Nine months Ended September 30, 2024</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Previously reported</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As corrected</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--CostOfRevenue_iN_di_zmxIQJzSshWd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Cost of revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-3,029</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">10</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-3,019</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--GrossProfit_iT_zvKLQPYW6nV8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; text-align: left">Gross profit</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,612</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,622</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingExpensesAbstract_iB_zCqIFG8DIvQa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Operating expenses:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--SellingAndMarketingExpense_zhjQbkg7Cq92" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Selling and marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,576</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--GeneralAndAdministrativeExpense_zGi4fQG6dEW4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">General and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,287</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,170</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ResearchAndDevelopmentExpense_z2MtTAsP3DKi" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">596</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">555</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingExpenses_iT_zvVHiHP75fl4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; font-weight: bold; text-align: left">Total operating expenses</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,459</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-184</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,275</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingIncomeLoss_iT_zxXFM2zU1mXl" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Loss from operations</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-6,847</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">194</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-6,653</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_z7k1KMwTKcNj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Loss before income taxes</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-12,055</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">194</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-11,861</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_iT_zW6lRBmcLqlh" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net loss</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-12,128</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">194</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-11,934</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ComprehensiveIncomeNetOfTax_iT_zsG0oReTpDI4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total comprehensive loss</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-12,078</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">194</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-11,884</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net loss per share - basic and diluted</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_909_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z81asAb3VaK" title="Net loss per share - basic"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_90C_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zXmIpQnAdXA2" title="Net loss per share - diluted">-1.16</span></span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_903_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_z6759jvJz6gk" title="Net loss per share - basic"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_903_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zy9Lq30VkoV6" title="Net loss per share - diluted">0.02</span></span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_903_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930_zRlW9cMQwIH5" title="Net loss per share - basic"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930_zkaEgCRvnfB1" title="Net loss per share - diluted">-1.14</span></span></td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The corrections to the condensed Statements of Stockholders’ Deficit were as follows for the periods presented below (tables only present those line items which have been impacted):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_307_134_pn3n3_zyH3N3WqhFA2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Condensed Statements of Stockholders' Deficit (Details)"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zoJcQ2bvEtf2" style="font-weight: bold; text-align: center">(As previously reported)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zM16kqNXZwR8" style="font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20240101__20240930_zECcfB1W8Nj4" style="font-weight: bold; text-align: center">(As corrected)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Stockholders’ Deficit</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Stockholders’ Deficit</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(As previously reported)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(As corrected)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--StockholdersEquity_iS_zai5TSzdxzb8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Balance at December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">(8,467</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3242">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">(8,467</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition_zhj1xFwNcST6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(194</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">976</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLoss_z7xCdDPFArWd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,128</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,934</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--StockIssuedDuringPeriodValueCommonStockRepurchase_zNinKvERVe49" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock repurchase</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,903</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3254">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,903</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_zTl2JS1pEBr" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercise of stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3258">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--AdjustmentsToAdditionalPaidInCapitalGainOnExtinguishmentRecordedAsCapitalTransaction_zZ335Dn6Aht4" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Gain on extinguishment recorded as a capital transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3262">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">343</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--StockIssuedDuringPeriodValueRepaymentAndForgivenessOfPromissoryNotes_zzJTnwpwHcVg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Issuance of shares upon repayment of 2023 Promissory Notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3266">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">888</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AdjustmentsToAdditionalPaidInCapitalOther_zOrsbjDdEVA" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Premium from extinguishment of payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3270">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_zbFV4MfI0yI6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">49</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3274">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">49</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--StockholdersEquity_iE_zZQsi5exP8fa" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at September 30, 2024 (unaudited)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(20,965</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3278">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(20,965</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The corrections to the Statements of cash flow statement were as follows for the periods presented below (tables only present those line items which have been impacted):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_301_134_pn3n3_zZaUdbgU51R8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Statements of Cash Flow (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zycnfPSOQBsh" style="font-weight: bold; text-align: center">(As previously reported)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zjR7pg79FNv4" style="font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20240101__20240930_z5tDIUjrqgze" style="font-weight: bold; text-align: center">(As corrected)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Nine months ended</p> <p style="margin-top: 0; margin-bottom: 0">September 30,</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine months ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(As previously reported)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(As corrected)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_zujgqAS5Dpwb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Cash flows from operating activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--NetIncomeLoss_zu6d00nFrwzf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 46%; font-weight: bold; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(12,128</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">194</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(11,934</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_iB_z97EnVQI9AAd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Adjustments to reconcile net loss to net cash used in operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ShareBasedCompensation_zeHrQ49Hwc1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(194</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">976</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iT_z7oFeFERqBU" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash used in operating activities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,510</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3298">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,510</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--NetCashProvidedByUsedInInvestingActivities_iT_zfy16xR0lOj4" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash used in investing activities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(155</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3302">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(155</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--NetCashProvidedByUsedInFinancingActivities_iT_zZIAOrnUlh25" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash provided by financing activities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,565</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3306">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,565</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_8AA_znppwD9QRPn2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_893_eus-gaap--ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock_zDjUx3b95X2e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The corrections in the Consolidated Interim Statements of Operations and Comprehensive Loss were as follows for the periods presented below (tables only present those line items which have been impacted):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_z22QvzjRgAel" style="display: none">Schedule of Restatement Items on the Financial Statements</span></p> <table cellpadding="0" cellspacing="0" id="xdx_302_134_pn3n3_zBFhwZMZ2uR2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Consolidated Interim Statements of Operations and Comprehensive Loss (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z4RPXcEjNOw7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Previously reported</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zwncyFeNn76c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20240101__20240930_zSyQL9f11D0h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As corrected</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Nine months Ended September 30, 2024</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Previously reported</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As corrected</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--CostOfRevenue_iN_di_zmxIQJzSshWd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Cost of revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-3,029</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">10</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-3,019</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--GrossProfit_iT_zvKLQPYW6nV8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; text-align: left">Gross profit</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,612</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,622</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingExpensesAbstract_iB_zCqIFG8DIvQa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Operating expenses:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--SellingAndMarketingExpense_zhjQbkg7Cq92" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Selling and marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,576</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--GeneralAndAdministrativeExpense_zGi4fQG6dEW4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">General and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,287</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,170</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ResearchAndDevelopmentExpense_z2MtTAsP3DKi" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">596</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">555</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingExpenses_iT_zvVHiHP75fl4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; font-weight: bold; text-align: left">Total operating expenses</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,459</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-184</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,275</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingIncomeLoss_iT_zxXFM2zU1mXl" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Loss from operations</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-6,847</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">194</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-6,653</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_z7k1KMwTKcNj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Loss before income taxes</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-12,055</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">194</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-11,861</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_iT_zW6lRBmcLqlh" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net loss</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-12,128</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">194</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-11,934</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ComprehensiveIncomeNetOfTax_iT_zsG0oReTpDI4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total comprehensive loss</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-12,078</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">194</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-11,884</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net loss per share - basic and diluted</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_909_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z81asAb3VaK" title="Net loss per share - basic"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_90C_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zXmIpQnAdXA2" title="Net loss per share - diluted">-1.16</span></span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_903_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_z6759jvJz6gk" title="Net loss per share - basic"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_903_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zy9Lq30VkoV6" title="Net loss per share - diluted">0.02</span></span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_903_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930_zRlW9cMQwIH5" title="Net loss per share - basic"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzIChEZXRhaWxzKQA_" id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930_zkaEgCRvnfB1" title="Net loss per share - diluted">-1.14</span></span></td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The corrections to the condensed Statements of Stockholders’ Deficit were as follows for the periods presented below (tables only present those line items which have been impacted):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_307_134_pn3n3_zyH3N3WqhFA2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Condensed Statements of Stockholders' Deficit (Details)"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zoJcQ2bvEtf2" style="font-weight: bold; text-align: center">(As previously reported)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zM16kqNXZwR8" style="font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20240101__20240930_zECcfB1W8Nj4" style="font-weight: bold; text-align: center">(As corrected)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Stockholders’ Deficit</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Stockholders’ Deficit</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(As previously reported)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(As corrected)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--StockholdersEquity_iS_zai5TSzdxzb8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Balance at December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">(8,467</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3242">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">(8,467</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition_zhj1xFwNcST6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(194</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">976</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLoss_z7xCdDPFArWd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,128</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,934</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--StockIssuedDuringPeriodValueCommonStockRepurchase_zNinKvERVe49" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock repurchase</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,903</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3254">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,903</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_zTl2JS1pEBr" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercise of stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3258">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--AdjustmentsToAdditionalPaidInCapitalGainOnExtinguishmentRecordedAsCapitalTransaction_zZ335Dn6Aht4" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Gain on extinguishment recorded as a capital transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3262">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">343</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--StockIssuedDuringPeriodValueRepaymentAndForgivenessOfPromissoryNotes_zzJTnwpwHcVg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Issuance of shares upon repayment of 2023 Promissory Notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3266">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">888</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AdjustmentsToAdditionalPaidInCapitalOther_zOrsbjDdEVA" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Premium from extinguishment of payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3270">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_zbFV4MfI0yI6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">49</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3274">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">49</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--StockholdersEquity_iE_zZQsi5exP8fa" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at September 30, 2024 (unaudited)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(20,965</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3278">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(20,965</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The corrections to the Statements of cash flow statement were as follows for the periods presented below (tables only present those line items which have been impacted):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_301_134_pn3n3_zZaUdbgU51R8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Statements of Cash Flow (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20240101__20240930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zycnfPSOQBsh" style="font-weight: bold; text-align: center">(As previously reported)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20240101__20240930__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zjR7pg79FNv4" style="font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20240101__20240930_z5tDIUjrqgze" style="font-weight: bold; text-align: center">(As corrected)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Nine months ended</p> <p style="margin-top: 0; margin-bottom: 0">September 30,</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine months ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(As previously reported)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Correction</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(As corrected)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_zujgqAS5Dpwb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Cash flows from operating activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--NetIncomeLoss_zu6d00nFrwzf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 46%; font-weight: bold; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(12,128</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">194</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(11,934</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_iB_z97EnVQI9AAd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Adjustments to reconcile net loss to net cash used in operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ShareBasedCompensation_zeHrQ49Hwc1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(194</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">976</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iT_z7oFeFERqBU" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash used in operating activities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,510</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3298">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,510</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--NetCashProvidedByUsedInInvestingActivities_iT_zfy16xR0lOj4" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash used in investing activities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(155</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3302">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(155</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--NetCashProvidedByUsedInFinancingActivities_iT_zZIAOrnUlh25" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash provided by financing activities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,565</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3306">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,565</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> 3029000 -10000 3019000 3612000 10000 3622000 1576000 -26000 1550000 8287000 -117000 8170000 596000 -41000 555000 10459000 -184000 10275000 -6847000 194000 -6653000 -12055000 194000 -11861000 -12128000 194000 -11934000 -12078000 194000 -11884000 -1.16 -1.16 0.02 0.02 -1.14 -1.14 -8467000 -8467000 1170000 -194000 976000 -12128000 194000 -11934000 -2903000 -2903000 12000 12000 343000 343000 888000 888000 70000 70000 49000 49000 -20965000 -20965000 -12128000 194000 -11934000 1170000 -194000 976000 -2510000 -2510000 -155000 -155000 2565000 2565000 <p id="xdx_845_eus-gaap--UseOfEstimates_z6gOsFY6Bgag" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of unaudited condensed consolidated interim financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements, as well as revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to the valuation of operating lease right-of-use assets, convertible notes, cumulative mandatorily redeemable common and preferred stock liability, common stock warrants, common and convertible preferred stock, current expected credit losses (“CECL”), stock-based compensation, useful lives of property and equipment and intangible assets, impairment of long-lived assets, capitalization of software development costs, equity method investments and income taxes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company bases its estimates and judgments on historical experience, knowledge of current conditions and its beliefs of what could occur in the future, given available information. Actual results could differ from those estimates, and such differences may be material to the unaudited condensed consolidated interim financial statements. Changes in facts and circumstances may cause the Company to revise its estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zp8PpUmsk8s2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounts Receivable and Related Allowance for Expected Credit Losses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company classifies its right to consideration in exchange for deliverables as an accounts receivable. A receivable is a right to consideration that is unconditional (i.e., only the passage of time is required before payment is due) regardless of whether the amounts have been billed. Accounts receivable represents amounts due from the Company’s customers for AI solutions (products and services). The Company receives payments from customers based upon agreed-upon contractual terms. The timing of revenue recognition may differ from the timing of invoicing to customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account receivables are stated net of allowance for expected credit losses. Outstanding receivables are reviewed periodically, and allowances are provided for the estimated amount of receivables that may not be collected. The allowance for expected credit loss is based on the probability of future collection determined by applying a loss-rate method using the Company’s historical loss experience. The Company also considers reasonable and supportable current and future conditions in determining its estimated loss rates, such as external forecasts, macroeconomic trends or other factors including customer specific credit risk characteristics. The adequacy of the allowance is evaluated on a regular basis. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible, which occurs when balances reach 365 days past due. Subsequent recoveries are credited to the allowance. Changes in the allowance are recorded as adjustments to bad debt expense in the period incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bad debt expense is included in general and administrative expenses in the unaudited condensed consolidated interim statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_848_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zvIxkeuxozab" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment reporting</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under Topic 280, an operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the CODM to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines operates as <span id="xdx_90D_eus-gaap--NumberOfOperatingSegments_dc_uSegment_c20250101__20250930_zUZTpaw3RSGg" title="Number of operating segment">one</span> operating segment with a focus on data engineering, AI consulting, and technical services. The Company’s Chief Executive Officer (“CEO”), as the Company’s chief operating decision maker, manages and allocates resources to the operations of the Company on a consolidated basis. This enables the Company’s CEO to assess the overall level of available resources and determine how best to deploy these resources across service lines in line with the Company’s long-term company-wide strategic goals.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The CODM considers the Company’s net income/(loss), expenses and the components of total assets to assess the segment’s performance and make resource allocation decisions for the Company’s single segment which is consistent with that presented within these financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As the Company’s operations are comprised of a single reporting segment, the Company’s segment assets are reflected on the accompanying unaudited condensed consolidated interim balance sheet as “total assets” and its significant segment expenses and net loss are listed on the accompanying Unaudited Condensed Consolidated Interim Statements of Operations and Comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1 <p id="xdx_84F_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zmTePe7Bdsg2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impairment of Long-Lived Assets</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived assets, such as property and equipment and finite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company uses the straight-line method of depreciation and amortization. When the carrying value of an asset is more than the sum of the undiscounted expected future cash flows, an impairment is recognized. An impairment loss is measured as the excess of the asset’s carrying amount over its fair value. Intangible assets that have finite useful lives are amortized over their estimated useful lives on a straight-line basis. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset, or a significant decline in the observable market value of an asset, among others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_zUuGnD9EjEs5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company holds long-lived assets in two countries worldwide. The table below presents the breakdown of the Company’s long-lived assets, based on geographic region (in thousands).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zQyH4klqjCZe" style="display: none">Schedule of Long-lived Assets, Based on Geographic Region</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td id="xdx_493_20250930_zLYz0OlTtzth" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td id="xdx_49C_20241231_zYBH22ywkrtc" style="border-bottom: Black 1pt solid; text-align: center"><b>2024</b></td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>Long lived assets as of</b></td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"><b>September 30,</b></td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"><b>December 31,</b></td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><b>2024</b></td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_40F_eus-gaap--NoncurrentAssets_iI_hsrt--StatementGeographicalAxis__country--NP_zjK2q1F4Mhol" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Nepal</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">219</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">286</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NoncurrentAssets_iI_hsrt--StatementGeographicalAxis__country--US_zbB0DxwvC9ue" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">249</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--NoncurrentAssets_iI_zecx5SyRUiwj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total long-lived assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">465</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">535</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zcEETxzXSGbj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_zUuGnD9EjEs5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company holds long-lived assets in two countries worldwide. The table below presents the breakdown of the Company’s long-lived assets, based on geographic region (in thousands).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zQyH4klqjCZe" style="display: none">Schedule of Long-lived Assets, Based on Geographic Region</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td id="xdx_493_20250930_zLYz0OlTtzth" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td id="xdx_49C_20241231_zYBH22ywkrtc" style="border-bottom: Black 1pt solid; text-align: center"><b>2024</b></td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>Long lived assets as of</b></td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"><b>September 30,</b></td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"><b>December 31,</b></td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><b>2024</b></td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_40F_eus-gaap--NoncurrentAssets_iI_hsrt--StatementGeographicalAxis__country--NP_zjK2q1F4Mhol" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Nepal</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">219</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">286</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NoncurrentAssets_iI_hsrt--StatementGeographicalAxis__country--US_zbB0DxwvC9ue" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">249</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--NoncurrentAssets_iI_zecx5SyRUiwj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total long-lived assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">465</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">535</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> 219000 286000 246000 249000 465000 535000 <p id="xdx_84B_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zUS26f3djDMl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value Option (“FVO”) Election</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into related party convertible notes payable, at fair value in October 2019, September 2021, and Convertible Notes payable at fair value in January 2024, (the “Convertible Notes at Fair Value”). (Refer to “Note 9 – Long-Term Debt”). As permitted under ASC 825, Financial Instruments (“ASC 825”), the Company elected the FVO to account for the Convertible Notes at Fair Value and Related Party Convertible notes at Fair Value. In accordance with ASC 825, the Company recorded them at fair value. The FVO may be applied instrument by instrument, but it is irrevocable. Subsequent changes in fair value would be recorded as a separate line in the unaudited condensed consolidated interim statements of operations and comprehensive loss. As a result of applying the FVO, direct costs and fees related to the Convertible Notes at Fair Value and Related Party Convertible notes at Fair Value were expensed as incurred. The Company concluded it was appropriate to apply the FVO to Convertible Notes at Fair Value and Related Party Convertible notes at Fair Value because they are liabilities that are not, in whole or in part, classified as a component of stockholders’ equity. In addition, the Convertible Notes at Fair Value and Related Party Convertible notes at Fair Value met other applicable criteria for electing the FVO under ASC 825.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_z9HBeJonfRQh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue Recognition</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes revenue in accordance with ASC Topic 606, <i>Revenue from Contracts with Customers </i>(“ASC 606”). Under ASC 606, the Company recognizes revenue when (or as) customers obtain control of promised goods or services, in an amount that reflects the consideration which is expected to be received in exchange for those goods or services. The Company recognizes revenue following the five-step model prescribed under ASC 606: (i) identify contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenues when (or as) the Company satisfies a performance obligation. The Company applies the provisions of ASC 606 to an arrangement when a substantive contract exists and collectability is probable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company derives the majority of its revenue from AI Solutions (Products and Services) that largely represents professional services Fusemachines provides to its customers to help them achieve any AI-related goals within their organization. Standard contractual arrangements are governed by Master Services Agreements (“MSAs”), which set out general terms including payment, termination rights, and intellectual property ownership. Detailed scope, pricing, and performance obligations are defined in Statements of Work (“SOWs”), which are executed for each engagement or project phase. The Company’s contracts for AI Services have different terms based on the scope and complexity of engagements; pricing for the majority of contracts are invoiced monthly on a time-and-materials basis. The Company notes that its contracts meet the requirements for over-time revenue recognition, as the customer is simultaneously receiving the benefits and able to consume the benefits of the services being provided. For professional services that are distinct and billed on a time-and-materials basis, revenue is generally recognized as the services are provided, which is reflective of the transfer of the services to the customer. The Company elected the “right to invoice” practical expedient based on the Company’s right to invoice a customer at an amount that approximates the value to the customer and the performance completed to date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also provides AI Education Services which represents a customized curriculum of educational services provided to train the customer’s C-suite on AI for Business. The Company provides AI Education Services over time as the course proceeds and the students retain knowledge over time. Thus, the customer receives and consumes benefits as the Company performs the AI Education Services, and revenue is recognized overtime.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to time-and-materials arrangements, the Company also enters into milestone-based or fixed-fee contracts. For these contracts, revenue is recognized over time using input method (e.g., labor hours incurred relative to total expected hours) that faithfully depicts performance. If a contract does not meet the criteria for over-time recognition, revenue is recognized at the point in time when control transfers to the customer. During the nine months ended September 30, 2025 and September 30, 2024, the revenues from milestone based or fixed fee contracts were insignificant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company’s AI Solutions includes product revenues primarily comprising of software license fees from sales of term-based license contracts, under which we grant customers the license right to use the software for a specified period (i.e. when the customer can access, use, and benefit from the software license). Term software licenses are satisfied at a point in time and associated revenue is recognized upon the later of 1) delivery of the software, or 2) the beginning of the period in which the customer has received the license right to use the software. For customer contracts that include software license fees, implementation and/or other consulting services, the portion of the transaction price allocated to software licenses is generally recognized when delivered. Implementation, customization, or model tuning services if applicable, when included, are evaluated as separate performance obligations when they are distinct from the software and not highly interdependent. These services are generally satisfied over time as the work progresses. During the nine months ended September 30, 2025 and September 30, 2024, the product revenues were insignificant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For most contracts, the Company uses a Master Service Agreements (“MSA”) to govern the overall relevant terms and conditions of the business agreement, and a Statement of Work (“SOW”) to specify the services delivered and the associated prices. Performance obligations specific to each individual contract are defined within the terms of each SOW. Each performance obligation is identified based on the services that will be transferred to our customer that are both capable of being distinct and are distinct within the context of the contract. The transaction price is determined based on the consideration to which the Company will be entitled and expect to receive in exchange for transferring services to the customer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consideration for some contracts may include variable consideration including volume discounts and rebates. If the consideration promised includes a variable amount, the Company only includes estimated amounts of consideration in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. These estimates require management judgments and estimates. The determination of whether to constrain consideration in the transaction is based on historical, current, and forecasted information that is reasonably available to the Company, taking into consideration the type of customer, the transaction, and specific facts and circumstances of each arrangement. The Company uses judgement to determine if collectability of consideration is uncertain, and accordingly, revenue recognition is deferred until the uncertainty is resolved and cash is collected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days of the invoice date. In certain arrangements, the Company will receive payment from a customer either before or after the performance obligation to which the invoice relates has been satisfied. As a practical expedient, the Company does not account for significant financing components if the period between when it transfers the promised good or service to the customer and when the customer pays for the product or service will be one year or less.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation based on its relative standalone selling price. The stand-alone selling prices are determined based on the prices at which the Company separately sells these products. For items that are not sold separately, the Company estimates the stand-alone selling prices using other observable inputs. As Fusemachines Inc. is the sole reportable segment, all revenues are attributed to the sole segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contract Balances</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Differences in timing between revenue recognition and cash collection result in contract assets and contract liabilities. The Company classifies these assets as unbilled revenue; the liabilities are classified as deferred revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred revenue represents the amounts billed or cash payments received in advance of revenue recognition at the end of the reporting period. These amounts are recorded in deferred revenue until revenue is recognized through delivery of service or upon meeting the performance obligation. The Company’s deferred revenue represents contract liabilities. Generally, when billing occurs subsequent to revenue recognition, the Company reports unbilled revenue on the unaudited condensed consolidated interim balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zrO2kPbWGWva" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock-Based Compensation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-based compensation expense attributable to equity awards granted to employees and non-employees is measured at the grant date based on the fair value of the award. For employee awards, the expense is recognized on a straight-line basis over the requisite service period for awards that actually vest, which is generally the period from the grant date to the end of the vesting period. For non-employee awards, the expense for awards that actually vest is recognized based on when the goods or services are provided.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). This standard requires all equity-based payments to employees and non-employees, including grants of employee stock options and restricted stock awards, to be recognized in the unaudited condensed consolidated interim statements of operations and comprehensive loss based on the grant date fair value of the award. The stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the award, which is generally the period from the accounting grant date to the end of the vesting period. The Company elected to account for forfeitures of awards as they occur.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since the adoption of ASU 2018-07, Improvements to Nonemployee Stock-Based Payment Accounting, the measurement date for non-employee awards is the date of grant, and stock-based compensation costs are recognized in the same period and in the same manner as if the entity had paid cash for the goods or services. Stock-based compensation expense is classified as general and administrative, cost of revenue, selling and marketing and research and development expenses in the unaudited condensed consolidated interim statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company estimates the fair value of stock option awards granted using the Black Scholes Merton option pricing formula (the “Black-Scholes Model”). This model requires various significant judgmental assumptions in order to derive a final fair value determination for each type of award, including the expected term, expected volatility, expected dividend yield, risk-free interest rate and fair value of the Company’s stock on the date of grant. The expected option term for options granted is calculated using the “simplified method”. This election was made based on the lack of sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The simplified method defines the expected term as the average of the contractual term and the vesting period. Estimated volatility is based on similar entities whose stock prices are publicly traded. The Company uses the historical volatilities of similar entities due to the lack of sufficient historical data for the Company’s common stock price. The Company estimates volatility based upon the observed historical volatilities of comparable companies over a lookback period commensurate with the estimated holding period, adjusted for relative leverage using the Black-Scholes-Merton formula. Dividend yields are based on the Company’s history and expected future actions. The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero. The risk-free interest rate is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the stock option award was granted with a maturity equal to the expected term of the stock option award. All grants of stock options generally have an exercise price equal to or greater than the fair market value of the Company’s common stock on the date of grant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because the Company is privately held and there is no public market for its Stock, the fair value of the Company’s equity is approved by the Company’s board of directors thereof as of the date stock-based awards are granted. In estimating the fair value of its stock, the Company uses a third-party valuation specialist and considers factors it believes are material to the valuation process, including but not limited to, the price at which recent equity was issued by the Company to independent third parties or transacted between third parties, any indications of value from offers to acquire the Company, actual and projected financial results, risks, prospects, economic and market conditions, and estimates of weighted average cost of capital. The Company believes the combination of these factors provides an appropriate estimate of the expected fair value of the Company and reflects the best estimate of the fair value of the Company’s common stock at each grant date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--StockholdersEquityPolicyTextBlock_zks48woInyj9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes Receivable from Stockholders</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time the Company has entered into promissory note agreements with certain employees for the purpose of financing the early exercise of the Company’s stock options. Although the shares of common stock purchased by the employees in exchange for the promissory notes are considered legally issued, the Company does not consider them outstanding for accounting purposes. Instead, the Company treats them as restricted until the options are fully vested and the outstanding principal and accrued interest on the notes are repaid in full. Unvested shares for which the promissory notes are fully satisfied are recorded as a share repurchase liability and as shares vest are recognized to additional paid-in capital in the unaudited condensed consolidated interim balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--AdvertisingCostsPolicyTextBlock_z7KmCkMTDLga" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Advertising Cost</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising costs are expensed as incurred. Advertising costs were $<span id="xdx_90C_eus-gaap--AdvertisingExpense_pn2n3_c20250101__20250930_zEP26I2l7BN5" title="Advertising cost">29.1</span> thousand and $ <span id="xdx_905_eus-gaap--AdvertisingExpense_pn2n3_c20240101__20240930_zUWIlgarhiBe" title="Advertising cost">18.3</span> thousand for the nine months ended September 30, 2025, and 2024, respectively, which are included in selling and marketing costs on the unaudited condensed consolidated interim statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 29100 18300 <p id="xdx_848_ecustom--DeferredTransactionCostsPolicyTextBlock_zjfOvaoup3G8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred Transaction Costs</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records deferred transaction costs, which consist of legal, accounting, and other fees related to the preparation of the Merger. (Refer to “Note 1 – Organization”). The deferred transaction costs will be offset against proceeds from the transaction upon the effectiveness of the Business Combination. As of September 30, 2025 and December 31, 2024, $<span id="xdx_90C_ecustom--DeferredTransactionCost_iI_pn3n3_c20250930_zR7ce2bVgKsi" title="Deferred transaction cost">1,871</span> thousand and $<span id="xdx_90B_ecustom--DeferredTransactionCost_iI_pn3n3_c20241231_zXao4HIdVoB" title="Deferred transaction cost">1,865</span> thousand of deferred transaction costs, respectively, were capitalized and recorded in deferred transaction costs on the unaudited condensed consolidated interim balance sheets. Transaction costs that are not eligible to be capitalized are expensed as incurred and included within general and administrative expense in the unaudited condensed consolidated interim statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1871000 1865000 <p id="xdx_84D_eus-gaap--ResearchAndDevelopmentExpensePolicy_zebNjqjUC9wi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research and Development Costs</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for research and development costs in accordance with the ASC 730, <i>Research and Development</i>. Under ASC 730, all research and development costs are expensed as incurred, with the exception of certain software development costs discussed above. Our research and development costs consist primarily of payroll costs associated with software product development, testing, quality assurance, documentation, enhancements and upgrades for existing customers under maintenance. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and Development costs were $<span id="xdx_903_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250930_ztELNmlikZ9i" title="Research and development expense">489</span> thousand and $<span id="xdx_904_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20240930_zJoI1R4GX8vg" title="Research and development expense">555</span> thousand for the period ended September 30, 2025, and 2024, respectively, which are included in the unaudited condensed consolidated interim statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 489000 555000 <p id="xdx_849_eus-gaap--SellingGeneralAndAdministrativeExpensesPolicyTextBlock_zCRbYepOUkAb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General and Administrative Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of expenses associated with general and administrative functions of the business such as the costs of salaries, stock-based compensation expense, Information Technology (“IT”) infrastructure, allowance for expected credit losses, travel, legal and accounting services, insurance, rent, software and tools, meals, other professional services activities, and certain non-income taxes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zvviKHEjA804" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitments and Contingencies</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may at times be involved in litigation in the ordinary course of business. The Company will, from time to time, when appropriate in management’s estimation, record adequate reserves in the Company’s unaudited condensed consolidated interim financial statements for pending litigation. Currently there are no pending or threatened litigation matters that management believes require accrual or disclosure in addition to those presented in the Note on Litigation (refer Note 16 – Commitments and Contingencies).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--RisksAndUncertaintiesPolicyTextBlock_zjrm3dn0RInh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks and Uncertainties</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of its global operations, the Company may be subject to certain inherent risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration of Credit -</i></b> Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents, and accounts receivable. The Company maintains cash and cash equivalents with financial institutions. The Company believes its credit policies reflect normal industry terms and business risk and there is no expectation of non-performance by the counterparties. Accounts receivables are generally dispersed across many customers operating in different industries; therefore, concentration of credit risk is limited. If any of the Company’s customers enter bankruptcy protection or otherwise take steps to alleviate their financial distress, the Company’s credit losses and write-offs of receivables could increase, which would negatively impact its results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Significant Customers and Suppliers</i></b> — The concentration of credit risk with respect to accounts receivable is primarily limited to certain customers to which the Company makes substantial sales. To minimize credit risk related to accounts receivable, the Company maintains allowances for potential credit losses based on historical loss patterns as well as future expectations. As of September 30, 2025 and December 31, 2024, the Company had four customers whose accounts receivable balance accounted for at least 10% of the Company’s consolidated accounts receivables, respectively. These customers accounted for approximately <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--FourCustomersMember_z5xdwMZhuOxi" title="Concentration risk, percentage">57.9</span>% and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--FourCustomersMember_zJoNH5iU1HOj" title="Concentration risk, percentage">61.6</span>% of the Company’s receivables at the end of the respective periods. For the nine month ended September 30, 2025 and 2024, the Company had three and two customers whose revenue accounted for at least 10% of the Company’s consolidated revenue, respectively. These customers accounted for approximately <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_zjBygptdgOqh" title="Concentration risk, percentage">43.3</span> % and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_zSQuw6VyX2rd" title="Concentration risk, percentage">21.6</span> % of the Company’s total revenue at the end of the respective periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company pays its suppliers on normal commercial terms and does not believe that there is any significant supply risk from its suppliers. As of September 30, 2025 and December 31, 2024, the Company had two and three suppliers whose account payable accounted for at least 10% of the Company’s consolidated account payables, respectively. These suppliers accounted for approximately <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__srt--MajorCustomersAxis__custom--TwoSupplierMember_zQWgl9IMqHh6" title="Concentration risk, percentage">47.2</span>% and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__srt--MajorCustomersAxis__custom--ThreeSupplierMember_zGxxZ6gT8jQ5" title="Concentration risk, percentage">57.05</span>% of the Company’s total payables at the end of the respective periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign currency risk </i></b>- The Company’s global operations are conducted predominantly in U.S. dollars. While revenue is generated in U.S. dollars, the Company incurs expenses in other currencies, principally, Nepalese rupees and Canadian dollars. The Company’s international operations expose it to risk of adverse fluctuations in foreign currency exchange rates through the remeasurement of foreign currency denominated assets and liabilities (both third-party and intercompany) and translation of earnings and cash flows into U.S. dollars.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest rate risk </i></b>- The Company is exposed to market risk from changes in interest rates. Exposure to interest rate risk results primarily from variable rates related to cash, short-term investments, and the Company’s borrowings. The Company does not believe it is exposed to material direct risks associated with changes in interest rates related to these deposits, investments and borrowings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.579 0.616 0.433 0.216 0.472 0.5705 <p id="xdx_84C_ecustom--RelatedPartiesPolicyTextBlock_zsk7jFAdJEC4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Parties</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related party also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party control or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all significant related party transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_ecustom--GoingConcernPolicyTextBlock_zlGzjwyiB17e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going Concern</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s unaudited condensed consolidated interim financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2025, the Company had cash of approximately $<span id="xdx_908_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20250930_z8A7DGoav7Pi" title="Cash and cash equivalents">106.0</span> thousand. For the nine months ended September 30, 2025, the Company used approximately $<span id="xdx_903_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn3n3_di_c20250101__20250930_za9LzfuDg3fi" title="Net cash used in operating activities">488.0</span> thousand in cash for operating activities. Historically, the Company has incurred recurring net losses from operations and negative cash flows from operating activities. As of September 30, 2025, the Company had an accumulated deficit of approximately $<span id="xdx_90D_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn3n3_di_c20250930_z0ZmwZH5sPVa" title="Accumulated deficit">39,430</span> thousand. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern within one year of the date these unaudited condensed consolidated interim financial statements were issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders and debt holders. Specifically, continuation is contingent on the Company’s ability to obtain necessary equity or February 24, 2025 to continue operations, and ultimately the Company’s ability to generate profit from sales and positive operating cash flows, which is not assured.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 22, 2025, Merger Sub merged with and into Fusemachines, with Fusemachines continuing as the surviving company and becoming a wholly owned subsidiary of Pubco. In connection with the closing, approximately $<span id="xdx_90F_eus-gaap--Cash_iI_pn5n6_c20251022__srt--OwnershipAxis__custom--FusemachinesPubcoMember_zKCO1HyHJ4Yb" title="Cash">14.0</span> million in cash was received for the issuance of shares of Fusemachines Pubco Common Stock. All convertible notes were settled through the issuance of Fusemachines Common Stock, and certain promissory notes were repaid in cash upon closing. Following the business combination, the net balance of cash and cash equivalents was approximately $<span id="xdx_90E_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn5n6_c20251022__srt--OwnershipAxis__custom--FusemachinesPubcoMember_zzkk8Df2s4Uh" title="Cash and cash equivalents">9.4</span> million. The Company’s trade payables, accrued expenses, and other current liabilities exceed the net cash and cash equivalents balance. Management is evaluating initiatives to streamline operations through reductions in headcount and consultant costs, and continued negotiations with vendors to achieve more favorable terms. In addition, the Company’s business plan anticipates a measured growth trajectory supported by new client acquisitions and expansion of existing customer relationships. While these actions are expected to enhance the Company’s financial position and extend its operational runway once implemented, they remain in the planning and negotiation stages.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date on which these unaudited condensed consolidated interim financial statements were available to be issued, we believe that the cash on hand, and additional investments available through issuance of new Common Stock, will be inadequate to satisfy the Company’s working capital and capital expenditure requirements for at least the next twelve months. The ability of the Company to continue as a going concern is dependent upon management’s plan to raise additional capital from issuance of equity or receive additional borrowings to fund the Company’s operating and investing activities over the next year. These unaudited condensed consolidated interim financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 106000.0 -488000.0 -39430000 14000000.0 9400000 <p id="xdx_84F_eus-gaap--EquityMethodInvestmentsPolicy_zP3H6SynK2c1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment in Equity Securities</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s equity investment comprises of investments in equity securities of private companies. These equity investments are accounted for under the equity method, and initially recorded at estimated fair value, less any impairment. The Company’s share of gains and losses if any from these equity method investments are included in the unaudited condensed consolidated interim statements of operations and comprehensive loss, net of income tax provision. Equity investments are reviewed regularly to determine whether there is a decline in estimated fair value below the carrying amount. If there is a decline that is other-than-temporary, the investment is written down to estimated fair value. When evaluating the equity investment for impairment, the Company performs a qualitative and quantitative assessment to evaluate whether a decline in estimated fair value below the carrying amount is other-than- temporary. The qualitative assessment includes a review of macroeconomic conditions, industry and market considerations, the investee’s recent operating results and trends, recent acquisitions and sales of the investee securities, and other publicly available data, among other factors. If the Company determines that the decline is other-than-temporary, the Company records an impairment loss to write the equity investment to the estimated fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_ecustom--TreasuryStockPolicyTextBlock_zNv0o8HKa6Yc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Treasury Stock</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records treasury stock activities under the cost method whereby the cost of the acquired stock is recorded as treasury stock. The Company’s accounting policy upon the formal retirement of treasury stock is to deduct the par value from the Company’s common stock and to reflect any excess cost over par value as a reduction to additional paid-in capital (to the extent created by previous issuances of the shares) and then retained earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--EarningsPerSharePolicyTextBlock_zW6zFin13Sh4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net Loss per Share </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company applies the two-class method to compute basic and diluted net loss per share attributable to common shareholders, when shares meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common shareholders for the period to be allocated between common and participating securities based upon their respective rights to share in the earnings as if all income (loss) for the period had been distributed. The Company reported a net loss attributable to common shareholders for the nine months ended September 30, 2025 and 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the year. Diluted net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted average number of shares outstanding, plus the impact of potential common shares, if dilutive, resulting from the potential exercise of warrants or options, and the potential conversion of preferred stock or convertible notes, into common stock, under the if-converted method. Due to the net losses for the nine month period ended September 30, 2025 and 2024, basic and dilutive net loss per share were the same, as the effect of potentially dilutive securities would have been anti-dilutive</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--EmergingGrowthCompanyPolicyTextBlock_zJDq4xnmQBe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Growth Company (EGC)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an emerging growth company (“EGC”) as defined in the Jumpstart Our Business Startups Act, (the “JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, the Company’s unaudited condensed consolidated interim financial statements may not be comparable to companies that comply with public company Financial Accounting Standards Board (“FASB”) standards’ effective dates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 22, 2025, the</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Company consummated its merger with CSLM Holdings, Inc., a publicly traded Special Purpose Acquisition Company (“SPAC”), pursuant to which the Company became a wholly owned subsidiary of CSLM Holdings, Inc. (renamed Fusemachines Inc.) and the transaction was accounted for as a reverse recapitalization in accordance with U.S. GAAP (the “Transaction”). Refer to Note 1 – Organization for additional details regarding the Transaction. Following the completion of the Transaction, Fusemachines Inc. continues to qualify as an emerging growth company (“EGC”) as defined under the Jumpstart Our Business Startups Act of 2012 and will retain such status until the earliest of: (i) the last day of the Company’s first fiscal year following the fifth anniversary of the completion of the SPAC’s initial public offering; (ii) the last day of the fiscal year in which the Company has total annual gross revenues of at least $<span id="xdx_90E_ecustom--GrossRevenue_pn7n9_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zNUG3cStqFUa" title="Gross revenue">1.07</span> billion; (iii) the last day of the fiscal year in which the Company becomes a large accelerated filer (market value of non-affiliate-held common stock exceeding $<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn6n6_c20240101__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zG6M0Ycq6yb3" title="Market value of non-affiliate-held common stock">700</span> million as of the prior September 30); or (iv) the date on which the Company has issued more than $<span id="xdx_90E_ecustom--NonConvertibleDebt_pn8n9_c20250101__20250930_zba4bi0QJxkj" title="Non convertible debt">1.0</span> billion in non-convertible debt securities during the preceding three-year period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1070000000.00 700000000 1000000000.0 <p id="xdx_840_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zqSqqyAFYbr8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent Accounting Pronouncements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_843_ecustom--NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock_zhstRXXxTGV3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Accounting Pronouncements Not Yet Adopted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASU 2023-09<i>, Income Taxes (Topic 740): Improvements to Income Tax Disclosures</i>. In December 2023, the FASB issued this ASU to update income tax disclosure requirements, primarily related to the income tax rate reconciliation and income taxes paid information. This update is effective on a prospective basis for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its unaudited condensed consolidated interim financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2024, the SEC issued its final climate disclosure rules (Rule 1), which require the disclosure of climate-related information in annual reports and registration statements, beginning with annual reports for the year ending December 31, 2025. The rules require disclosure in the audited financial statements of certain effects of severe weather events and other natural conditions above certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates, if material. We are currently evaluating the impact of the new rules and continue to monitor the status of the related legal challenges.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. In November 2024, the FASB issued this ASU that requires more detailed disclosure about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expense and depreciation expense. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The guidance does not affect recognition or measurement in our unaudited condensed consolidated interim financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASU 2024-04 Debt - Debt with Conversion and Other Options - Induced Conversions of Convertible Debt Instruments. In November 2024, the FASB issued this ASU which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions or extinguishments. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in Update 2020-06. We are currently evaluating the impact this guidance will have on our unaudited condensed consolidated interim financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2025, the FASB issued Accounting Standards Update No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”). ASU 2025-03 changes how companies determine the accounting acquirer in certain business combinations involving variable interest entities. The new guidance requires considering the factors used for other acquisition transactions to assess which party is the accounting acquirer. ASU 2025-03 is effective for the Company’s annual reporting periods beginning on January 1, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on its financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2025, the FASB issued Accounting Standards Update No. 2025-04, Compensation – Stock Compensation (Topic 718) and Revenue from Contracts With Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer (“ASU 2025-04”). ASU 2025-04 revises the definition of a performance condition, eliminates the forfeiture policy election for service conditions, and clarifies that the variable consideration constraint in Topic 606 does not apply to share-based consideration payable to customers. The new guidance requires entities to consistently account for share-based awards granted to customers by clarifying the treatment of vesting conditions and ensuring alignment with Topic 606 and Topic 718. ASU 2025-04 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on its financial statements and related disclosures. </span>The Company does not believe any other new accounting pronouncements issued by the FASB that have not become effective will have a material impact on its unaudited condensed consolidated interim financial statements.</p> <p id="xdx_805_eus-gaap--FairValueDisclosuresTextBlock_zby5pntF0oGc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3. <span id="xdx_827_z9G6cxvLhmxc">Fair Value Measurements</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 — Quoted prices for identical assets or liabilities in active markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 — Inputs other than quoted prices within Level 1 that are observable either directly or indirectly, including quoted prices in markets that are not active, quoted prices in active markets for similar assets or liabilities, and observable inputs other than quoted prices such as interest rates or yield curves.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 — Unobservable inputs reflecting management’s view about the assumptions that market participants would use in pricing the asset or liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial Instruments Not Recorded at Fair Value</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The carrying values of the Company’s accounts receivable, unbilled revenue, prepaid expenses and other current assets, accounts payable, deferred transaction costs, accrued expenses and other current liabilities and cumulative mandatorily redeemable common and preferred stock liability approximate their fair values based on the instruments’ relative short-term nature.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2025 and December 31, 2024, the estimated fair values of our convertible notes payable, current and related party loan payable, current approximated their carrying values due to their relatively short maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial Instruments Recorded at Fair Value</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zNsAz6cWC4hj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables present the Company’s fair value hierarchy for its financial liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_z2tVKwocZdu5" style="display: none">Schedule of Financial Instruments Recorded at Fair Value on a Recurring Basis</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 12pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20250930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zUObxaWgr26d" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_495_20250930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zlXjpQT9cSme" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_497_20250930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zIiRmzAL2rwc" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_493_20250930__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zkhnHJEuepcb" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Fair Value Measurements at September 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 12pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--FinancialLiabilitiesFairValueDisclosureAbstract_iB_zCGeWigb5g2k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40D_eus-gaap--DebtInstrumentFairValue_i01I_pn3n3_maFLFVDzHwA_zKi3V1ESxope" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Related party convertible notes payable, at fair value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">        <span style="-sec-ix-hidden: xdx2ixbrl3415">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">        <span style="-sec-ix-hidden: xdx2ixbrl3416">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,530</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,530</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ConvertibleDebtFairValueDisclosures_i01I_pn3n3_maFLFVDzHwA_zsogsuXRrekg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Convertible Notes payable at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3420">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3421">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,480</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DerivativeLiabilities_i01I_pn3n3_maFLFVDzHwA_z16x8gskI3e3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Warrant liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3425">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3426">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">850</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">850</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinancialLiabilitiesFairValueDisclosure_i01TI_pn3n3_mtFLFVDzHwA_zqG3cyqIP0Lg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities</span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3430">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3431">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,860</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,860</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 12pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_490_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_ziMcAuyxxW3e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 1</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_494_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z1xnZquuB21c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 2</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_49C_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_za6fYAfPLwye" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 3</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_49A_20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zgtvuXn9uCO2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-size: 12pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-size: 12pt; font-weight: bold; text-align: left"> </td><td colspan="13" style="border-bottom: Black 1pt solid; font-size: 12pt; font-weight: bold; text-align: right"><p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Fair Value Measurements at December 31, 2024</b></p> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 12pt; width: 44%"> </td><td style="padding-bottom: 1pt; font-weight: bold; width: 2%"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 1</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="padding-bottom: 1pt; font-weight: bold; width: 2%"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 2</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="padding-bottom: 1pt; font-weight: bold; width: 2%"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 3</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="padding-bottom: 1pt; font-weight: bold; width: 2%"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td></tr> <tr id="xdx_408_eus-gaap--FinancialLiabilitiesFairValueDisclosureAbstract_iB_zEihEGRdcu4e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DebtInstrumentFairValue_i01I_pn3n3_maFLFVDzHwA_zSyxd82fEqr5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Related party convertible notes payable, at fair value</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3440">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3441">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,524</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ConvertibleDebtFairValueDisclosures_i01I_pn3n3_maFLFVDzHwA_zSINr5zMyN0h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Convertible Notes payable at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3445">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3446">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,986</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DerivativeLiabilities_i01I_pn3n3_maFLFVDzHwA_zknD7b1e6KJf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Warrant liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3450">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3451">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">945</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">945</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinancialLiabilitiesFairValueDisclosure_i01TI_pn3n3_mtFLFVDzHwA_zZnIQa5dBj11" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities</span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3455">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3456">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,455</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,455</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zsZxWYjmO0Q2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zLhbUZjuJHFb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table shows the change in the fair value of the warrant liability (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_z9R9rCnIRKc4" style="display: none">Schedule of Change in Fair Value of Warrant Liability</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 12pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_4BF_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zv3NcBQVxQ09" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_43B_c20240101__20240930_eus-gaap--DerivativeLiabilities_iS_pn3n3_z27mHeGJrxnc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold">Balance as of December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right">430</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43C_c20240101__20240930_ecustom--IssuanceOfCommonStockWarrantLiability_pn3n3_zNJmhHGB2Lz1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Issuance of common stock warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3464">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20240930_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_zdCFpeEtCel8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Change in fair value of warrant liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">531</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_439_c20240101__20240930_eus-gaap--DerivativeLiabilities_iE_pn3n3_zlTRrCoKKWRj" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-weight: bold">Balance as of September 30, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">961</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_433_c20250101__20250930_eus-gaap--DerivativeLiabilities_iS_pn3n3_zexaTvGT2k0e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold">Balance as of December 31, 2024</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right">945</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_430_c20250101__20250930_eus-gaap--DerivativeLiabilities_iS_pn3n3_zOyUXrjTmBAf" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Warrant liability, beginning balance</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">945</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_430_c20250101__20250930_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_zIqnXxW4jFcl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Change in fair value of warrant liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(95</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43A_c20250101__20250930_eus-gaap--DerivativeLiabilities_iE_pn3n3_zrpcYeJhQl4i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-weight: bold">Balance as of September 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">850</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43F_c20250101__20250930_eus-gaap--DerivativeLiabilities_iE_pn3n3_zv330d1JJBse" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-weight: bold">Warrant liability, ending Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">850</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AD_ztc8pcmHi4Ce" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_ecustom--ScheduleOfChangeInFairValueOfTheConvertibleNotesAtFairValueTableTextBlock_zjqQffqLAwv" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table shows the change in the fair value of the Convertible Notes at Fair Value (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zrUsiMLBfpgb" style="display: none">Schedule of Change in Fair Value of the Convertible Notes at Fair Value</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B2_us-gaap--FinancialInstrumentAxis_custom--RelatedPartyConvertibleNotesPayableAtFairValueMember_zt1DeenHTUef" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Related party convertible notes payable at fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B9_us-gaap--FinancialInstrumentAxis_custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember_zc0chBGh9ej3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 2024 Convertible Notes</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B0_z2ytXkar1CPk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Convertible Notes at Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_43E_c20240101__20240930_eus-gaap--DebtInstrumentFairValue_iS_pn3n3_zuXh0IATXFxd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Balance as of December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">3,764</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3483">-</span></td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">3,764</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43E_c20240101__20240930_eus-gaap--ProceedsFromRepaymentsOfNotesPayable_pn3n3_zacQGbZxiHs2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issuance of Convertible Notes at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3486">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,500</td><td style="text-align: left"> </td></tr> <tr id="xdx_43F_c20240101__20240930_ecustom--AdjustmentsToAdditionalPaidInCapitalGainOnExtinguishmentRecordedAsCapitalTransaction_iN_pn3n3_di_zyy5VZNu5ZL" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gain on extinguishment of debt recorded as a capital transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(343</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3491">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(343</td><td style="text-align: left">)</td></tr> <tr id="xdx_437_c20240101__20240930_ecustom--ChangesInFairValueOfConvertibleNotesAtFairValue_iN_pn3n3_di_z0fEMvmM6HFj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Change in fair value of Related Party note and Convertible Notes at Fair Value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,457</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,349</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,806</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_436_c20240101__20240930_eus-gaap--DebtInstrumentFairValue_iE_pn3n3_z97lu7BrUecj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of September 30, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,878</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,849</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13,727</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43B_c20250101__20250930_eus-gaap--DebtInstrumentFairValue_iS_pn3n3_zEBCTEdAZtd1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance as of December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">6,524</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">8,986</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">15,510</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43E_c20250101__20250930_eus-gaap--DebtInstrumentFairValue_iS_pn3n3_zVMSUXFI20ha" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Convertible notes at fair value, beginning balance</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">6,524</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">8,986</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">15,510</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43E_c20250101__20250930_eus-gaap--ProceedsFromRepaymentsOfNotesPayable_pn3n3_zGx5M8JBebLj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issuance of Convertible Notes at Fair Value</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3510">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3511">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3512">-</span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_438_c20250101__20250930_ecustom--ChangesInFairValueOfConvertibleNotesAtFairValue_iN_pn3n3_di_z7pdnYfB14d2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value of Related party note and Convertible Notes at Fair Value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,006</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">494</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,500</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_431_c20250101__20250930_eus-gaap--DebtInstrumentFairValue_iE_pn3n3_zEaTg5P5NbU1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of September 30, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,530</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,480</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,010</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43E_c20250101__20250930_eus-gaap--DebtInstrumentFairValue_iE_pn3n3_zKyasIr1fDAb" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Convertible notes at fair value, ending balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,530</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,480</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,010</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_8A1_zh1AfeBk4cE8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common Stock Warrant Liability</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company estimates the fair value of the common stock warrant liability (refer to “Note 9 – Long-term Debt”) using an option pricing model and assumptions that are based on the individual characteristics of the warrants on the valuation date, as well as assumptions for fair value of the underlying common stock expected volatility, expected life, dividends, and risk-free interest rate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrant liability is classified as Level 3 as there were no quotable prices for identical assets or quoted prices for similar. The warrant liabilities are measured using a Black-Scholes Model. The fair value of the warrant liability as of September 30, 2025 was determined using the following assumptions: a dividend yield of <span id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20250930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zbqBJNdendga" title="Warrant liability, measurement input">0.0</span>%, a risk-free rate of <span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20250930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zfinvVMPhXS3" title="Warrant liability, measurement input">4.00</span>%, a stock price of $<span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20250930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_z2lfsOKeHehi" title="Warrant liability, measurement input">6.41</span>, a term of <span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20250930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zvoOqy4RupNc" title="Warrant liability, measurement input">7.90</span> years, and annualized volatility of <span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20250930__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputAnnualizedVolatilityMember_zPnLfiYgTWSb" title="Warrant liability, measurement input">60.0</span>%.The fair value of the warrant liability as of December 31, 2024 was determined using the following assumptions: a dividend yield of <span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zFPzVN7Ggjok" title="Warrant liability, measurement input">0.0</span>%, a risk-free rate of <span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zukeuDAaHlqd" title="Warrant liability, measurement input">4.5</span>%, a stock price of $<span id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zcnDqcYtHIC" title="Warrant liability, measurement input">7.48</span>, a term of <span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zygO9UheHRk9" title="Warrant liability, measurement input">8.65</span> years, and annualized volatility of <span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputAnnualizedVolatilityMember_z7ZR8ph3MwQe" title="Warrant liability, measurement input">65.0</span>%. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party Note payable at Fair Value and Convertible Notes at Fair Value</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for certain long-term debt (also refer to “Note – 9 – Long-term Debt”) under the fair value option. At the issuance date of the Convertible Notes at Fair Value, the Company determined that the fair value approximated the principal amount. Subsequent measurement of fair value of the Convertible Notes at Fair Value as of September 30, 2025, and December 31, 2024 was estimated based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The Company used a scenario-based analysis to incorporate estimates and assumptions concerning the Company’s prospects and market indications into a model to estimate the value of the Convertible Notes at Fair Value. The most significant estimates and assumptions used as inputs are those concerning timing, probability of possible scenarios for conversion or settlement of the Convertible Notes at Fair Value. The Convertible Notes at Fair Value are classified as Level 3 as there were no quotable prices for identical assets or quoted prices for similar.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_zcu0ISrgnQTc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables set forth the significant inputs to the probability-weighted valuation model used to value the Convertible Notes at Fair Value as of September 30, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zdWqLwrvKifl" style="display: none">Schedule of Probability-Weighted Valuation Model Used to Value the Convertible Notes at Fair Value</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">2019 and 2021 Convertible Notes</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td> </td> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Type of Events</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability of Event</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount Rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 54%; text-align: left">SPAC Transaction</td><td style="width: 2%"> </td> <td style="text-align: center; width: 12%"><span id="xdx_908_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zsNT3L8NZCU5">10/22/2025</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_905_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zyCxxiPFzqji" title="Probability of Event">95</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_904_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zFYKHJRf4dP8" title="Probability of Event">57</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Maturity</td><td> </td> <td style="text-align: center"><span id="xdx_909_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zvmJk1DPgena">2/28/2026</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zD7WdraR0Hug" title="Probability of Event">5</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zrkTCapiOMqa" title="Probability of Event">57</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Default Feature</td><td> </td> <td style="text-align: center">N/A</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">January 2024 Convertible Notes</td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Type of Events</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability of Event</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount Rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 54%; text-align: left">SPAC Transaction</td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center"><span id="xdx_90A_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zHwHJflkhBFd" title="Expected Date">10/22/2025</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zfdRXGHLFHbe" title="Probability of Event">95</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_902_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zLBzcGGCYHE3" title="Probability of Event">48</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Maturity</td><td> </td> <td style="text-align: center"><span id="xdx_909_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zxhnYY3FDtr8" title="Expected Date">02/28/2026</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_z5mrDk0V0tI" title="Probability of Event">5</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zA33WgzkWjge" title="Probability of Event">48</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Default Feature</td><td> </td> <td style="text-align: center">N/A</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the significant inputs to the probability-weighted valuation model used to value the Convertible Notes at Fair Value as of December 31, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">2019 and 2021 Convertible Notes</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td> </td> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Type of Events</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability of Event</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount Rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 54%; text-align: left">SPAC Transaction</td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_z28nkeZSdwmc">4/3/2025</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zqpJlWL4zZvj" title="Probability of Event">75</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90F_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_z9bPZGXPoYPj" title="Probability of Event">54</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Maturity</td><td> </td> <td style="text-align: center"><span id="xdx_90C_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_z6ceMAG4tlf3">2/28/2026</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zbBW0dxu2Mr8" title="Probability of Event">10</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zGBNPb7Iuh7i" title="Probability of Event">54</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Default Feature</td><td> </td> <td style="text-align: center">N/A</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zHS9ogDvfQkk" title="Probability of Event">15</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zg3eatu1MjQg" title="Probability of Event">54</span></td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">January 2024 Convertible Notes</td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Type of Events</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability of Event</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount Rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 54%; text-align: left">SPAC Transaction</td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zDGTRPALMsy6" title="Expected Date">4/3/2025</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_902_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zvHzNUjqjIvi" title="Probability of Event">75</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90C_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zjDro7lJCaxk" title="Probability of Event">45</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Maturity</td><td> </td> <td style="text-align: center"><span id="xdx_902_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zNaIXdurkQwc" title="Expected Date">7/12/2025</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_ztFy9CRQZso6" title="Probability of Event">10</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zdO5DsUeyR9b" title="Probability of Event">45</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Default Feature</td><td> </td> <td style="text-align: center"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zi2Lm5ipKaaj" title="Expected Date">7/12/2025</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zdOISzUk2p0a" title="Probability of Event">15</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zyFNqKiMyjC6" title="Discount Rate">45</span></td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8AB_zixZMzXvMyCd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2025 and December 31, 2024, there were no transfers between Level 1, Level 2 and Level 3.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has certain non-financial assets that are measured at fair value on a non-recurring basis when there is an indicator of impairment, and they are recorded at fair value only when an impairment is recognized. These assets include property and equipment and amortizable intangible assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zNsAz6cWC4hj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables present the Company’s fair value hierarchy for its financial liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_z2tVKwocZdu5" style="display: none">Schedule of Financial Instruments Recorded at Fair Value on a Recurring Basis</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 12pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20250930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zUObxaWgr26d" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_495_20250930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zlXjpQT9cSme" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_497_20250930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zIiRmzAL2rwc" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_493_20250930__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zkhnHJEuepcb" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Fair Value Measurements at September 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 12pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--FinancialLiabilitiesFairValueDisclosureAbstract_iB_zCGeWigb5g2k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40D_eus-gaap--DebtInstrumentFairValue_i01I_pn3n3_maFLFVDzHwA_zKi3V1ESxope" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Related party convertible notes payable, at fair value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">        <span style="-sec-ix-hidden: xdx2ixbrl3415">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">        <span style="-sec-ix-hidden: xdx2ixbrl3416">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,530</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,530</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ConvertibleDebtFairValueDisclosures_i01I_pn3n3_maFLFVDzHwA_zsogsuXRrekg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Convertible Notes payable at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3420">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3421">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,480</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DerivativeLiabilities_i01I_pn3n3_maFLFVDzHwA_z16x8gskI3e3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Warrant liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3425">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3426">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">850</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">850</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinancialLiabilitiesFairValueDisclosure_i01TI_pn3n3_mtFLFVDzHwA_zqG3cyqIP0Lg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities</span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3430">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3431">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,860</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,860</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 12pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_490_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_ziMcAuyxxW3e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 1</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_494_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z1xnZquuB21c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 2</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_49C_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_za6fYAfPLwye" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 3</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_49A_20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zgtvuXn9uCO2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-size: 12pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-size: 12pt; font-weight: bold; text-align: left"> </td><td colspan="13" style="border-bottom: Black 1pt solid; font-size: 12pt; font-weight: bold; text-align: right"><p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Fair Value Measurements at December 31, 2024</b></p> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 12pt; width: 44%"> </td><td style="padding-bottom: 1pt; font-weight: bold; width: 2%"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 1</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="padding-bottom: 1pt; font-weight: bold; width: 2%"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 2</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="padding-bottom: 1pt; font-weight: bold; width: 2%"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 3</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="padding-bottom: 1pt; font-weight: bold; width: 2%"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td></tr> <tr id="xdx_408_eus-gaap--FinancialLiabilitiesFairValueDisclosureAbstract_iB_zEihEGRdcu4e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DebtInstrumentFairValue_i01I_pn3n3_maFLFVDzHwA_zSyxd82fEqr5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Related party convertible notes payable, at fair value</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3440">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3441">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,524</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ConvertibleDebtFairValueDisclosures_i01I_pn3n3_maFLFVDzHwA_zSINr5zMyN0h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Convertible Notes payable at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3445">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3446">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,986</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DerivativeLiabilities_i01I_pn3n3_maFLFVDzHwA_zknD7b1e6KJf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Warrant liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3450">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3451">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">945</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">945</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinancialLiabilitiesFairValueDisclosure_i01TI_pn3n3_mtFLFVDzHwA_zZnIQa5dBj11" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities</span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3455">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3456">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,455</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,455</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 7530000 7530000 9480000 9480000 850000 850000 17860000 17860000 6524000 6524000 8986000 8986000 945000 945000 16455000 16455000 <p id="xdx_891_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zLhbUZjuJHFb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table shows the change in the fair value of the warrant liability (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_z9R9rCnIRKc4" style="display: none">Schedule of Change in Fair Value of Warrant Liability</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 12pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_4BF_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zv3NcBQVxQ09" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_43B_c20240101__20240930_eus-gaap--DerivativeLiabilities_iS_pn3n3_z27mHeGJrxnc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold">Balance as of December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right">430</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43C_c20240101__20240930_ecustom--IssuanceOfCommonStockWarrantLiability_pn3n3_zNJmhHGB2Lz1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Issuance of common stock warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3464">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20240930_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_zdCFpeEtCel8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Change in fair value of warrant liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">531</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_439_c20240101__20240930_eus-gaap--DerivativeLiabilities_iE_pn3n3_zlTRrCoKKWRj" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-weight: bold">Balance as of September 30, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">961</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_433_c20250101__20250930_eus-gaap--DerivativeLiabilities_iS_pn3n3_zexaTvGT2k0e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold">Balance as of December 31, 2024</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right">945</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_430_c20250101__20250930_eus-gaap--DerivativeLiabilities_iS_pn3n3_zOyUXrjTmBAf" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Warrant liability, beginning balance</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">945</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_430_c20250101__20250930_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_zIqnXxW4jFcl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Change in fair value of warrant liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(95</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43A_c20250101__20250930_eus-gaap--DerivativeLiabilities_iE_pn3n3_zrpcYeJhQl4i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-weight: bold">Balance as of September 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">850</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43F_c20250101__20250930_eus-gaap--DerivativeLiabilities_iE_pn3n3_zv330d1JJBse" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-weight: bold">Warrant liability, ending Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">850</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table> 430000 531000 961000 945000 945000 -95000 850000 850000 <p id="xdx_89E_ecustom--ScheduleOfChangeInFairValueOfTheConvertibleNotesAtFairValueTableTextBlock_zjqQffqLAwv" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table shows the change in the fair value of the Convertible Notes at Fair Value (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zrUsiMLBfpgb" style="display: none">Schedule of Change in Fair Value of the Convertible Notes at Fair Value</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B2_us-gaap--FinancialInstrumentAxis_custom--RelatedPartyConvertibleNotesPayableAtFairValueMember_zt1DeenHTUef" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Related party convertible notes payable at fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B9_us-gaap--FinancialInstrumentAxis_custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember_zc0chBGh9ej3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 2024 Convertible Notes</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B0_z2ytXkar1CPk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Convertible Notes at Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_43E_c20240101__20240930_eus-gaap--DebtInstrumentFairValue_iS_pn3n3_zuXh0IATXFxd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Balance as of December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">3,764</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3483">-</span></td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">3,764</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43E_c20240101__20240930_eus-gaap--ProceedsFromRepaymentsOfNotesPayable_pn3n3_zacQGbZxiHs2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issuance of Convertible Notes at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3486">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,500</td><td style="text-align: left"> </td></tr> <tr id="xdx_43F_c20240101__20240930_ecustom--AdjustmentsToAdditionalPaidInCapitalGainOnExtinguishmentRecordedAsCapitalTransaction_iN_pn3n3_di_zyy5VZNu5ZL" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gain on extinguishment of debt recorded as a capital transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(343</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3491">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(343</td><td style="text-align: left">)</td></tr> <tr id="xdx_437_c20240101__20240930_ecustom--ChangesInFairValueOfConvertibleNotesAtFairValue_iN_pn3n3_di_z0fEMvmM6HFj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Change in fair value of Related Party note and Convertible Notes at Fair Value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,457</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,349</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,806</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_436_c20240101__20240930_eus-gaap--DebtInstrumentFairValue_iE_pn3n3_z97lu7BrUecj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of September 30, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,878</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,849</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13,727</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43B_c20250101__20250930_eus-gaap--DebtInstrumentFairValue_iS_pn3n3_zEBCTEdAZtd1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance as of December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">6,524</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">8,986</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">15,510</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43E_c20250101__20250930_eus-gaap--DebtInstrumentFairValue_iS_pn3n3_zVMSUXFI20ha" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Convertible notes at fair value, beginning balance</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">6,524</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">8,986</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">15,510</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43E_c20250101__20250930_eus-gaap--ProceedsFromRepaymentsOfNotesPayable_pn3n3_zGx5M8JBebLj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issuance of Convertible Notes at Fair Value</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3510">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3511">-</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3512">-</span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_438_c20250101__20250930_ecustom--ChangesInFairValueOfConvertibleNotesAtFairValue_iN_pn3n3_di_z7pdnYfB14d2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value of Related party note and Convertible Notes at Fair Value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,006</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">494</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,500</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_431_c20250101__20250930_eus-gaap--DebtInstrumentFairValue_iE_pn3n3_zEaTg5P5NbU1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of September 30, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,530</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,480</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,010</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43E_c20250101__20250930_eus-gaap--DebtInstrumentFairValue_iE_pn3n3_zKyasIr1fDAb" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Convertible notes at fair value, ending balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,530</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,480</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,010</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> 3764000 3764000 6500000 6500000 343000 343000 -1457000 -2349000 -3806000 4878000 8849000 13727000 6524000 8986000 15510000 6524000 8986000 15510000 -1006000 -494000 -1500000 7530000 9480000 17010000 7530000 9480000 17010000 0.0 4.00 6.41 7.90 60.0 0.0 4.5 7.48 8.65 65.0 <p id="xdx_895_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_zcu0ISrgnQTc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables set forth the significant inputs to the probability-weighted valuation model used to value the Convertible Notes at Fair Value as of September 30, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zdWqLwrvKifl" style="display: none">Schedule of Probability-Weighted Valuation Model Used to Value the Convertible Notes at Fair Value</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">2019 and 2021 Convertible Notes</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td> </td> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Type of Events</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability of Event</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount Rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 54%; text-align: left">SPAC Transaction</td><td style="width: 2%"> </td> <td style="text-align: center; width: 12%"><span id="xdx_908_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zsNT3L8NZCU5">10/22/2025</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_905_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zyCxxiPFzqji" title="Probability of Event">95</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_904_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zFYKHJRf4dP8" title="Probability of Event">57</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Maturity</td><td> </td> <td style="text-align: center"><span id="xdx_909_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zvmJk1DPgena">2/28/2026</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zD7WdraR0Hug" title="Probability of Event">5</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zrkTCapiOMqa" title="Probability of Event">57</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Default Feature</td><td> </td> <td style="text-align: center">N/A</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">January 2024 Convertible Notes</td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Type of Events</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability of Event</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount Rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 54%; text-align: left">SPAC Transaction</td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center"><span id="xdx_90A_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zHwHJflkhBFd" title="Expected Date">10/22/2025</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zfdRXGHLFHbe" title="Probability of Event">95</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_902_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zLBzcGGCYHE3" title="Probability of Event">48</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Maturity</td><td> </td> <td style="text-align: center"><span id="xdx_909_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zxhnYY3FDtr8" title="Expected Date">02/28/2026</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_z5mrDk0V0tI" title="Probability of Event">5</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20250101__20250930__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zA33WgzkWjge" title="Probability of Event">48</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Default Feature</td><td> </td> <td style="text-align: center">N/A</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the significant inputs to the probability-weighted valuation model used to value the Convertible Notes at Fair Value as of December 31, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">2019 and 2021 Convertible Notes</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td> </td> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Type of Events</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability of Event</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount Rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 54%; text-align: left">SPAC Transaction</td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_z28nkeZSdwmc">4/3/2025</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zqpJlWL4zZvj" title="Probability of Event">75</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90F_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_z9bPZGXPoYPj" title="Probability of Event">54</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Maturity</td><td> </td> <td style="text-align: center"><span id="xdx_90C_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_z6ceMAG4tlf3">2/28/2026</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zbBW0dxu2Mr8" title="Probability of Event">10</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zGBNPb7Iuh7i" title="Probability of Event">54</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Default Feature</td><td> </td> <td style="text-align: center">N/A</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zHS9ogDvfQkk" title="Probability of Event">15</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--TwoThousandNineteenAndTwoThousandTwentyOneConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zg3eatu1MjQg" title="Probability of Event">54</span></td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">January 2024 Convertible Notes</td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Type of Events</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability of Event</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount Rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 54%; text-align: left">SPAC Transaction</td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zDGTRPALMsy6" title="Expected Date">4/3/2025</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_902_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zvHzNUjqjIvi" title="Probability of Event">75</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90C_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--SPACTransactionMember_zjDro7lJCaxk" title="Probability of Event">45</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Maturity</td><td> </td> <td style="text-align: center"><span id="xdx_902_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zNaIXdurkQwc" title="Expected Date">7/12/2025</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_ztFy9CRQZso6" title="Probability of Event">10</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--MaturityMember_zdO5DsUeyR9b" title="Probability of Event">45</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Default Feature</td><td> </td> <td style="text-align: center"><span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zi2Lm5ipKaaj" title="Expected Date">7/12/2025</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zdOISzUk2p0a" title="Probability of Event">15</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--DebtInstrumentDiscountRate_pid_dp_uPure_c20240101__20241231__us-gaap--FinancialInstrumentAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember__us-gaap--DebtInstrumentAxis__custom--DefaultFeatureMember_zyFNqKiMyjC6" title="Discount Rate">45</span></td><td style="text-align: left">%</td></tr> </table> 2025-10-22 0.95 0.57 2026-02-28 0.05 0.57 2025-10-22 0.95 0.48 2026-02-28 0.05 0.48 2025-04-03 0.75 0.54 2026-02-28 0.10 0.54 0.15 0.54 2025-04-03 0.75 0.45 2025-07-12 0.10 0.45 2025-07-12 0.15 0.45 <p id="xdx_80B_eus-gaap--AccountsAndNontradeReceivableTextBlock_zBeu9b4Cy7ek" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 4. <span id="xdx_829_zK9xLFsUXb84">Accounts Receivable, net</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_z7sRD8rWiHSi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zsvck5fa4Le2" style="display: none">Schedule of Accounts Receivable, Net</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250930_zyQmxeOUHbgd" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30, </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20241231__srt--RestatementAxis__custom--RestatedMember_ztY7NUzMEQGg" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40A_eus-gaap--AccountsReceivableGrossCurrent_iI_pn3n3_zLx5IE4bPGc8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts receivable, current</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,383</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,015</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccountsReceivableGrossNoncurrent_iI_pn3n3_zkYZJoJI060d" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accounts receivable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3609">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccountsReceivableGross_iTI_pn3n3_zaRCQkSmiqJi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Total accounts receivable</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">1,383</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">2,019</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pn3n3_di_z6en0EzSs26g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Allowance for credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(146</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(588</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--AccountsReceivableNet_iTI_pn3n3_z0wRGV9VHfVa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total accounts receivable, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,237</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,431</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zij6z8DbYZCb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In some contracts with customers, the Company agreed to instalment payments exceeding 12 months. The present value of these contracts is recorded as a receivable as the revenue is recognized in accordance with GAAP, and profit is recognized to the extent the present value is in excess of cost. The present value of long-term receivables is <span id="xdx_90E_eus-gaap--LongTermInvestmentsAndReceivablesNet_iI_dxL_c20250930_zzLselTBuH1f" title="Long-term receivables::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl3621">Nil</span></span>, and the face value is <span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_dxL_c20250930_zT8aJ8hrbom1" title="Face value::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl3623">Nil</span></span> as of September 30, 2025. The present value of long-term receivables was $<span id="xdx_905_eus-gaap--LongTermInvestmentsAndReceivablesNet_iI_pn3n3_c20241231_zXSdQ4AsECe" title="Long-term receivables">4</span> thousand, and the face value was $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20241231_z8QpRRajZIJ4" title="Face value">5</span> thousand as of December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_z3aSbKqloTrf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the activity in the Company’s allowance for credit losses (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zTEMlzNCC4xh" style="display: none">Schedule of Allowance for Credit Losses</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20250930_zqu7xSoFqwWe" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zlt0Ss9f0Ama" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iS_zFn9EaHsHys9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold; text-align: left">Beginning balance</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right">588</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right">368</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ProvisionForDoubtfulAccounts_z1ivTlAWDLAl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Provision for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">540</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AllowanceForDoubtfulAccountsReceivableWriteOffs_iN_di_zX3Gg4jiLjSe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Write-offs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(488</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(320</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iE_zXKqpQGSlx5k" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Ending balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">146</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">588</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A3_z6fgRgPD6wk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unbilled revenue as at period ended September 30, 2025 was $<span id="xdx_908_eus-gaap--UnbilledReceivablesCurrent_iI_pn2n3_c20250930_zg7s66DhWtx" title="Unbilled revenue">47.0</span> thousand and $<span id="xdx_905_eus-gaap--UnbilledReceivablesCurrent_iI_pn2n3_c20241231_zQtTHHEXsEId" title="Unbilled revenue">113.0</span> thousand as at year ended December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_z7sRD8rWiHSi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zsvck5fa4Le2" style="display: none">Schedule of Accounts Receivable, Net</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250930_zyQmxeOUHbgd" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30, </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20241231__srt--RestatementAxis__custom--RestatedMember_ztY7NUzMEQGg" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40A_eus-gaap--AccountsReceivableGrossCurrent_iI_pn3n3_zLx5IE4bPGc8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts receivable, current</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,383</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,015</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccountsReceivableGrossNoncurrent_iI_pn3n3_zkYZJoJI060d" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accounts receivable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3609">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccountsReceivableGross_iTI_pn3n3_zaRCQkSmiqJi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Total accounts receivable</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">1,383</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">2,019</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pn3n3_di_z6en0EzSs26g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Allowance for credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(146</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(588</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--AccountsReceivableNet_iTI_pn3n3_z0wRGV9VHfVa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total accounts receivable, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,237</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,431</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 1383000 2015000 4000 1383000 2019000 146000 588000 1237000 1431000 4000 5000 <p id="xdx_89F_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_z3aSbKqloTrf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the activity in the Company’s allowance for credit losses (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zTEMlzNCC4xh" style="display: none">Schedule of Allowance for Credit Losses</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20250930_zqu7xSoFqwWe" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zlt0Ss9f0Ama" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iS_zFn9EaHsHys9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold; text-align: left">Beginning balance</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right">588</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right">368</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ProvisionForDoubtfulAccounts_z1ivTlAWDLAl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Provision for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">540</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AllowanceForDoubtfulAccountsReceivableWriteOffs_iN_di_zX3Gg4jiLjSe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Write-offs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(488</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(320</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iE_zXKqpQGSlx5k" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Ending balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">146</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">588</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 588000 368000 46000 540000 488000 320000 146000 588000 47000.0 113000.0 <p id="xdx_803_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_ze6WnjhoaIT8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 5. <span id="xdx_820_zqa7GsvLddU">Property and equipment, net</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_89A_eus-gaap--PropertyPlantAndEquipmentTextBlock_zKDRZlvSHwa9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_z0MJAk0Pjv2f" style="display: none">Schedule of Property and Equipment</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250930_zzI0QAW2N9G1" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20241231_zVogas6AFxxk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_znitbckgvkVl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Computers and other hardware</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">499</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">504</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zfDNg7OFt11i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Office, furniture, and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">167</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z2bWD6eouBh7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">91</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">94</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zDxqLWHsgIEa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Vehicles and other fixed assets (excluding computers)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">35</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_z8fd7lcOubC1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and Equipment, Gross</span></td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">784</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">800</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_zyKemBLFgZLl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(510</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(452</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_z3cm8GMBBx3j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total property and equipment, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">274</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">348</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A6_z3CFEXyklKO9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognized depreciation expense related to property and equipment in the unaudited condensed consolidated interim statements of operations and comprehensive loss of $<span id="xdx_90C_eus-gaap--Depreciation_c20250101__20250930_zFxZdSSvXKX5" title="Depreciation expense">73.0</span> thousand and $<span id="xdx_903_eus-gaap--Depreciation_c20240101__20240930_zGJ3n813M7og" title="Depreciation expense">84.0</span> thousand during the nine month ended September 30, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--PropertyPlantAndEquipmentTextBlock_zKDRZlvSHwa9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_z0MJAk0Pjv2f" style="display: none">Schedule of Property and Equipment</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250930_zzI0QAW2N9G1" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20241231_zVogas6AFxxk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_znitbckgvkVl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Computers and other hardware</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">499</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">504</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zfDNg7OFt11i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Office, furniture, and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">167</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z2bWD6eouBh7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">91</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">94</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zDxqLWHsgIEa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Vehicles and other fixed assets (excluding computers)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">35</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_z8fd7lcOubC1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and Equipment, Gross</span></td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">784</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">800</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_zyKemBLFgZLl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(510</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(452</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_z3cm8GMBBx3j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total property and equipment, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">274</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">348</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 499000 504000 162000 167000 91000 94000 32000 35000 784000 800000 510000 452000 274000 348000 73.0 84.0 <p id="xdx_801_eus-gaap--IntangibleAssetsDisclosureTextBlock_zUyyPRJYaYY1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 6. <span id="xdx_820_zu5gdElciLRl">Intangible Assets, net</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zJVF7uNvBIxa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets subject to amortization consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B6_zHN6uWo0occ3" style="display: none">Schedule of Intangible Assets</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20250930_zTqLlFhrlMQc" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20241231_zKppvOOJwcuk" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_maFLIANzIRI_zKN1A78dhX9b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Internally developed capitalized software</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">345</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">274</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_msFLIANzIRI_zY0juLkE9LZ8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(153</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(87</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iTI_pn3n3_mtFLIANzIRI_zPHl6LAwPFsj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total intangible assets, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">192</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">187</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A0_z4yxNaHyoeMe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognized amortization expense related to capitalized software in the unaudited condensed consolidated interim statements of operations and comprehensive loss of $<span id="xdx_905_eus-gaap--AdjustmentForAmortization_pn2n3_c20250101__20250930_z7kgFHKUQDxg" title="Amortization expense">66.4</span> thousand and $<span id="xdx_902_eus-gaap--AdjustmentForAmortization_pn2n3_c20240101__20240930_zFZot2EQ14y4" title="Amortization expense">42.4</span> thousand during the nine month ended September 30, 2025, and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zJVF7uNvBIxa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets subject to amortization consisted of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B6_zHN6uWo0occ3" style="display: none">Schedule of Intangible Assets</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20250930_zTqLlFhrlMQc" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20241231_zKppvOOJwcuk" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_maFLIANzIRI_zKN1A78dhX9b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Internally developed capitalized software</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">345</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">274</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_msFLIANzIRI_zY0juLkE9LZ8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(153</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(87</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iTI_pn3n3_mtFLIANzIRI_zPHl6LAwPFsj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total intangible assets, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">192</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">187</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 345000 274000 153000 87000 192000 187000 66400 42400 <p id="xdx_80D_ecustom--CumulativeMandatorilyRedeemableFinancialInstrumentsDisclosureTextBlock_zkADS5FZgqVc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 7. <span id="xdx_823_z4JIYRSovfSi">Cumulative Mandatorily Redeemable Financial Instruments</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2021, Fusemachines Nepal Private Ltd entered into a Share Purchase Agreement between Fusemachines Nepal Inc., and BO2 (the “BO2 Purchase Agreement”) in which BO2 agreed to invest $<span id="xdx_90F_eus-gaap--Investments_iI_pn2n3_c20210731__dei--LegalEntityAxis__custom--FuseMachinesNepalPrivateLtdMember_zoZ7vWzb2bz" title="Investments">964.2</span> thousand in Fusemachines Nepal Private Ltd. Fusemachines Nepal Private Ltd issued <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_pip0_c20210731__dei--LegalEntityAxis__custom--FuseMachinesNepalPrivateLtdMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zgR8zItG9flg" title="Common stock shares, issued">39,750</span> Ordinary Shares with a par value of <span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pip0_c20210731__dei--LegalEntityAxis__custom--FuseMachinesNepalPrivateLtdMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zojoeX785yB7" title="Common stock, par value">100</span> Nepalese rupees and also issued <span id="xdx_908_eus-gaap--PreferredStockSharesIssued_iI_pip0_c20210731__dei--LegalEntityAxis__custom--FuseMachinesNepalPrivateLtdMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zf1WH0BNmwN3" title="Preferred stock shares, issued">1,110,250</span> cumulative and compulsory redeemable Preference Shares with a par value of <span id="xdx_909_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pip0_c20210731__dei--LegalEntityAxis__custom--FuseMachinesNepalPrivateLtdMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zbF9zqjd9oqj" title="Preferred stock, par value">100</span> Nepalese rupees. <span id="xdx_908_eus-gaap--ConversionOfStockDescription_c20210731__20210731__dei--LegalEntityAxis__custom--FuseMachinesNepalPrivateLtdMember_zAFt4mNairO9" title="Conversion of shares">The Preference Shares contain an annual coupon rate of 10% with the option to convert the Preference Shares into Ordinary Shares</span>. The Preference Shares and Ordinary Shares are mandatorily redeemable five years from the date of issuance at a redemption price equal to 200% of the purchase price. Any dividends paid on these shares will reduce the ultimate redemption price. Management determined that these shares represent mandatorily redeemable financial instruments under ASC 480 and thus are liability-classified. These liabilities are recorded in cumulative mandatorily redeemable common and preferred stock liability within the unaudited condensed consolidated Interim balance sheets, and accretions to the redemption value are recorded within interest expense in the unaudited condensed consolidated statements of operations and comprehensive loss. The effective interest rate is <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_uPure_c20210731_z56sXMdnQUi7" title="Effective interest rate">13.7</span>%, the accrued dividend was $<span id="xdx_909_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_pn2n3_c20250930_zX8mZ12yQ9If" title="Dividends">288.2</span> thousand and $<span id="xdx_904_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_pn2n3_c20241231_zJPQKCEgWmG5" title="Dividends">238.3</span> thousand at September 30, 2025 and December 31, 2024, respectively, and is recorded in accrued expenses and other current liabilities in the unaudited condensed consolidated interim balance sheets, and the issuance cost incurred was $<span id="xdx_904_eus-gaap--OtherLiabilitiesCurrent_iI_pn2n3_c20250930_z2RtAsmTwgVg" title="Other current liabilities">13.7</span> thousand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The outstanding balance of the Cumulative Mandatorily Redeemable Financial instruments were $<span id="xdx_90D_ecustom--CumulativeMandatorilyRedeemableCommonAndPreferredStockLiability_iI_pn3n3_c20250930_z2f9hzYtOaf7" title="Preferred stock liability">1,034</span> thousand and $<span id="xdx_901_ecustom--CumulativeMandatorilyRedeemableCommonAndPreferredStockLiability_iI_pn3n3_c20241231_zszFR6AymOnl" title="Preferred stock liability">1,000</span> thousand for the period ended September 30, 2025 and December 31, 2024 respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following summarizes the key terms and provisions of the Preference Shares and Ordinary Shares:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preference Shares</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rights and privileges </i>– </b>Preference Shares will be paid dividends before the Ordinary Shares. Preference shareholders will receive a 10% percent annual dividend on Preference Shares. Apart from this, Preference Shares will not receive any kind of dividend or profit. If the Company fails to make a profit in any year or if the Company decides not to distribute dividends, then the dividends to be received by the Preference Shares will be cumulated and those amounts must be returned to the preference shareholders in a lump sum in the year when the dividends are distributed or when the Company withdraws the Preference Shares. Preference Shares will be given priority when the amount of shares is returned in case of liquidation of the Company. Preference Shares will not have voting rights in the general meeting of the Company. The preference share amount is redeemable after a certain period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption –</i></b> In terms of return, no Preference Share can be redeemed until the price of the issued Preference Share is fully paid. The amount of Preference Shares cannot be returned from any amount other than the amount of profit that can be distributed as dividends or the amount received from the new shares issued by the Company for the purpose of returning the shares. The rate per share for redeeming Preference Shares shall be as per share purchase and sale agreement or shareholder agreement and shall be redeemed at the same rate. In case any Preference Shares issued for return are to be returned along with the premium, a separate fund of appropriate amount shall be arranged from the Company’s profit or the Company’s share premium account for that purpose. In this way, except in the case where the amount of the Preference Shares is returned from the amount received by issuing new shares, in accordance with the law, when the amount of the Preference Shares is returned, an amount equal to the face value of the returned shares from the amount that can be received to distribute dividends from the Company’s profits shall be deposited in a separate account. Any preference share returned in accordance with this regulation shall be deemed to have been automatically forfeited after the completion of the return process. If the Company redeems or proposes to redeem any Preference Shares, it may issue new shares equal to the face value of the shares so redeemed or to be redeemed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary Shares</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rights and privileges – </i></b>The shareholders of this category will have voting rights and other rights according to the prevailing law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption</i> – </b>The Ordinary Shares will be redeemed if the Company fails to withdraw the Preference Shares issued by the Company to be redeemed. If the Preference Shares have to be converted into ordinary shares, it shall be done according to the decision of the general meeting of the Company. Additional provisions related to Preference Shares shall be in accordance with the shareholders’ agreement between them.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 964200 39750 100 1110250 100 The Preference Shares contain an annual coupon rate of 10% with the option to convert the Preference Shares into Ordinary Shares 0.137 288200 238300 13700 1034000 1000000 <p id="xdx_807_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zsuvRDV8zlKf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 8. <span id="xdx_821_zqqJGqiLpzDd">Accrued Expenses and Other Current Liabilities</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other current liabilities consisted of the following (in thousands):</span></p> <p id="xdx_89F_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zLKsSTVygx6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zBLUO6kmnQx4" style="display: none">Schedule of Accrued Expense and Other Current Liabilities</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250930_zBJztls5zA43" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231__srt--RestatementAxis__custom--RestatedMember_z0Jaj8lR4yr3" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_406_ecustom--WagesAndConsultantCostsPayable_iI_pn3n3_maAPAOAzyTI_zbrV4BEuq4Hj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 64%; text-align: left">Wages and consultant costs payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,214</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,525</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--CovenantFee_iI_pn3n3_maAPAOAzyTI_z1HLsNoJMzGd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Covenant fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3726">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">435</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_pn3n3_maAPAOAzyTI_z8KuNRTbwR97" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Dividends payable (Note 7)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">288</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">238</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--LegalExpenses_iI_pn3n3_maAPAOAzyTI_z6n2q302u1ga" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Legal expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">91</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">141</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--DepositLiabilityForEarlyExercisedOptions_iI_pn3n3_maAPAOAzyTI_zlXHo7qeu8r" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Deposit liability for early exercised options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3735">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--AccruedLiabilities_iI_pn3n3_maAPAOAzyTI_z9GXXVA0RmOf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Accrued expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">519</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">358</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iTI_pn3n3_mtAPAOAzyTI_z0ectGFxPNSe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total accrued expenses and other current liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,112</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,700</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AC_ziZdz4XyAXtk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zLKsSTVygx6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zBLUO6kmnQx4" style="display: none">Schedule of Accrued Expense and Other Current Liabilities</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250930_zBJztls5zA43" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231__srt--RestatementAxis__custom--RestatedMember_z0Jaj8lR4yr3" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_406_ecustom--WagesAndConsultantCostsPayable_iI_pn3n3_maAPAOAzyTI_zbrV4BEuq4Hj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 64%; text-align: left">Wages and consultant costs payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,214</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,525</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--CovenantFee_iI_pn3n3_maAPAOAzyTI_z1HLsNoJMzGd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Covenant fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3726">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">435</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_pn3n3_maAPAOAzyTI_z8KuNRTbwR97" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Dividends payable (Note 7)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">288</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">238</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--LegalExpenses_iI_pn3n3_maAPAOAzyTI_z6n2q302u1ga" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Legal expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">91</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">141</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--DepositLiabilityForEarlyExercisedOptions_iI_pn3n3_maAPAOAzyTI_zlXHo7qeu8r" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Deposit liability for early exercised options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3735">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--AccruedLiabilities_iI_pn3n3_maAPAOAzyTI_z9GXXVA0RmOf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Accrued expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">519</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">358</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iTI_pn3n3_mtAPAOAzyTI_z0ectGFxPNSe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total accrued expenses and other current liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,112</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,700</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 3214000 2525000 435000 288000 238000 91000 141000 3000 519000 358000 4112000 3700000 <p id="xdx_802_eus-gaap--LongTermDebtTextBlock_z1ZNaw15cRc8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 9. <span id="xdx_82E_zA8ejZFhnWN2">Long-Term Debt</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfDebtTableTextBlock_z25jFNP5iOJb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term debt consists of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B6_z2kScvjHRD2k" style="display: none">Schedule of Long-Term Debt</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Current</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Noncurrent</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Current</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Noncurrent</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">2024 Convertible Notes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--LongTermDebtCurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesMember_zDZxf64AaAq6" style="width: 6%; text-align: right" title="Long term debt current">455</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtNoncurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesMember_zOOht6Xu7sKb" style="width: 6%; text-align: right" title="Long term debt non current"><span style="-sec-ix-hidden: xdx2ixbrl3750">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--LongTermDebt_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesMember_zYHg5hvyjB2k" style="width: 6%; text-align: right" title="Long term debt">455</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--LongTermDebtCurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesMember_zQaHNdkkbr3g" style="width: 6%; text-align: right" title="Long term debt current">255</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--LongTermDebtNoncurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesMember_zlO8D72j6yN3" style="width: 6%; text-align: right" title="Long term debt non current">200</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebt_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesMember_zOqhTOmF5qdj" style="width: 6%; text-align: right" title="Long term debt">455</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2024 Convertible Notes at fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtCurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesFairValueMember_z37fAb1ggMol" style="text-align: right" title="Long term debt current">9,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebtNoncurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesFairValueMember_zencHHFVJUe2" style="text-align: right" title="Long term debt non current"><span style="-sec-ix-hidden: xdx2ixbrl3762">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--LongTermDebt_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesFairValueMember_zAipZIDmCO47" style="text-align: right" title="Long term debt">9,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebtCurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesFairValueMember_zyKmt7t9p8wl" style="text-align: right" title="Long term debt current">8,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebtNoncurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesFairValueMember_zVH18rrcTSaj" style="text-align: right" title="Long term debt non current"><span style="-sec-ix-hidden: xdx2ixbrl3768">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebt_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesFairValueMember_zwarmV11JcV" style="text-align: right" title="Long term debt">8,986</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Related party convertible notes payable at fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtCurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--RelatedPartyConvertibleNotesPayableFairValueMember_ze1XrgLXwW2h" style="text-align: right" title="Long term debt current">7,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtNoncurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--RelatedPartyConvertibleNotesPayableFairValueMember_zPIZrzK9glVc" style="text-align: right" title="Long term debt non current"><span style="-sec-ix-hidden: xdx2ixbrl3774">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--LongTermDebt_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--RelatedPartyConvertibleNotesPayableFairValueMember_zWcSrsuh2bVg" style="text-align: right" title="Long term debt">7,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtCurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--RelatedPartyConvertibleNotesPayableFairValueMember_z59Z9HuMpVS9" style="text-align: right" title="Long term debt current"><span style="-sec-ix-hidden: xdx2ixbrl3778">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--LongTermDebtNoncurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--RelatedPartyConvertibleNotesPayableFairValueMember_zNWmXwLkL12d" style="text-align: right" title="Long term debt non current">6,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebt_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--RelatedPartyConvertibleNotesPayableFairValueMember_zEzzXxLLcwsi" style="text-align: right" title="Long term debt">6,524</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Related party loan payable</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebtCurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--RelatedPartyLoanPayableMember_zoLoIO3a5kul" style="text-align: right" title="Long term debt current">700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--LongTermDebtNoncurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--RelatedPartyLoanPayableMember_z309eaBhAS23" style="text-align: right" title="Long term debt non current"><span style="-sec-ix-hidden: xdx2ixbrl3786">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebt_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--RelatedPartyLoanPayableMember_zQr7T9vrW6z9" style="text-align: right" title="Long term debt">700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebtCurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--RelatedPartyLoanPayableMember_zp3H5IV88Bd" style="text-align: right" title="Long term debt current">700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtNoncurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--RelatedPartyLoanPayableMember_zGxHyicGYcD3" style="text-align: right" title="Long term debt non current"><span style="-sec-ix-hidden: xdx2ixbrl3792">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebt_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--RelatedPartyLoanPayableMember_zlm7Jk5VgQX2" style="text-align: right" title="Long term debt">700</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>February 2025 Convertible Notes</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98C_eus-gaap--LongTermDebtCurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--February2025ConvertibleNotesMember_zAnzk9RjNN86" style="font-weight: bold; text-align: right" title="Long term debt current"><span style="-sec-ix-hidden: xdx2ixbrl3796">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--LongTermDebtNoncurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--February2025ConvertibleNotesMember_z82DWn5WMsl7" style="text-align: right" title="Long term debt non current">180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebt_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--February2025ConvertibleNotesMember_z7q01iaMZ1Sl" style="text-align: right" title="Long term debt">180</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebtCurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--February2025ConvertibleNotesMember_zUsI7utkpcG8" style="font-weight: bold; text-align: right" title="Long term debt current"><span style="-sec-ix-hidden: xdx2ixbrl3802">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebtCurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--February2025ConvertibleNotesMember_zx0lqDmWNc1a" style="text-align: right" title="Long term debt current"><span style="-sec-ix-hidden: xdx2ixbrl3804">-</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_eus-gaap--LongTermDebt_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--February2025ConvertibleNotesMember_z7D3fXhIiHz8" style="font-weight: bold; text-align: right" title="Long term debt"><span style="-sec-ix-hidden: xdx2ixbrl3806">-</span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98D_eus-gaap--LongTermDebtCurrent_iI_c20250930_zCscx3iD7WMb" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt current">18,165</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_989_eus-gaap--LongTermDebtNoncurrent_iI_c20250930_z8VV6omdmhn9" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt non current">180</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_988_eus-gaap--LongTermDebt_iI_c20250930_zsJkPXANHaz2" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt">18,345</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_983_eus-gaap--LongTermDebtCurrent_iI_c20241231_zLNW8L35SlYg" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt current">9,941</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_980_eus-gaap--LongTermDebtNoncurrent_iI_c20241231_z7ZT8MZZTKDj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt non current">6,724</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98B_eus-gaap--LongTermDebt_iI_c20241231_zL4PKJrwTg74" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt">16,665</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zSiHdA4iohr9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Convertible Notes at Fair Value</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related party convertible notes payable at fair value</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2019, the Company entered into a convertible promissory note agreement (the “2019 Convertible Note Agreement”) with a lender and issued a convertible promissory note for the principal amount of $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20191031__us-gaap--TypeOfArrangementAxis__custom--TwoThousandNineteenConvertibleNotesAgreementMember_ztdwj8y4pfll" title="Debt instrumental principal amount">2,000.0</span> thousand (the “2019 Convertible Note”). The 2019 Convertible Note bears interest at a rate of <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20191031__us-gaap--TypeOfArrangementAxis__custom--TwoThousandNineteenConvertibleNotesAgreementMember_zdoobgzotqT2" title="Debt instrumental interest rate stated percentage">10%</span> per annum, compounded quarterly. The 2019 Convertible Note matured in September 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2021, the Company entered into a second convertible promissory note agreement (the “2021 Convertible Note Agreement”) (the 2019 Convertible Note Agreement and the 2021 Convertible Note Agreement collectively referred to as the “2019 and 2021 Convertible Notes Agreements”) with the same lender and issued a convertible promissory note for the principal amount of $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210930__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyConvertibleNotesAgreementMember_zgnousAbvxui" title="Debt instrumental principal amount">450.0</span> thousand (the “2021 Convertible Note”) (the 2019 Convertible Note and the 2021 Convertible Note collectively, the “2019 and 2021 Convertible Notes”). The 2021 Convertible Note was issued with the same terms as the 2019 Convertible Note, except with a maturity date of October 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective December 2022, the 2019 and 2021 Convertible Notes Agreements were amended (the “2022 Amended Convertible Notes Agreements”) to extend the maturity date for the 2019 and 2021 Convertible Notes to December 2023, increase the interest rate to <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20191031__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyTwoAmendedConvertibleNotesAgreementMember_zjElHPjaNFx7" title="Debt instrumental interest rate stated percentage">15</span>% for the period from December 2022 through December 2023, adding a prepayment option, amending one of the conversion scenarios, and amending the definition of a next equity financing to require a sale of equity securities to result in gross proceeds of $<span id="xdx_906_eus-gaap--ExtinguishmentOfDebtAmount_pn3n3_c20221231__20221231__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyTwoAmendedConvertibleNotesAgreementMember_zh9MD1lYVvU9" title="Debt gross proceeds">7,500.0</span> thousand (the “Next Equity Financing”). The 2022 Amended Convertible Notes Agreements also added a partial payment of the interest accrued and outstanding on the note of $<span id="xdx_900_eus-gaap--LongTermDebtAverageAmountOutstanding_pn2n3_c20221231__20221231__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyTwoAmendedConvertibleNotesAgreementMember_zLAOUHbMcbrf" title="Long term debt amount outstanding">386.4</span> thousand due no later than March 2023. Failure to pay by the payment deadline obligated the Company to pay interest at a rate of twenty percent (20%) per annum, compounded quarterly, on the outstanding $<span id="xdx_90B_eus-gaap--LongTermDebtAverageAmountOutstanding_pn2n3_c20221231__20221231__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyTwoAmendedConvertibleNotesAgreementMember_zfzeyw2q4xZf" title="Long term debt amount outstanding">386.4</span> thousand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the 2022 Amended Convertible Notes Agreements were amended again (the “2023 Amended Convertible Notes Agreements”), extending the maturity date of the 2019 and 2021 Convertible Notes to January 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, the 2023 Amended Convertible Notes Agreements were amended again (the “2024 Amended Convertible Notes Agreements”), extending the maturity date to January 2025. The amendment also added a provision surrounding conversion in the case the Company completes the merger (see “SPAC PIPE financing” below) (also see “Note 1 – Organization”), an additional table depicting principal and interest on the 2019 and 2021 Convertible Notes to be redeemed in connection with the merger, and additional definitions related to the merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2021, 2022 and 2023 amendments were accounted for as debt modifications, prospectively, with any change in fair value from the new terms incorporated into future valuations. The 2024 amendment was deemed as capital transaction as per ASC 470-50-40-2 and is accounted for as an extinguishment of debt, with a gain on extinguishment of debt of $<span id="xdx_905_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn3n3_c20240101__20240930_z3DfS51U6hkc" title="Gain losses on extinguishment of debt">343.0</span> thousand recorded in additional paid in capital in the unaudited condensed consolidated interim balance sheet as of the nine month ended September 30, 2024, with any change in subsequent fair value incorporated into future valuations and any amendment fees or third-party costs to be expensed at the time of the amendment, and the amended terms to be incorporated into the valuations at each subsequent balance sheet date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 31, 2025, the Company entered into an amendment agreement of the convertible note payable to Dolma. Pursuant to the amendment agreement, the maturity date was revised to February 28, 2026. Further, it was agreed that if the Company enters into a SPAC Business Combination Agreement at any time while the Notes are outstanding, any portion of the Aggregate Notes Amount that is not redeemed or repaid in connection or prior to the closing of the SPAC Transaction will convert, without any required action by the Holder, into shares of Common Stock immediately prior to the consummation of the SPAC Transaction contemplated by the SPAC Business Combination Agreement at a conversion rate that is derived from a Company valuation of $<span id="xdx_90C_eus-gaap--DebtConversionOriginalDebtAmount1_c20250131__20250131_zyXuhCBN0Rmb" title="Debt conversion amount">85,000,000</span>, on a fully-diluted basis (provided that the Notes will be deemed have converted simultaneously with all other convertible notes being converted in connection the SPAC Transaction).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the above amendment agreement entered on January 31, 2025, under the guidance in ASC 470-50 Debt - Modifications and Extinguishments, and it was determined terms of the amendment were not substantially different than the terms of the convertible notes prior to the Amendment. Accordingly, the aforesaid amendment was accounted for as a debt modification.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2019 and 2021 Convertible Notes, contain the following conversion features:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conversion upon next equity financing –</i></b> The conversion balance will be automatically converted into shares of the Company’s Convertible Preferred Stock upon the closing of the Next Equity Financing. The number of Convertible Preferred Stock to be issued upon the conversion will be equal to the quotient of the outstanding principal and, if so elected by the Company, any accrued and unpaid interest on the date of the conversion, divided by the conversion price calculated as the product of (a) 100% minus the discount rate, times (b) the price paid per share for equity securities by the investor in the Next Equity Financing. The aggregate liquidation preference of the Convertible Preferred Stock issued upon conversion shall be equal to the aggregate conversion balance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Maturity –</i></b> If the Next Equity Financing or a corporate transaction (as defined below) has not occurred on or before the Maturity Date, and if the outstanding balance is not repaid by the Company in full on the Maturity Date, then the conversion balance shall automatically be converted into (i) the conversion balance on the Maturity Date, divided by (ii) $<span id="xdx_90F_eus-gaap--SharePrice_iI_pip0_c20250131_zhvXdTt3NtQ3" title="Share price">2.235</span> price per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Corporate transaction – </i></b>In the event of a (i) closing of the sale, transfer or other disposition of all or substantially all of the Company’s assets, (ii) the consummation of the merger or consolidation of the Company with or into another entity, (iii) the closing of the transfer (whether by merger, consolidation or otherwise), in one transaction or a series of related transactions, to a person or group of affiliated persons (other than an underwriter of the Company’s securities), of the Company’s securities if, after such closing, such person or group of affiliated persons would hold at least a majority of the outstanding voting stock of the Company (or the surviving or acquiring entity) (the “Corporate Transaction”), or (iv) a liquidation, dissolution or winding up of the Company prior to full payment of either of the Convertible Notes or prior to the time when either of the Convertible Notes are converted as provided in a Next Equity Financing or a Maturity Conversion, then the conversion balance shall automatically be converted into that number of conversion shares immediately prior to the closing of such Corporate Transaction obtained by dividing the conversion balance by 75% of the price per share of the corporate transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SPAC PIPE Financing –</i></b> Aggregate redemption amount of the 2019 and 2021 Convertible Notes will be redeemed in connection with the consummation of a SPAC transaction to be issued by the SPAC (a “SPAC PIPE Financing”). The aggregate redemption amount ranges from $<span id="xdx_908_eus-gaap--InterestExpenseBorrowings_pn3n3_c20250131__20250131__us-gaap--TypeOfArrangementAxis__custom--TwoThousandNineteenConvertibleNotesAgreementMember__srt--RangeAxis__srt--MinimumMember_zPenhJdmxrQd" title="Aggregate redemption amount">300.0</span> thousand to $<span id="xdx_904_eus-gaap--InterestExpenseBorrowings_pn3n3_c20250131__20250131__us-gaap--TypeOfArrangementAxis__custom--TwoThousandNineteenConvertibleNotesAgreementMember__srt--RangeAxis__srt--MaximumMember_zprgRpIKdL53" title="Aggregate redemption amount">4,000.0</span> thousand and the corresponding SPAC PIPE Financing amount ranges from $<span id="xdx_90F_eus-gaap--InterestExpenseBorrowings_pn3n3_c20250131__20250131__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyTwoConvertibleNotesAgreementMember__srt--RangeAxis__srt--MinimumMember_zkWKokZNDq42" title="Aggregate redemption amount">15,000.0</span> thousand to $<span id="xdx_905_eus-gaap--InterestExpenseBorrowings_pn3n3_c20250131__20250131__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyTwoConvertibleNotesAgreementMember__srt--RangeAxis__srt--MaximumMember_zQ2Di4A5Atog" title="Aggregate redemption amount">40,000.0</span> thousand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company enters into a SPAC business combination agreement at any time while the 2019 and 2021 Convertible Notes are outstanding, then any portion of the aggregate outstanding amounts that are not redeemed or repaid in connection with the closing of a SPAC transaction will convert into shares of the Company’s common stock at a conversion valuation of $<span id="xdx_906_eus-gaap--CommonStockValue_iI_pn3n3_c20250131_zwvH3ZuU4Xsk" title="Common stock, value">115,000.0</span> thousand, on a fully-diluted basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company qualified for and elected to account for the 2019 and 2021 Convertible Notes under the fair value option and, in doing so, bypassed the analysis of potential embedded derivative features. The Company believes that the fair value option better reflects the underlying economics of the 2019 and 2021 Convertible Notes. As a result, the 2019 and 2021 Convertible Notes were recorded at fair value upon issuance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recorded a charge of $<span id="xdx_904_eus-gaap--DebtSecuritiesAvailableForSaleGainLoss_pn3n3_c20250101__20250930__us-gaap--TypeOfArrangementAxis__custom--TwoThousandNineteenConvertibleNoteMember_zZ2oki8OBE96" title="Debt changes in fair value">1,006.0</span> thousand $<span id="xdx_900_eus-gaap--DebtSecuritiesAvailableForSaleGainLoss_pn3n3_c20240101__20240930__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyOneConvertibleNotesMember_zsIqxATpn7H8" title="Debt changes in fair value">1,457.0</span> thousand related to changes in fair value for both the 2019 Convertible Note and 2021 Convertible Note, which is recorded as Gain/(loss) on change in fair value in the unaudited condensed consolidated interim statements of operations and comprehensive loss, for the nine month ended September 30, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2025, and December 31, 2024, the lender of the 2019 and 2021 Convertible Notes was considered a principal owner of the Company, because it held greater than 10% of voting common stock of the Company (also see “Note 18 - Related Parties).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024 Convertible Notes at fair value</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, the Company entered into two convertible promissory note agreements (the “January 2024 Convertible Notes Agreements”) with a lender for the principal amounts of $<span id="xdx_90B_eus-gaap--DebtInstrumentIssuedPrincipal_pn3n3_c20240101__20240131__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNoteAMember_zqLid3J9WSEg" title="Debt instrumental prinicipal amount">2,000.0</span> thousand (“January 2024 Convertible Note A”) and $<span id="xdx_90A_eus-gaap--DebtInstrumentIssuedPrincipal_pn3n3_c20240101__20240131__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNoteBMember_zeHhvEOsFzSi" title="Debt instrumental prinicipal amount">4,500.0</span> thousand (“January 2024 Convertible Note B”), respectively, that each bear interest at a rate of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20250131__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNoteMember_zBuETmA8maea" title="Debt instrumental interest rate stated percentage">4.863</span>% per annum, payable at maturity (the “January 2024 Convertible Notes”). The January 2024 Convertible Notes mature in January 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, the maturity date of January 2024 convertible note was extended to July 12, 2025 pursuant to the second amendment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The January 2024 Convertible Notes contain the following conversion features:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Optional conversion upon a qualifying financing</i></b> – Before the maturity date in January 2025, if the company plans to go through a significant funding round of the issuance of preferred stock resulting in gross proceeds of at least $<span id="xdx_900_eus-gaap--ExtinguishmentOfDebtAmount_pn3n3_c20250101__20250131__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyFourNotesQualifyingFinancingMember_zrmNd4TfobI7" title="Debt gross proceeds">5,000.0</span> thousand (the “January 2024 Notes Qualifying Financing”), it will let the holder know at least 10 days before this funding round is set to happen. The holder then has the option to turn any outstanding obligations from the January 2024 Convertible Notes into shares of preferred stock when the funding round closes, based on all of the outstanding obligations under the January 2024 Convertible Notes (the “Conversion Amount”), divided by a specific price calculated as the lower of two figures: (i) either the maximum share price (the share price cap as discussed below) or (ii) 80% of the price at which other investors are buying the preferred stock in the funding round (the “Conversion Price”). However, if this funding round also counts as a company sell-off or shutdown the holder can choose the optional conversion upon a liquidation event (as described in the “optional conversion upon a liquidation event” section below).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Automatic conversion into common stock</i> - </b>If the company completes the plan of merger as per the Merger Agreement (as defined in “Note 1 - Organization) before the January 2024 Convertible Notes maturity date in January 2025, the Company must notify the lender at least 5 days before the merger is finalized. Immediately preceding the merger, any outstanding amounts the Company owes under the January 2024 Convertible Notes will automatically turn into shares of the Company’s common stock. The number of shares converted is based on the Conversion Amount, divided by the Conversion Price, which will be capped at a maximum value (the share price cap as discussed below).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Optional conversion into preferred stock or common stock –</i></b> After the maturity date of this note in January 2025, the holder can choose to turn the Conversion Amount into shares. There are two scenarios: (i) if converted in conjunction with the January 2024 Convertible Notes Qualifying Financing after the maturity date of January 2025, the conversion will be to preferred stock. The number of shares will be the Conversion Amount divided by the Conversion Price, or (ii) if converted at any other time that is not tied to a Qualifying Financing after the maturity date of January 2025, the conversion will be to common stock. The number of shares will be based on the Conversion Amount, divided by the maximum share price (the share price cap as discussed below).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Optional conversion upon a liquidation event –</i></b> Before the maturity date in January 2025, or before the January 2024 Convertible Notes convert into shares according to the optional conversion upon a qualifying financing, automatic conversion into common stock, or optional conversion into preferred or common stock as discussed above, if the Company plans to sell off its assets or dissolve (when not part of a merger, a “Liquidation Event”), the holder can: (i) choose to convert any Conversion Amount into common stock immediately prior to the Liquidation Event. The number of shares to be calculated as the Conversion Amount, divided by a set price per share (the share price cap as discussed below), or (ii) alternatively, choose to be paid in cash, which would be the Conversion Amount, payable prior to the Liquidation Event. The Company must notify the holder at least 10 days before the Liquidation Event is expected to occur.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidation Preference Upon Conversion –</i></b> If the January 2024 Convertible Notes convert in the January 2024 Notes Qualifying Financing, they will be converted into preferred stock such that the liquidation preference shall equal the Conversion Price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>January 2024 Convertible Note A specific terms –</i></b> Upon the occurrence of a default (as defined in the January 2024 Notes Agreement and discussed below), the holder can declare all amounts due and outstanding to be paid immediately. The proceeds received under the January 2024 Convertible Note A are to be used to repurchase <span id="xdx_90D_eus-gaap--CommonStockSharesIssued_iI_pip0_c20240131__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNoteAMember_zyDVOnWzwtia" title="Common stock shares, repurchases">667,000</span> shares of common stock held by Sameer Maskey, CEO of the Company. The share price cap is $<span id="xdx_903_eus-gaap--SharePrice_iI_pip0_c20240131__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNoteBMember_zcUCfiuNruUj" title="Share price">3.00</span> per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>January 2024 Convertible Note B specific terms –</i></b> Upon the occurrence of a default (as defined in the January 2024 Notes Agreement and discussed below), the holder can declare all amounts due and outstanding be paid immediately, including a termination fee of $<span id="xdx_90A_ecustom--TerminationFee_c20240101__20240131__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyFourNotesAgreementMember_zV1q1hFedAqe" title="Termination fee">1,000.0</span> thousand as defined in the January 2024 Notes Agreement). The proceeds received under the January 2024 Convertible Note B are to be used to repay third-party debt of the Company and for working capital purposes. The share price cap is $<span id="xdx_905_eus-gaap--SharePrice_iI_pip0_c20240131__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyFourNotesAgreementMember_zFZTvQLZZ6ae" title="Share price">5.798</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The January 2024 Convertible Notes will default if the Merger Agreement (as defined in “Note 1 – Organization”) is terminated and also has other customary events of default. The January 2024 Convertible Notes are fully secured by <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_c20240131_zyxU9ctXieV7" title="Common stock shares, issued">3,600,000</span> shares of common stock held by Sameer Maskey, the CEO of the Company (refer to “Note 18 – Related Parties”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company qualified for and elected to account for the January 2024 Convertible Notes under the fair value option and, in doing so, bypassed the analysis of potential embedded derivative features. The Company believes that the fair value option better reflects the underlying economics of the January 2024 Convertible Notes. As a result, the January 2024 Convertible Notes were recorded at fair value upon issuance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the amendment agreement entered on February 4, 2025, under the guidance in ASC 470-50 Debt - Modifications and Extinguishments, and it was determined terms of the amendment were not substantially different than the terms of the convertible notes prior to the Amendment. Accordingly, the aforesaid amendment was accounted for as a debt modification.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recorded a charge of $<span id="xdx_905_eus-gaap--DebtSecuritiesAvailableForSaleGainLoss_pn3n3_c20250101__20250930__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember_zv9ycXqRqMF" title="Debt changes in fair value">494.0</span> thousand and $<span id="xdx_908_eus-gaap--DebtSecuritiesAvailableForSaleGainLoss_pn3n3_c20240101__20240930__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember_zNuCxr0Klwbi" title="Debt changes in fair value">2,349.0</span> thousand related to changes in fair value for the January 2024 Convertible Notes, which is recorded as Gain/(loss) on change in fair value in the unaudited condensed consolidated interim statements of operations and comprehensive loss, for the nine months ended September 30, 2025 and September 30, 2024 respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The January 2024 Convertible Notes were once again amended in July 2025 and basis the amendment the maturity date was revised from July 12, 2025, to October 18, 2025 pursuant to the third amendment. The Company applied the 10% cash flow test pursuant to ASC 470 to calculate the difference between the present value of the amended note’s cash flows and the present value of the original remaining cash flow and concluded that the results didn’t exceed the 10% factor, the debt modification is not considered substantially different and therefore did not apply extinguishment accounting, rather it accounted for the modification on a prospective basis pursuant to ASC 470.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">2023 Notes Payable</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2023, the Company entered into a loan and security agreement with a lender (the “2023 Notes Agreement”) that will make available to the Company loans in an aggregate principal amount of up to $<span id="xdx_901_eus-gaap--DebtInstrumentIssuedPrincipal_pn3n3_c20230801__20230831__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeNotesAgreementMember_znfisAwK6IWc" title="Debt instrumental principal amount">4,000.0</span> thousand in three separate tranches. In that month, the Company withdrew $<span id="xdx_901_eus-gaap--DemandDepositAccounts_iI_pn3n3_c20230831__us-gaap--AwardTypeAxis__custom--FirstTrancheMember__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeNotesAgreementMember_zibLb3g08OKe" title="Demand deposits">3,000.0</span> thousand (the “First Tranche”). The Company additionally had the opportunity to request, subject to the terms of the 2023 Notes Agreement, an additional tranche of $<span id="xdx_90D_eus-gaap--DemandDepositAccounts_iI_pn3n3_c20230831__us-gaap--AwardTypeAxis__custom--SecondTrancheMember__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeNotesAgreementMember_znTPJPP0iGze" title="Demand deposits">500.0</span> thousand in or before March 2024 (the “Second Tranche”) and a third tranche of $<span id="xdx_90D_eus-gaap--DemandDepositAccounts_iI_pn3n3_c20230831__us-gaap--AwardTypeAxis__custom--ThirdTrancheMember__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeNotesAgreementMember_z8e9b6TSvsc" title="Demand deposits">500.0</span> thousand in or before June 2024 (the “Third Tranche”) (the First Tranche, Second Tranche and Third Tranche are collectively referred to as the “2023 Notes”). The 2023 Notes bear interest at a rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20230831__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeNotesAgreementMember_zQs2CKzn5AL2" title="Debt instrumental interest rate">13.25</span>% per annum, compounded annually, payable at maturity. The effective interest rate was <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_uPure_c20230831__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeNotesAgreementMember_zuHbXyN5tfyg" title="Debt instrumental interest rate effective percentage">23</span>%. The 2023 Notes were secured by substantially all of the Company’s assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, the Company repaid the entire aggregate outstanding principal on the 2023 Notes Payable in the amount of $<span id="xdx_905_eus-gaap--NotesPayable_iI_pn3n3_c20240131_zKvqW7ZiuJ73" title="Notes payable">3,000.0</span> thousand along with an additional payment of $<span id="xdx_90A_eus-gaap--DebtInstrumentPeriodicPayment_pn2n3_c20240101__20240131_zLLLHGl1bbWl" title="Debt instrumental periodic payment">78.5</span> thousand for interest, prepayment fees, and lender fees. The Company recorded a loss of $<span id="xdx_90F_eus-gaap--ExtinguishmentOfDebtAmount_pn2n3_c20240101__20240930_zt2Itqj6zoxb" title="Extinguishment of debt amount">601.1</span> thousand on extinguishment of debt, in the unaudited condensed consolidated interim statements of operations and comprehensive loss for the nine months ended September 30, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common Stock Warrants—</i></b>In connection with the 2023 Notes Agreement, the Company issued to the lender common stock warrants (the “Common Stock Warrants”) to purchase up to <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_c20230831__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zaDLA6Xo1uDb" title="Common stock shares, issued">140,133</span> shares of the Company’s common stock, exercisable immediately, with an exercise price of $<span id="xdx_908_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230831__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z9FfJaIJEqu6" title="Warrant exercise member">0.46</span> per share with a contractual term of <span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20230831_zSNskYXysOUj" title="Conctractual term">10</span> years. The Company determined that the Common Stock Warrants are freestanding financial instruments and were determined to be within the scope of ASC 480-10, and accordingly, are liability classified. As of nine month ended September 30, 2025 and December 31, 2024, the fair value and carrying amount of the Common Stock Warrant Liability was $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfWarrants_c20250101__20250930_zWvcvr02A6M1" title="Warrant liability">850.0</span> thousand and $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOfWarrants_c20240101__20241231_zOZYC2kB48Ni" title="Warrant liability">945.0</span> thousand, respectively (refer to “Note 3 - Fair Value Measurements”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recorded a gain of $<span id="xdx_90C_eus-gaap--DebtSecuritiesAvailableForSaleGainLoss_pn3n3_c20250101__20250930_zRqAxWylARIc" title="Debt changes in fair value">95.0</span> thousand and a charge of $<span id="xdx_909_eus-gaap--DebtSecuritiesAvailableForSaleGainLoss_pn3n3_c20240101__20241231_zrtbLjnr3vA9" title="Debt changes in fair value">531.0</span> thousand related to changes in fair value, which is recorded as loss on change in fair value in the unaudited condensed consolidated interim statements of operations and comprehensive loss, for the nine month ended September 30, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">April 2024 Convertible Note</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In April 2024, the Company entered into a convertible note agreement (the “April 2024 Convertible Note Agreement”) with a lender for the aggregate principal amount of $<span id="xdx_90D_eus-gaap--DebtInstrumentIssuedPrincipal_pn3n3_c20240401__20240430__us-gaap--TypeOfArrangementAxis__custom--AprilTwoThousandTwentyFourConvertibleNotesAgreementMember_z0F6lgvIKjRc" title="Debt instrumental principal amount">125.0</span> thousand, that bears interest at a rate of <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20240430__us-gaap--TypeOfArrangementAxis__custom--AprilTwoThousandTwentyFourConvertibleNotesAgreementMember_zY9cfHPMqHe6" title="Debt instrumental interest rate">4.71</span>% per annum and is convertible to common stock (the “April 2024 Convertible Note”). The April 2024 Convertible Promissory Note matures in April 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Automatic conversion into common stock – </i></b>If on or before the maturity date in April 2025, the Company closes the plan of merger as described in the Merger Agreement (as defined in “Note 1 – Organization”), the Company will notify the holder of the April 2024 Convertible Note five days prior to the merger. Immediately prior to the closing of the merger, all of the then outstanding obligations of the April 2024 Convertible Note will automatically convert into the number of common shares equal to the outstanding amount divided by $<span id="xdx_901_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pip0_c20240430_zkzeVBG33bH4" title="Debt instrumental conversion price">4.94</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant issuance –</i></b> Upon the conversion of the April 2024 Convertible Note to common stock, the Company shall issue the holder a warrant to purchase <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20240401__20240430__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_znLHALqTjvIc" title="Stock issued during the period, new issues">7,500</span> shares of common stock of CSLM with a per share exercise price of $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_c20240430__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zdFYrWvZHvsl" title="Warrant execise price">11.50</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Subordination – </i></b>Upon the occurrence of any event of default (as described in the April 2024 Convertible Note Agreement and discussed below), the April 2024 Convertible Note shall become junior and subordinate to the January 2024 Convertible Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The April 2024 Convertible Note has customary events of default, are fully secured by the assets of the Company and because the conversion feature does not meet the definition of a derivative are being accounted for at amortized cost. The proceeds of the April 2024 Convertible Note will be used for working capital purposes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 5, 2025, the conversion price of the April 2024 Convertible Promissory Notes with principal amount of $<span id="xdx_90D_eus-gaap--DebtInstrumentIssuedPrincipal_c20250205__20250205__us-gaap--DebtInstrumentAxis__custom--AprilTwoThousandTwentyFourConvertiblePromissoryNotesMember_zFvvUppTNT1k" title="Debt instrumental prinicipal amount">125,000</span> was amended to $<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pip0_c20250205__us-gaap--DebtInstrumentAxis__custom--AprilTwoThousandTwentyFourConvertiblePromissoryNotesMember_zZEWUQ7CwOwb" title="Debt instrumental conversion price">3.15</span> from the original conversion price of $<span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pip0_c20240430_zL5kPjiUVH6a" title="Debt instrumental conversion price">4.94</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the conversion feature of April 2024 Convertible Note offering for embedded derivatives in accordance with ASC 815, Derivatives and Hedging, and the substantial premium model in accordance with ASC 470, Debt. Based on our assessment, separate accounting for the conversion feature of this note offering is not required and will be accounted for under the substantial premium model. Under the substantial premium model, the excess above the fair value amounting to $<span id="xdx_90F_eus-gaap--DebtInstrumentRepurchaseAmount_iI_pn3n3_c20240430_zyapDuDAPjv7" title="Debt instrumental repurchase">113.0</span> thousand this note will be recorded as loss on extinguishment of debt in additional paid-in-capital with a corresponding debit in the unaudited condensed consolidated interim statement of profit and loss for the nine months ended September 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The April 2024 Convertible Notes were once again amended in April 2025 and basis the amendment the maturity date was revised from April 5, 2025, to April 5, 2026 pursuant to the second amendment. The Company applied the 10% cash flow test pursuant to ASC 470 to calculate the difference between the present value of the amended note’s cash flows and the present value of the original remaining cash flow and concluded that the results didn’t exceed the 10% factor, the debt modification is not considered substantially different and therefore did not apply extinguishment accounting, rather it accounted for the modification on a prospective basis pursuant to ASC 470.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">June 2024 Convertible Note</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"> </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2024, the Company entered into a convertible note agreement (the “June 2024 Convertible Note Agreement”) with a lender for the principal amount of $<span id="xdx_901_eus-gaap--DebtInstrumentIssuedPrincipal_pn3n3_c20240601__20240630__us-gaap--TypeOfArrangementAxis__custom--JuneTwoThousandTwentyFourConvertibleNotesAgreementMember_zLvj7emaqBs7" title="Debt instrumental principal amount">130.0</span> thousand, that bears interest at a rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20240630__us-gaap--TypeOfArrangementAxis__custom--JuneTwoThousandTwentyFourConvertibleNotesAgreementMember_za2WwZjpHPNk" title="Debt instrumental interest rate">4.71</span>% per annum and is convertible to common stock (the “June 2024 Convertible Note”). The June 2024 Convertible Promissory Note matures in June 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Automatic conversion into common stock – </i></b>If on or before the maturity date in June 2025, the Company closes the plan of merger as described in the Merger Agreement (as defined in “Note 1 – Organization”), the Company will notify the holder of the June 2024 Convertible Note five days prior to the merger. Immediately prior to the closing of the merger, all of the then outstanding obligations of the June 2024 Convertible Note will automatically convert into the number of common shares equal to the outstanding amount divided by $<span id="xdx_901_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pip0_c20240630_zs9fPFLYi4bc" title="Debt instrumental conversion price">4.94</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant issuance –</i></b> Upon the conversion of the June 2024 Convertible Note to common stock of CSLM, the Company shall issue the holder a warrant to purchase <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20240601__20240630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zM48P6Oa6hoh" title="Stock issued during the period, new issues">7,500</span> shares of common stock of CSLM with a per share exercise price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_c20240630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zqMMsCYmgJwe" title="Warrant execise price">11.50</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Subordination –</i></b> Upon the occurrence of any event of default (as described in the June 2024 Convertible Note Agreement and discussed below), the June 2024 Convertible Note shall become junior and subordinate to the January 2024 Convertible Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The June 2024 Convertible Note has customary events of default, are fully secured by the assets of the Company and because the conversion feature does not meet the definition of a derivative are being accounted for at amortized cost. The proceeds of the June 2024 Convertible Note will be used for working capital purposes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 5, 2025, the conversion price of the June 2024 Convertible Promissory Note with principal amount of $<span id="xdx_90D_eus-gaap--DebtInstrumentIssuedPrincipal_c20250205__20250205__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandTwentyFourConvertiblePromissoryNotesMember_zLPppy2Ts5J7" title="Debt instrumental prinicipal amount">130,000</span> was amended to $<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pip0_c20250205__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandTwentyFourConvertiblePromissoryNotesMember_ziFPvBJcK5xk" title="Debt instrumental conversion price">3.15</span> from the original conversion price of $<span id="xdx_905_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pip0_c20240630_ztNGfjhGmAdd" title="Debt instrumental conversion price">4.94</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the conversion feature of June 2024 Convertible Note offering for embedded derivatives in accordance with ASC 815, Derivatives and Hedging, and the substantial premium model in accordance with ASC 470, Debt. Based on our assessment, separate accounting for the conversion feature of this note offering is not required and will be accounted for under the substantial premium model. Under the substantial premium model, the excess above the fair value amounting to $<span id="xdx_90D_eus-gaap--DebtInstrumentRepurchaseAmount_iI_pn3n3_c20240630_z1cvnhU0NxX5" title="Debt instrumental repurchase">114.0</span> thousand this note will be recorded as loss on extinguishment of debt in additional paid-in-capital with a corresponding debit in the unaudited condensed consolidated interim statement of profit and loss for the nine months ended September 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The June 2024 Convertible Note were once again amended in July 2025 and basis the amendment the maturity date was revised from June 17, 2025, to June 17, 2026, pursuant to the amendment. The Company applied the 10% cash flow test pursuant to ASC 470 to calculate the difference between the present value of the amended note’s cash flows and the present value of the original remaining cash flow and concluded that the results didn’t exceed the 10% factor, the debt modification is not considered substantially different and therefore did not apply extinguishment accounting, rather it accounted for the modification on a prospective basis pursuant to ASC 470.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">September 2024 Convertible Notes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"> </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2024, the Company entered into two convertible note agreements (the “September 2024 Convertible Notes Agreements”) with two lenders, each for the principal amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentIssuedPrincipal_pn3n3_c20240901__20240930__us-gaap--TypeOfArrangementAxis__custom--SeptemberTwoThousandTwentyFourConvertibleNotesAgreementMember_z2OumzKYSkX" title="Debt instrumental principal amount">100.0</span> thousand (the “September 2024 Convertible Notes”). The September 2024 Convertible Notes bear interest at a rate of <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20240630__us-gaap--TypeOfArrangementAxis__custom--SeptemberTwoThousandTwentyFourConvertibleNotesAgreementMember_zgRr07OIjza7" title="Debt instrumental interest rate">4.71</span>% per annum. The 2024 September Convertible Notes mature in September 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Automatic conversion into common stock – </i></b>If on or before the maturity date in September 2026, the Company closes the plan of merger as described in the Merger Agreement (as defined in “Note 1 – Organization”), the Company will notify the holders of the September 2024 Convertible Notes five days prior to the merger. Immediately prior to the closing of the merger, all of the then outstanding obligations of the September 2024 Convertible Notes will automatically convert into the number of common shares equal to the outstanding amount divided by $<span id="xdx_907_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pip0_c20240930_zw3WNwAXW0Gc" title="Debt instrumental conversion price">4.94</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant issuance – </i></b>Upon the conversion of the September 2024 Convertible Notes to common stock, the Company shall issue the holders each a warrant to purchase <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20240901__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zLZd1mlnSxbh" title="Stock issued during the period, new issues">7,500</span> shares of common stock of CSLM with a per share exercise price of $<span id="xdx_908_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_c20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zSbFE2tG4HTi" title="Warrant execise price">11.50</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Subordination –</i></b> Upon the occurrence of any event of default (as described in the September 2024 Convertible Notes Agreements and discussed below), the September 2024 Convertible Notes shall become junior and subordinate to the January 2024 Convertible Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The September 2024 Convertible Notes have customary events of default, are fully secured by the assets of the Company and because the conversion feature does not meet the definition of a derivative are being accounted for at amortized cost. The proceeds of the September 2024 Convertible Notes will be used for working capital purposes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 5, 2025, the conversion price of the two September 2024 Convertible Promissory Notes with principal amount of $ <span id="xdx_904_eus-gaap--DebtInstrumentIssuedPrincipal_c20250205__20250205__us-gaap--DebtInstrumentAxis__custom--SeptemberTwoThousandTwentyFourConvertiblePromissoryNotesMember_zJ6zBsSE8Kaj" title="Debt instrumental prinicipal amount">100,000</span> each was amended to $<span id="xdx_901_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pip0_c20250205__us-gaap--DebtInstrumentAxis__custom--SeptemberTwoThousandTwentyFourConvertiblePromissoryNotesMember_zQUr0G2kwoX5" title="Debt instrumental conversion price">3.15</span> from the original conversion price of $<span id="xdx_90F_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pip0_c20240930_zIYapJazbl49" title="Debt instrumental conversion price">4.94</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the conversion feature of September 2024 Convertible Notes offering for embedded derivatives in accordance with ASC 815, Derivatives and Hedging, and the substantial premium model in accordance with ASC 470, Debt. Based on our assessment, separate accounting for the conversion feature of these notes offering is not required and will be accounted for under the substantial premium model. Under the substantial premium model, the excess above the fair value amounting to $<span id="xdx_909_eus-gaap--DebtInstrumentRepurchaseAmount_iI_pn3n3_c20240930_zOIoyYxeJLlg" title="Debt instrumental repurchase">164.0</span> thousand these notes will be recorded as loss on extinguishment of debt in additional paid-in-capital with a corresponding debit in the unaudited condensed consolidated interim statement of Operations and Comprehensive Loss for the nine months ended September 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">February 2025 Convertible Notes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 24, 2025, the company entered into a convertible promissory note amounting to $<span id="xdx_903_eus-gaap--DebtInstrumentIssuedPrincipal_c20250224__20250224__us-gaap--TypeOfArrangementAxis__custom--FebruaryTwoThousandTwentyFourConvertibleNotesAgreementMember_zzd2LjUSnstb" title="Debt instrumental principal amount">180,000</span> with an interest rate of <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20250224__us-gaap--TypeOfArrangementAxis__custom--FebruaryTwoThousandTwentyFourConvertibleNotesAgreementMember_z5JZPzaWbxkb" title="Debt instrumental interest rate">4.71</span>% and maturity date of February 19, 2028. Upon closing of the merger agreement, the Note shall automatically convert into the number of shares of Common Stock equal to the then outstanding Obligations under the note divided by the applicable Conversion Price i.e., $<span id="xdx_905_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pip0_c20250224__us-gaap--TypeOfArrangementAxis__custom--FebruaryTwoThousandTwentyFourConvertibleNotesAgreementMember_zavuRDikdNcb" title="Conversion price">3.15</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Automatic conversion into common stock – </i></b>If on or before the maturity date in February 2028, the Company closes the plan of merger as described in the Merger Agreement (as defined in “Note 1 – Organization”), the Company will notify the holders of the February 2025 Convertible Notes five days prior to the merger. Immediately prior to the closing of the merger, all of the then outstanding obligations of the September 2024 Convertible Notes will automatically convert into the number of common shares equal to the outstanding amount divided by $<span id="xdx_900_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pip0_c20250224_z3PauO6dFRpd" title="Outstanding amount">3.15</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Subordination –</i></b> Upon the occurrence of any event of default (as described in the February 2025 Convertible Notes Agreements and discussed below), the February 2025 Convertible Notes shall become junior and subordinate to the January 2024 Convertible Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The February 2025 Convertible Note has customary events of default, are fully secured by the assets of the Company and because the conversion feature does not meet the definition of a derivative are being accounted for at amortized cost. The proceeds of the February 2025 Convertible Note will be used for working capital purposes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Related Party loan payable</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the previous year ended December 31, 2024, the Company entered into seven separate promissory notes with Mr. Maskey for an aggregate principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentIssuedPrincipal_pn3n3_c20250224__20250224__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyFourRelatedPartyPromissoryNotesMember_zGWOMOFlZlZ" title="Debt instrumental principal amount">700.0</span> thousand (the “2024 Related Party Promissory Notes”). The 2024 Related Party Promissory Notes bear interest at a rate of <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20250224__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyFourRelatedPartyPromissoryNotesMember_zjXD6UUveZUb" title="Debt instrumental interest rate">4.71</span>% per annum and mature in December 2025. Upon an event of default, the 2024 Related Party Promissory Notes shall become junior and subordinate to the January 2024 Convertible Notes (also see “Note 18 - Related Parties”), and any amounts owed will bear interest at <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20250224__us-gaap--TypeOfArrangementAxis__custom--JanuaryTwoThousandTwentyFourConvertibleNotesMember_zNFwLWQkqrl2" title="Debt instrumental interest rate">10</span>% per annum until the obligations are satisfied in full. The 2024 Related Party Promissory Notes have customary events of default. As of September 30, 2025, the balance of the 2024 Related Party Promissory notes of $<span id="xdx_90F_eus-gaap--LoansPayableCurrent_iI_pn3n3_c20250930_zzr8zZv3P53h" title="Loans payable">700.0</span> thousand, is included in related party loan payable - current in the unaudited condensed consolidated interim balance sheets and is being accounted for at amortized cost.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 12, 2025, an amendment to the seven promissory notes was entered into between the company and the CEO, Mr. Sameer Maskey. As per the original agreement, the maturity date was earlier of (1) the occurrence of an Event of Default and (2) December 31, 2024. Pursuant to the amendment agreement, the maturity date was extended to earlier of (1) the occurrence of an Event of Default and (2) December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the amendment in maturity date under the guidance in ASC 470-50 Debt - Modifications and Extinguishments, and it was determined that there was no gain/loss to be recorded in the unaudited condensed consolidated statements of operations and comprehensive loss, for the nine months ended September 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to September 30, 2025, Fusemachines incurred interest expense on promissory notes held at amortized cost and subsequently the promissory notes principal and accrued and unpaid interest were repaid in cash upon the Closing of merger. The terms of the merger are disclosed as a part of Note on Subsequent Events (Refer Note no. 20 Subsequent Events).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Others- February 2025 Convertible Notes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the second amendment to the Merger Agreement, Consilium Frontier Equity Fund, LP provided financing to Fusemachines in the amount of $<span id="xdx_900_eus-gaap--DebtConversionOriginalDebtAmount1_c20250201__20250228_z63lXCsZMdQh" title="Debt conversion amount">2,160,000</span>, in exchange for a convertible note which note shall convert into shares of common stock of Fusemachines at a price of $<span id="xdx_90F_eus-gaap--SharePrice_iI_c20250228_zRyXxu7OmjYd" title="share price">0.44</span> per share (a) automatically at the time of the Business Combination, or (b) on July 12, 2025 at the option of the holder, if not, then payable in cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the terms of the Note and related Escrow Agreement, the proceeds are required to be deposited into an escrow account and will be released to the Company only upon the consummation of the Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further, per Section 4.2 of the Escrow Agreement “Upon the Closing, the Company, Investor and Fusemachines shall jointly deliver a Joint Release Notice to the Escrow Agent directing the Escrow Agent to disburse to the Pubco all of the Funds in the Escrow Account.” Accordingly, the escrowed funds are not freely available to the Pubco prior to joint instruction by the Investor, Fusemachines, and the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 22, 2025, the proceeds from Consilium Frontier Equity Fund, LP have been received into an escrow account. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since the release of proceeds is contingent upon the occurrence of the Business Combination, an event not wholly within the control of the Company, the same has not been recognized in the unaudited condensed consolidated financial statements as of September 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to September 30, 2025, Fusemachines received funds from a convertible note with an affiliate of the Sponsor in the principal amount of $<span id="xdx_909_eus-gaap--DebtInstrumentIssuedPrincipal_pn3n3_c20251001__20251001__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zTTSCt9y5Gmk" title="Debt instrumental principal amount">2,160,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Subsequent Conversion </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 22, 2025, Merger Sub merged with and into Fusemachines, the separate corporate existence of Merger Sub ceased to exist and Fusemachines was the surviving company and a wholly owned subsidiary of Pubco Following the completion of the business combination, all convertible notes (related parties and other convertible notes) were converted into equity of the public company. The terms of the merger are disclosed as a part of Note - 20 Subsequent Events.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_89C_eus-gaap--ScheduleOfDebtTableTextBlock_z25jFNP5iOJb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term debt consists of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B6_z2kScvjHRD2k" style="display: none">Schedule of Long-Term Debt</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Current</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Noncurrent</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Current</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Noncurrent</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">2024 Convertible Notes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--LongTermDebtCurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesMember_zDZxf64AaAq6" style="width: 6%; text-align: right" title="Long term debt current">455</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtNoncurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesMember_zOOht6Xu7sKb" style="width: 6%; text-align: right" title="Long term debt non current"><span style="-sec-ix-hidden: xdx2ixbrl3750">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--LongTermDebt_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesMember_zYHg5hvyjB2k" style="width: 6%; text-align: right" title="Long term debt">455</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--LongTermDebtCurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesMember_zQaHNdkkbr3g" style="width: 6%; text-align: right" title="Long term debt current">255</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--LongTermDebtNoncurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesMember_zlO8D72j6yN3" style="width: 6%; text-align: right" title="Long term debt non current">200</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebt_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesMember_zOqhTOmF5qdj" style="width: 6%; text-align: right" title="Long term debt">455</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2024 Convertible Notes at fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtCurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesFairValueMember_z37fAb1ggMol" style="text-align: right" title="Long term debt current">9,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebtNoncurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesFairValueMember_zencHHFVJUe2" style="text-align: right" title="Long term debt non current"><span style="-sec-ix-hidden: xdx2ixbrl3762">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--LongTermDebt_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesFairValueMember_zAipZIDmCO47" style="text-align: right" title="Long term debt">9,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebtCurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesFairValueMember_zyKmt7t9p8wl" style="text-align: right" title="Long term debt current">8,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebtNoncurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesFairValueMember_zVH18rrcTSaj" style="text-align: right" title="Long term debt non current"><span style="-sec-ix-hidden: xdx2ixbrl3768">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebt_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleNotesFairValueMember_zwarmV11JcV" style="text-align: right" title="Long term debt">8,986</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Related party convertible notes payable at fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtCurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--RelatedPartyConvertibleNotesPayableFairValueMember_ze1XrgLXwW2h" style="text-align: right" title="Long term debt current">7,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtNoncurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--RelatedPartyConvertibleNotesPayableFairValueMember_zPIZrzK9glVc" style="text-align: right" title="Long term debt non current"><span style="-sec-ix-hidden: xdx2ixbrl3774">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--LongTermDebt_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--RelatedPartyConvertibleNotesPayableFairValueMember_zWcSrsuh2bVg" style="text-align: right" title="Long term debt">7,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtCurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--RelatedPartyConvertibleNotesPayableFairValueMember_z59Z9HuMpVS9" style="text-align: right" title="Long term debt current"><span style="-sec-ix-hidden: xdx2ixbrl3778">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--LongTermDebtNoncurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--RelatedPartyConvertibleNotesPayableFairValueMember_zNWmXwLkL12d" style="text-align: right" title="Long term debt non current">6,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebt_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--RelatedPartyConvertibleNotesPayableFairValueMember_zEzzXxLLcwsi" style="text-align: right" title="Long term debt">6,524</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Related party loan payable</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebtCurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--RelatedPartyLoanPayableMember_zoLoIO3a5kul" style="text-align: right" title="Long term debt current">700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--LongTermDebtNoncurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--RelatedPartyLoanPayableMember_z309eaBhAS23" style="text-align: right" title="Long term debt non current"><span style="-sec-ix-hidden: xdx2ixbrl3786">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebt_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--RelatedPartyLoanPayableMember_zQr7T9vrW6z9" style="text-align: right" title="Long term debt">700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebtCurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--RelatedPartyLoanPayableMember_zp3H5IV88Bd" style="text-align: right" title="Long term debt current">700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtNoncurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--RelatedPartyLoanPayableMember_zGxHyicGYcD3" style="text-align: right" title="Long term debt non current"><span style="-sec-ix-hidden: xdx2ixbrl3792">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebt_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--RelatedPartyLoanPayableMember_zlm7Jk5VgQX2" style="text-align: right" title="Long term debt">700</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>February 2025 Convertible Notes</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98C_eus-gaap--LongTermDebtCurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--February2025ConvertibleNotesMember_zAnzk9RjNN86" style="font-weight: bold; text-align: right" title="Long term debt current"><span style="-sec-ix-hidden: xdx2ixbrl3796">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--LongTermDebtNoncurrent_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--February2025ConvertibleNotesMember_z82DWn5WMsl7" style="text-align: right" title="Long term debt non current">180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebt_iI_c20250930__us-gaap--DebtInstrumentAxis__custom--February2025ConvertibleNotesMember_z7q01iaMZ1Sl" style="text-align: right" title="Long term debt">180</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermDebtCurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--February2025ConvertibleNotesMember_zUsI7utkpcG8" style="font-weight: bold; text-align: right" title="Long term debt current"><span style="-sec-ix-hidden: xdx2ixbrl3802">-</span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebtCurrent_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--February2025ConvertibleNotesMember_zx0lqDmWNc1a" style="text-align: right" title="Long term debt current"><span style="-sec-ix-hidden: xdx2ixbrl3804">-</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_eus-gaap--LongTermDebt_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--February2025ConvertibleNotesMember_z7D3fXhIiHz8" style="font-weight: bold; text-align: right" title="Long term debt"><span style="-sec-ix-hidden: xdx2ixbrl3806">-</span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98D_eus-gaap--LongTermDebtCurrent_iI_c20250930_zCscx3iD7WMb" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt current">18,165</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_989_eus-gaap--LongTermDebtNoncurrent_iI_c20250930_z8VV6omdmhn9" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt non current">180</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_988_eus-gaap--LongTermDebt_iI_c20250930_zsJkPXANHaz2" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt">18,345</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_983_eus-gaap--LongTermDebtCurrent_iI_c20241231_zLNW8L35SlYg" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt current">9,941</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_980_eus-gaap--LongTermDebtNoncurrent_iI_c20241231_z7ZT8MZZTKDj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt non current">6,724</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98B_eus-gaap--LongTermDebt_iI_c20241231_zL4PKJrwTg74" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Long term debt">16,665</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 455000 455000 255000 200000 455000 9480000 9480000 8986000 8986000 7530000 7530000 6524000 6524000 700000 700000 700000 700000 180000 180000 18165000 180000 18345000 9941000 6724000 16665000 2000000.0 0.10 450000.0 0.15 7500000.0 386400 386400 343000.0 85000000 2.235 300000.0 4000000.0 15000000.0 40000000.0 115000000.0 1006000.0 1457000.0 2000000.0 4500000.0 0.04863 5000000.0 667000 3.00 1000.0 5.798 3600000 494000.0 2349000.0 4000000.0 3000000.0 500000.0 500000.0 0.1325 0.23 3000000.0 78500 601100 140133 0.46 P10Y 850.0 945.0 95000.0 531000.0 125000.0 0.0471 4.94 7500 11.50 125000 3.15 4.94 113000.0 130000.0 0.0471 4.94 7500 11.50 130000 3.15 4.94 114000.0 100000.0 0.0471 4.94 7500 11.50 100000 3.15 4.94 164000.0 180000 0.0471 3.15 3.15 700000.0 0.0471 0.10 700000.0 2160000 0.44 2160000000 <p id="xdx_801_eus-gaap--PreferredStockTextBlock_zDBHJzK0SxQ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 10 - <span id="xdx_824_zlTcf3p1ZToh">Convertible Preferred Stock</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective February 2023, the Company amended the Third Amended and Restated Certificate of Incorporation of Fusemachines Inc. (the “Restated Certificate”) to increase the number of shares of series seed preferred stock (“Convertible Preferred Stock”) that the Company is authorized to issue from <span id="xdx_908_eus-gaap--PreferredStockSharesAuthorized_iI_c20230227__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember__us-gaap--AwardTypeAxis__custom--SeriesSeedPreferredstockMember_zwzYK56kMqzi" title="Preferred stock, shares authorized">9,038,725</span> to <span id="xdx_905_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20230228__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember__us-gaap--AwardTypeAxis__custom--SeriesSeedsPreferredstockMember_zysRrhZFjmnb" title="Preferred stock, shares authorized">9,076,734</span> (including <span id="xdx_908_eus-gaap--PreferredStockSharesAuthorized_iI_c20230228__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_z66ZWIrg3A0e" title="Preferred stock, shares authorized">5,441</span> authorized shares of preferred stock not assigned to a particular series) and increase the authorized shares of series seed-2 preferred stock (“Series Seed-2 Convertible Preferred Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfPreferredUnitsTextBlock_zkaurMaaTEd9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The authorized, issued and outstanding shares of the Convertible Preferred Stock, liquidation preferences and carrying values as of September 30, 2025 and December 31, 2024 were as follows (in thousands, except share numbers):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zRCDU4ilRGhh">Schedule of Convertible Preferred Stock</span> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of September 30, 2025 and December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Series</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Authorized Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Issued and Outstanding Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Liquidation Preferences</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Carrying Value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 40%">Seed-1</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"><span id="xdx_905_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zIC6UqkGdAC3" title="Preferred stock, shares authorized"><span id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zU1D3rdaMNL8" title="Preferred stock, shares authorized">2,018,725</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"><span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_z1099G7eDxr5" title="Preferred stock, shares issued"><span id="xdx_908_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zvlw0JEYthU9" title="Preferred stock, shares outstanding"><span id="xdx_902_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zclQgtvzeK4i" title="Preferred stock, shares issued"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zc7AERDpmpLl" title="Preferred stock, shares outstanding">2,013,724</span></span></span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right"><span id="xdx_906_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zjqpnKTtGjcb" title="Preferred stock liquidation preference, value"><span id="xdx_909_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zPPwfDYQJqle" title="Preferred stock liquidation preference, value">1,350</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right"><span id="xdx_90F_eus-gaap--PreferredStockValue_iI_pn3n3_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zTN63fWKPBlh" title="Preferred stock, carrying value"><span id="xdx_905_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_z61ExJNrzr6c" title="Preferred stock, carrying value">1,323</span></span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Seed-2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zVJ5Ml094vW5" title="Preferred stock, shares authorized"><span id="xdx_90A_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zlomsp7yXifl" title="Preferred stock, shares authorized">1,402,568</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--PreferredStockSharesIssued_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zgdAbaKcay29" title="Preferred stock, shares issued"><span id="xdx_90F_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zgoS0FNmglSj" title="Preferred stock, shares outstanding"><span id="xdx_902_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zKhiGcCOfWEe" title="Preferred stock, shares issued"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zKt8V9ien6dj" title="Preferred stock, shares outstanding">1,402,606</span></span></span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_z7f3rvZeAdP5" title="Preferred stock liquidation preference, value"><span id="xdx_901_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_z4wamuoqlb5j" title="Preferred stock liquidation preference, value">940</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--PreferredStockValue_iI_pn3n3_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zHdzHR4dSbg1" title="Preferred stock, carrying value"><span id="xdx_903_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zljEAnxXPhua" title="Preferred stock, carrying value">940</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Seed-3</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_z5NAgaV8mQra" title="Preferred stock, shares authorized"><span id="xdx_909_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_ztCeJf8CvLJa" title="Preferred stock, shares authorized">2,700,000</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--PreferredStockSharesIssued_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_z7Ied7bkzZ2j" title="Preferred stock, shares issued"><span id="xdx_90F_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zhcrQcQFSP14" title="Preferred stock, shares outstanding"><span id="xdx_906_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zPG5bQRJLinb" title="Preferred stock, shares issued"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zWXqVyFFx9V7" title="Preferred stock, shares outstanding">2,681,851</span></span></span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zfWoVJX1Zjl1" title="Preferred stock liquidation preference, value"><span id="xdx_90F_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zmO3wnmEelYi" title="Preferred stock liquidation preference, value">2,515</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--PreferredStockValue_iI_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zllzQQWNc7N5" title="Preferred stock, carrying value"><span id="xdx_909_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zJmF1kE0HHz6" title="Preferred stock, carrying value">2,515</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Seed-4</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_907_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_z2x0kSfM5VAj" title="Preferred stock, shares authorized"><span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_z9s3KKOHL1Ee" title="Preferred stock, shares authorized">2,950,000</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_eus-gaap--PreferredStockSharesIssued_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zlBIQt0pZ9c9" title="Preferred stock, shares issued"><span id="xdx_900_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zox7HVjSED79" title="Preferred stock, shares outstanding"><span id="xdx_909_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_z66g2Nvi8nJc" title="Preferred stock, shares issued"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zTKRDUeFdrx4" title="Preferred stock, shares outstanding">2,945,053</span></span></span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right"><span id="xdx_905_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zAV84D6LZDMk" title="Preferred stock liquidation preference, value"><span id="xdx_902_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zkgISfx0pBZb" title="Preferred stock liquidation preference, value">3,100</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90D_eus-gaap--PreferredStockValue_iI_pn3n3_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_z57Ik5myNKHk" title="Preferred stock, carrying value"><span id="xdx_905_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zypt4HkHxcqa" title="Preferred stock, carrying value">3,087</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z26FM4IjIWFd" title="Preferred stock, shares authorized"><span id="xdx_906_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z6iYuVDmXvVj" title="Preferred stock, shares authorized">9,071,293</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90E_eus-gaap--PreferredStockSharesIssued_iI_pid_c20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zKmiL6Jvj6ba" title="Preferred stock, shares issued"><span id="xdx_90E_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z4nb01G4AHx7" title="Preferred stock, shares outstanding"><span id="xdx_907_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zfBc8ayMJBdj" title="Preferred stock, shares issued"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zLOled3zFsS1" title="Preferred stock, shares outstanding">9,043,234</span></span></span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90F_eus-gaap--PreferredStockValue_iI_pn3n3_c20250930_zHRKWOBJTCYf" title="Preferred stock, carrying value"><span id="xdx_90B_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zp7sdGaPZbbi" title="Preferred stock, carrying value">7,865</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zqflfsIAMLk8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rights, preferences and privileges of the Convertible Preferred Stock</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The rights, preferences and privileges of the Convertible Preferred Stock were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dividends</i>. The Company may not pay dividends on other classes or series of stock (excluding dividends in common stock) before unless the holders of the Company’s Convertible Preferred Stock receive, at the same time or before, a dividend on each of their shares. Upon the declaration of a dividend for another class or series of stock (excluding common stock), the holders of the Convertible Preferred Stock are entitled to receive dividends based on the equivalent amount if the other stocks were converted into common stock, times the number of common stock shares that each Convertible Preferred Stock share could be converted into (as adjusted for stock splits, combinations and reorganizations). No dividends have been declared to date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Conversion</i>. The series seed preferred stock is convertible, at the option of the holder, at any time and from time to time, into such number of fully paid and nonassessable shares of common stock as is determined by dividing the series seed original issue price by the series seed conversion price in effect at the time of conversion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting rights</i>. The holders of Convertible Preferred Stock are entitled to that number of votes on all matters presented to stockholders equal to the number of shares of common stock then issuable upon conversion of such preferred stock. The holders of Convertible Preferred Stock are entitled to elect one director of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidation</i>. In the event of any sale of substantially all of the assets, a merger, or liquidation, dissolution or winding up of the Company, the holders of series seed-4 Convertible Preferred Stock then outstanding will be entitled to receive, in preference to the holders of all other series of Convertible Preferred Stock and common stock, an amount equal to or greater than (a) $<span id="xdx_90D_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zFIJg45e8eb2" title="Preferred stock liquidation preference, per share">1.0553</span> per share (as adjusted for stock splits, combinations, and reorganizations) plus declared and unpaid dividends, if any, or (b) such amount per share as would have been payable had all shares of series seed-4 Convertible Preferred Stock had been converted to common stock immediately prior to such liquidation, dissolution or winding up or deemed liquidation event. Given that deemed liquidation event is within the control of the common stockholders, the Convertible Preferred Stock is recognized as permanent equity within the unaudited condensed consolidated interim statements of stockholders’ deficit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After the payment of all preferential amounts required to the paid to the holders of shares of series seed-4 Convertible Preferred Stock, the holders of series seed 3, 2, and 1 Convertible Preferred Stock will be entitled to receive, on a pari passu basis and in preference to the holders of common stock, $<span id="xdx_90B_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_z3sxu9mu6XKh" title="Preferred stock liquidation preference, per share">0.9379</span>, $<span id="xdx_90E_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_z6JSNZFj9TTi" title="Preferred stock liquidation preference, per share">0.6704</span>, and $<span id="xdx_905_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_z37CjCqmabck" title="Preferred stock liquidation preference, per share">0.6704</span>, respectively, per share plus declared and unpaid dividends, if any. After the payment of all preferential amounts required to be paid to the holders of series seed-4 Convertible Preferred Stock, then the holders of series seed 3, 2 and 1 Convertible Preferred Stock, shall be entitled to be paid out of the assets of the Company. After distributing to all preferred stockholders, the remaining assets of the Company will be distributed ratably to the holders of the common stock on a pro rata basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 9038725 9076734 5441 <p id="xdx_890_eus-gaap--ScheduleOfPreferredUnitsTextBlock_zkaurMaaTEd9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The authorized, issued and outstanding shares of the Convertible Preferred Stock, liquidation preferences and carrying values as of September 30, 2025 and December 31, 2024 were as follows (in thousands, except share numbers):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zRCDU4ilRGhh">Schedule of Convertible Preferred Stock</span> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of September 30, 2025 and December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Series</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Authorized Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Issued and Outstanding Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Liquidation Preferences</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Carrying Value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 40%">Seed-1</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"><span id="xdx_905_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zIC6UqkGdAC3" title="Preferred stock, shares authorized"><span id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zU1D3rdaMNL8" title="Preferred stock, shares authorized">2,018,725</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"><span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_z1099G7eDxr5" title="Preferred stock, shares issued"><span id="xdx_908_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zvlw0JEYthU9" title="Preferred stock, shares outstanding"><span id="xdx_902_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zclQgtvzeK4i" title="Preferred stock, shares issued"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zc7AERDpmpLl" title="Preferred stock, shares outstanding">2,013,724</span></span></span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right"><span id="xdx_906_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zjqpnKTtGjcb" title="Preferred stock liquidation preference, value"><span id="xdx_909_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zPPwfDYQJqle" title="Preferred stock liquidation preference, value">1,350</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right"><span id="xdx_90F_eus-gaap--PreferredStockValue_iI_pn3n3_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_zTN63fWKPBlh" title="Preferred stock, carrying value"><span id="xdx_905_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed1ConvertiblePreferredStockMember_z61ExJNrzr6c" title="Preferred stock, carrying value">1,323</span></span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Seed-2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zVJ5Ml094vW5" title="Preferred stock, shares authorized"><span id="xdx_90A_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zlomsp7yXifl" title="Preferred stock, shares authorized">1,402,568</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--PreferredStockSharesIssued_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zgdAbaKcay29" title="Preferred stock, shares issued"><span id="xdx_90F_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zgoS0FNmglSj" title="Preferred stock, shares outstanding"><span id="xdx_902_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zKhiGcCOfWEe" title="Preferred stock, shares issued"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zKt8V9ien6dj" title="Preferred stock, shares outstanding">1,402,606</span></span></span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_z7f3rvZeAdP5" title="Preferred stock liquidation preference, value"><span id="xdx_901_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_z4wamuoqlb5j" title="Preferred stock liquidation preference, value">940</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--PreferredStockValue_iI_pn3n3_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zHdzHR4dSbg1" title="Preferred stock, carrying value"><span id="xdx_903_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed2ConvertiblePreferredStockMember_zljEAnxXPhua" title="Preferred stock, carrying value">940</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Seed-3</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_z5NAgaV8mQra" title="Preferred stock, shares authorized"><span id="xdx_909_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_ztCeJf8CvLJa" title="Preferred stock, shares authorized">2,700,000</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--PreferredStockSharesIssued_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_z7Ied7bkzZ2j" title="Preferred stock, shares issued"><span id="xdx_90F_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zhcrQcQFSP14" title="Preferred stock, shares outstanding"><span id="xdx_906_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zPG5bQRJLinb" title="Preferred stock, shares issued"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zWXqVyFFx9V7" title="Preferred stock, shares outstanding">2,681,851</span></span></span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zfWoVJX1Zjl1" title="Preferred stock liquidation preference, value"><span id="xdx_90F_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zmO3wnmEelYi" title="Preferred stock liquidation preference, value">2,515</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--PreferredStockValue_iI_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zllzQQWNc7N5" title="Preferred stock, carrying value"><span id="xdx_909_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed3ConvertiblePreferredStockMember_zJmF1kE0HHz6" title="Preferred stock, carrying value">2,515</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Seed-4</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_907_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_z2x0kSfM5VAj" title="Preferred stock, shares authorized"><span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_z9s3KKOHL1Ee" title="Preferred stock, shares authorized">2,950,000</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_eus-gaap--PreferredStockSharesIssued_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zlBIQt0pZ9c9" title="Preferred stock, shares issued"><span id="xdx_900_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zox7HVjSED79" title="Preferred stock, shares outstanding"><span id="xdx_909_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_z66g2Nvi8nJc" title="Preferred stock, shares issued"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zTKRDUeFdrx4" title="Preferred stock, shares outstanding">2,945,053</span></span></span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right"><span id="xdx_905_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zAV84D6LZDMk" title="Preferred stock liquidation preference, value"><span id="xdx_902_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zkgISfx0pBZb" title="Preferred stock liquidation preference, value">3,100</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90D_eus-gaap--PreferredStockValue_iI_pn3n3_c20250930__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_z57Ik5myNKHk" title="Preferred stock, carrying value"><span id="xdx_905_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeed4ConvertiblePreferredStockMember_zypt4HkHxcqa" title="Preferred stock, carrying value">3,087</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z26FM4IjIWFd" title="Preferred stock, shares authorized"><span id="xdx_906_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z6iYuVDmXvVj" title="Preferred stock, shares authorized">9,071,293</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90E_eus-gaap--PreferredStockSharesIssued_iI_pid_c20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zKmiL6Jvj6ba" title="Preferred stock, shares issued"><span id="xdx_90E_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z4nb01G4AHx7" title="Preferred stock, shares outstanding"><span id="xdx_907_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zfBc8ayMJBdj" title="Preferred stock, shares issued"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zLOled3zFsS1" title="Preferred stock, shares outstanding">9,043,234</span></span></span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90F_eus-gaap--PreferredStockValue_iI_pn3n3_c20250930_zHRKWOBJTCYf" title="Preferred stock, carrying value"><span id="xdx_90B_eus-gaap--PreferredStockValue_iI_pn3n3_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zp7sdGaPZbbi" title="Preferred stock, carrying value">7,865</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 2018725 2018725 2013724 2013724 2013724 2013724 1350000 1350000 1323000 1323000 1402568 1402568 1402606 1402606 1402606 1402606 940000 940000 940000 940000 2700000 2700000 2681851 2681851 2681851 2681851 2515000 2515000 2515000 2515000 2950000 2950000 2945053 2945053 2945053 2945053 3100000 3100000 3087000 3087000 9071293 9071293 9043234 9043234 9043234 9043234 7865000 7865000 1.0553 0.9379 0.6704 0.6704 <p id="xdx_805_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zSoW7gALjLr3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 11. <span id="xdx_820_zEF6nn9PMtFf">Stockholders’ Deficit</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common Stock</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Restated Certificate, the number of shares of common stock that the Company is authorized to issue is <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20250930_zgklZU2QsUT7" title="Common stock, shares authorized"><span id="xdx_909_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231_zwAbbsd6T3V9" title="Common stock, shares authorized">24,200,000</span></span> as of September 30, 2025 and December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_ecustom--ScheduleOfReservedSharesOfCommonStockForFutureIssuanceTableTextBlock_zqEEVvnM9cUb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s reserved shares of common stock for future issuance related to potential conversion of the Convertible Preferred Stock, exercise of Common Stock Warrants and exercise of stock options are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zOkEzlZsQoB9" style="display: none">Schedule of Reserved Shares of Common Stock for Future Issuance</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250930_zVA87Mmtry74" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of <br/> September 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zuUCgFg26kEl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of <br/> December 31, <br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_hus-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_zhRqH9HadrD6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Convertible preferred stock (as converted to common stock)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_hus-gaap--StatementClassOfStockAxis__custom--CommonStockWarrantsMember_zAzvbHhevAZ3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_hus-gaap--StatementClassOfStockAxis__custom--CommonStockContingentObligationMember_zSKai14sAOub" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common Stock Contingent Obligation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_hus-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z7L1vPgbsonk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Stock options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,053,849</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,583,577</td><td id="xdx_F2F_zF2m3Ihk5Kx9" style="padding-bottom: 1pt; text-align: left">(1)</td></tr> <tr id="xdx_402_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_zppNjOuca8V3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Reserved shares of common stock for future issuance</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,282,216</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,811,944</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F00_zVW18Hx2Apj8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1E_z94SvSbrOSy2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc2VydmVkIFNoYXJlcyBvZiBDb21tb24gU3RvY2sgZm9yIEZ1dHVyZSBJc3N1YW5jZSAoRGV0YWlscykgU3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIEJhbGFuY2UgU2hlZXRzIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zcq0g5v2UZB9" title="Stock option exercised">10,292</span> stock options as of December 31, 2024 that were legally exercised prior to meeting the service base vesting requirements in exchange for nonrecourse promissory notes (Refer to “The Promissory Notes Transactions” in “Note 13 – Stock-based Compensation”).</span></td> </tr></table> <p id="xdx_8AC_zyY5rNEE80C2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible Preferred Stock</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Restated Certificate, the number of shares of Convertible Preferred Stock that the Company is authorized to issue is <span id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_zUkOQ1zN2vNa" title="Preferred stock, shares authorized">9,076,734</span>. (Refer to “Note 10 – Convertible Preferred Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2025 and December 31, 2024, the Company had Common Stock Warrants outstanding to purchase up to <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20250101__20250930__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zAh7LkTJj1l7" title="Number of shares issued"><span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240101__20241231__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zNHVvmzM1vZd" title="Number of shares issued">140,133</span></span> shares of the Company’s common stock at an exercise price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250930__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zxfhRH11Oypg" title="Exercise price"><span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20241231__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_z1C827nJU1yl" title="Exercise price">0.46</span></span> per share and have a contractual term of <span id="xdx_909_ecustom--ContractualTerm_dtY_c20250101__20250930__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_ze9FemMH4YJ7" title="Contractual term"><span id="xdx_90C_ecustom--ContractualTerm_dtY_c20240101__20241231__us-gaap--SubsidiarySaleOfStockAxis__custom--CommonStockWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--TwentyTwentyThreeNotesAgreementMember_zRgUhdCqlQ06" title="Contractual term">10</span></span> years. The Common Stock Warrants were issued in August 2023. (Refer to “Note 3 - Fair Value Measurements” and “Note 9 - Long-term Debt”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common Stock Contingent Obligation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2025, the Company had a contingent obligation to issue <span id="xdx_90E_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--CommonStockContingentObligationMember_zeF30zEN2DQ1" title="Reserved shares of common stock for future issuance">45,000</span> shares of common stock upon closing of the Merger to a certain vendor (also see “Note 16 – Commitments and Contingencies”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 24200000 24200000 <p id="xdx_894_ecustom--ScheduleOfReservedSharesOfCommonStockForFutureIssuanceTableTextBlock_zqEEVvnM9cUb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s reserved shares of common stock for future issuance related to potential conversion of the Convertible Preferred Stock, exercise of Common Stock Warrants and exercise of stock options are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zOkEzlZsQoB9" style="display: none">Schedule of Reserved Shares of Common Stock for Future Issuance</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250930_zVA87Mmtry74" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of <br/> September 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zuUCgFg26kEl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of <br/> December 31, <br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_hus-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_zhRqH9HadrD6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Convertible preferred stock (as converted to common stock)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_hus-gaap--StatementClassOfStockAxis__custom--CommonStockWarrantsMember_zAzvbHhevAZ3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_hus-gaap--StatementClassOfStockAxis__custom--CommonStockContingentObligationMember_zSKai14sAOub" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common Stock Contingent Obligation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_hus-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z7L1vPgbsonk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Stock options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,053,849</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,583,577</td><td id="xdx_F2F_zF2m3Ihk5Kx9" style="padding-bottom: 1pt; text-align: left">(1)</td></tr> <tr id="xdx_402_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_zppNjOuca8V3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Reserved shares of common stock for future issuance</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,282,216</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,811,944</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F00_zVW18Hx2Apj8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1E_z94SvSbrOSy2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc2VydmVkIFNoYXJlcyBvZiBDb21tb24gU3RvY2sgZm9yIEZ1dHVyZSBJc3N1YW5jZSAoRGV0YWlscykgU3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIEJhbGFuY2UgU2hlZXRzIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zcq0g5v2UZB9" title="Stock option exercised">10,292</span> stock options as of December 31, 2024 that were legally exercised prior to meeting the service base vesting requirements in exchange for nonrecourse promissory notes (Refer to “The Promissory Notes Transactions” in “Note 13 – Stock-based Compensation”).</span></td> </tr></table> 9043234 9043234 140133 140133 45000 45000 1053849 2583577 10282216 11811944 10292000 9076734 140133 140133 0.46 0.46 P10Y P10Y 45000 <p id="xdx_804_eus-gaap--RevenueFromContractWithCustomerTextBlock_z3SJKxSOzBKj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 12. <span id="xdx_82F_zypQ1YttRTP6">Revenue</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under ASC 606, revenue is recognized throughout the life of the executed agreement. The Company measures revenue based on consideration specified in a contract with a customer. Furthermore, the majority of the Company’s revenues are recognized over time as services are performed. The Company recognizes revenue when a performance obligation is satisfied by transferring control of the product or service to the customer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--RevenueFromExternalCustomersByGeographicAreasTableTextBlock_zxkLx75r4uf1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company provides services to customers worldwide, with the majority of revenues being derived from contracts with customers located within the United States. The table below presents the breakdown of the Company’s revenues, based on the customer’s location (in thousands).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zn5L8sD6pn2e" style="display: none">Schedule of Revenues, Based on the Customer’s Location</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250101__20250930_zQk3O6wDavP4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20240101__20240930_zwzCDGIj15Q4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine Months Ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Customer locations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__country--US_zlH0XNyASuF1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 64%; text-align: left">United States</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">5,464</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">6,458</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__us-gaap--NonUsMember_zSd8YqDP0hf1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Rest of the world</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">315</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">183</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_pn3n3_zlqnMgOZkh77" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,779</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,641</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AB_zH6QeyLCyz65" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_zCPuKOMKMsi1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents the breakdown of the Company’s revenues, based on the customer’s service type (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zmRpJsmauE3e" style="display: none">Schedule of Revenues, Based on the Customer’s Service Type</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20250930_zzQ5xaU6oJjk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20240930_ztVganWkG886" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine month ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Service type</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--AISolutionsMember_zuJHGCskYhPc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 64%; text-align: left">AI Solutions (Products and Services)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">5,656</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">6,641</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--AIEducationServicesMember_zFhBok1QcFd4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">AI education services</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">123</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4159">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Revenues_pn3n3_zuK3IVJDIcD6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,779</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,641</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zC7fuama0hPk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Service Type</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the nine months ended September 30, 2025, and 2024, the Company had one significant service type, AI Solutions (products and services). For the nine months ended September 30, 2025, and 2024, there was $<span id="xdx_905_eus-gaap--Revenues_pn3n3_c20250101__20250930__srt--ProductOrServiceAxis__custom--AISolutionsMember_zovUXwSP1MHd" title="Revenues">5,656</span> thousand and $<span id="xdx_909_eus-gaap--Revenues_pn3n3_c20240101__20240930__srt--ProductOrServiceAxis__custom--AISolutionsMember_zdZPSJA2wowi" title="Revenues">6,641</span> thousand of AI Solutions (products and services) revenue. The company had insignificant revenue from AI Solutions – Products for the nine months ended September 30, 2025, and 2024, respectively. The revenue recognised for AI education services was $<span id="xdx_901_eus-gaap--Revenues_pn3n3_c20250101__20250930__srt--ProductOrServiceAxis__custom--AIEducationServicesMember_ztL6oQWjZDB2" title="Revenues">123 </span>thousand and <span id="xdx_90E_eus-gaap--Revenues_pn3n3_dxL_c20240101__20240930__srt--ProductOrServiceAxis__custom--AIEducationServicesMember_z063vEO7w4ah" title="Revenues::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl4170">Nil</span></span> during the nine months ended September 30, 2025, and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred Revenue</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the nine months ended September 30, 2025, the Company recognized revenue of $<span id="xdx_90D_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn2n3_c20250101__20250930_zZemEIeOasxk" title="Deferred revenue, revenue recognized">53.7</span> thousand from the deferred revenue balance as of December 31, 2024. During the nine months ended September 30, 2024, the Company recognized revenue of $<span id="xdx_904_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn2n3_c20230101__20231231_z5ybsx30pDig" title="Deferred revenue, revenue recognized">20.6</span> thousand from the deferred revenue balance as of December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contract Costs</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. Management expects that commission fees paid to sales representatives as a result of obtaining service contracts and contract renewals, are recoverable and therefore the Company’s unaudited condensed consolidated interim balance sheets included capitalized balances in the amount of $<span id="xdx_909_eus-gaap--CapitalizedContractCostNet_iI_pn2n3_c20250930_zT4QavxAiwO5" title="Capitalized contract cost">20.9 </span>thousand and $<span id="xdx_906_eus-gaap--CapitalizedContractCostNet_iI_pn2n3_c20241231_zZMXU4qVTMDk" title="Capitalized contract cost">21.9 </span>thousand as of September 30, 2025 and December 31, 2024 which represents the current portion and is included within prepaid expenses and other current assets, respectively and <span id="xdx_90C_eus-gaap--PrepaidExpenseAndOtherAssets_iI_pn2n3_dxL_c20250930_zseKsHLQyAVg" title="prepaid expenses::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl4180">Nil</span></span> and $<span id="xdx_903_eus-gaap--PrepaidExpenseAndOtherAssets_iI_pn3n3_c20241231_zNUZprIanL43" title="Other assets">5</span> thousand, as of September 30, 2025 and December 31, 2024, respectively, which are included within other assets. Capitalized commission fees are amortized on a straight-line basis over the average period of service contracts of approximately two years and are included in selling and marketing in the accompanying unaudited condensed consolidated interim statements of operations and comprehensive loss. Amortization recognized during the nine months ended September 30, 2025, and 2024 was $<span id="xdx_903_eus-gaap--CapitalizedContractCostAmortization_pn1n3_c20250101__20250930_zItQBRlsoUVg" title="Capitalized contract cost amortization">22.82</span> and $<span id="xdx_900_eus-gaap--CapitalizedContractCostAmortization_pn2n3_c20240101__20240930_zvJ5GPZzPxvd" title="Capitalized contract cost amortization">27.4</span> thousand, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transaction price allocated to remaining performance obligations</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company elected to apply the practical expedient for the right to invoice and does not disclose performance obligations that have original expected durations of one year or less.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_895_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_znpDbz5Rssrl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The opening and closing balances of contract assets, deferred revenue and unbilled revenue are as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_zeYZPmiYHOXj" style="display: none">Schedule of Contract Assets, Deferred Revenue and Unbilled Revenue</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Contract asset</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Deferred <br/> revenue</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Unbilled <br/> Revenue</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Ending balance as of December 31, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--ContractWithCustomerAssetNetCurrent_iS_pn3n3_c20240101__20241231_zLNSP8TaVP34" style="width: 14%; text-align: right" title="Contract asset, beginning balance">       22</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--ContractWithCustomerLiabilityCurrent_iS_pn3n3_c20240101__20241231_zVqCUj3hBhm6" style="width: 14%; text-align: right" title="Deferred revenue, beginning balance">21</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--UnbilledReceivablesCurrent_iS_pn3n3_c20240101__20241231_zbqfsNUlgik" style="width: 14%; text-align: right" title="Unbilled Revenue, beginning balance">80</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Increase/(decrease), net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_c20240101__20241231_zwiKFLQNV2G3" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">5</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_c20240101__20241231_z6lV21801xnh" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">33</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_ecustom--IncreaseDecreaseInUnbilledReceivable_pn3n3_c20240101__20241231_zLl5SiYCkMbg" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">33</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Ending balance as of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ContractWithCustomerAssetNetCurrent_iS_pn3n3_c20250101__20250930_zDcSjbQiLr8h" style="text-align: right" title="Contract asset, beginning balance">27</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ContractWithCustomerLiabilityCurrent_iS_pn3n3_c20250101__20250930_zyAuxk2SRmnh" style="text-align: right" title="Deferred revenue, beginning balance">54</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--UnbilledReceivablesCurrent_iS_pn3n3_c20250101__20250930_zpcFidSdETHk" style="text-align: right" title="Unbilled Revenue, beginning balance">113</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Increase/(decrease), net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_c20250101__20250930_zN66huhCRzI5" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">(6</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_c20250101__20250930_z46KUouaAfbb" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">(54</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--IncreaseDecreaseInUnbilledReceivable_pn3n3_c20250101__20250930_zJEJ95YkVhg2" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">(66</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Ending balance as of September 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--ContractWithCustomerAssetNetCurrent_iE_pn3n3_c20250101__20250930_znn61o3eLQR4" style="border-bottom: Black 2.5pt double; text-align: right" title="Contract asset, ending balance">21</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ContractWithCustomerLiabilityCurrent_iE_pn3n3_c20250101__20250930_zLBw0xc7tCbf" style="border-bottom: Black 2.5pt double; text-align: right" title="Deferred revenue, ending balance"><span style="-sec-ix-hidden: xdx2ixbrl4216">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--UnbilledReceivablesCurrent_iE_pn3n3_c20250101__20250930_z5DuJHEO1PU6" style="border-bottom: Black 2.5pt double; text-align: right" title="Unbilled Revenue, beginning balance">47</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zmkKBB9LgHYd" style="display: none; margin-top: 0; margin-bottom: 0"> </p> <p id="xdx_8A5_zbF3UMj0k0De" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--RevenueFromExternalCustomersByGeographicAreasTableTextBlock_zxkLx75r4uf1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company provides services to customers worldwide, with the majority of revenues being derived from contracts with customers located within the United States. The table below presents the breakdown of the Company’s revenues, based on the customer’s location (in thousands).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zn5L8sD6pn2e" style="display: none">Schedule of Revenues, Based on the Customer’s Location</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250101__20250930_zQk3O6wDavP4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20240101__20240930_zwzCDGIj15Q4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine Months Ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Customer locations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__country--US_zlH0XNyASuF1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 64%; text-align: left">United States</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">5,464</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">6,458</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__us-gaap--NonUsMember_zSd8YqDP0hf1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Rest of the world</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">315</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">183</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_pn3n3_zlqnMgOZkh77" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,779</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,641</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 5464000 6458000 315000 183000 5779000 6641000 <p id="xdx_891_eus-gaap--ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_zCPuKOMKMsi1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents the breakdown of the Company’s revenues, based on the customer’s service type (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zmRpJsmauE3e" style="display: none">Schedule of Revenues, Based on the Customer’s Service Type</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20250930_zzQ5xaU6oJjk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20240930_ztVganWkG886" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine month ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Service type</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--AISolutionsMember_zuJHGCskYhPc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 64%; text-align: left">AI Solutions (Products and Services)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">5,656</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">6,641</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--AIEducationServicesMember_zFhBok1QcFd4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">AI education services</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">123</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4159">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Revenues_pn3n3_zuK3IVJDIcD6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,779</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,641</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 5656000 6641000 123000 5779000 6641000 5656000 6641000 123000 53700 20600 20900 21900 5000 22820 27400 <p id="xdx_895_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_znpDbz5Rssrl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The opening and closing balances of contract assets, deferred revenue and unbilled revenue are as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_zeYZPmiYHOXj" style="display: none">Schedule of Contract Assets, Deferred Revenue and Unbilled Revenue</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Contract asset</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Deferred <br/> revenue</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Unbilled <br/> Revenue</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Ending balance as of December 31, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--ContractWithCustomerAssetNetCurrent_iS_pn3n3_c20240101__20241231_zLNSP8TaVP34" style="width: 14%; text-align: right" title="Contract asset, beginning balance">       22</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--ContractWithCustomerLiabilityCurrent_iS_pn3n3_c20240101__20241231_zVqCUj3hBhm6" style="width: 14%; text-align: right" title="Deferred revenue, beginning balance">21</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--UnbilledReceivablesCurrent_iS_pn3n3_c20240101__20241231_zbqfsNUlgik" style="width: 14%; text-align: right" title="Unbilled Revenue, beginning balance">80</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Increase/(decrease), net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_c20240101__20241231_zwiKFLQNV2G3" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">5</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_c20240101__20241231_z6lV21801xnh" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">33</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_ecustom--IncreaseDecreaseInUnbilledReceivable_pn3n3_c20240101__20241231_zLl5SiYCkMbg" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">33</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Ending balance as of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ContractWithCustomerAssetNetCurrent_iS_pn3n3_c20250101__20250930_zDcSjbQiLr8h" style="text-align: right" title="Contract asset, beginning balance">27</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ContractWithCustomerLiabilityCurrent_iS_pn3n3_c20250101__20250930_zyAuxk2SRmnh" style="text-align: right" title="Deferred revenue, beginning balance">54</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--UnbilledReceivablesCurrent_iS_pn3n3_c20250101__20250930_zpcFidSdETHk" style="text-align: right" title="Unbilled Revenue, beginning balance">113</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Increase/(decrease), net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_c20250101__20250930_zN66huhCRzI5" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">(6</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_c20250101__20250930_z46KUouaAfbb" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">(54</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--IncreaseDecreaseInUnbilledReceivable_pn3n3_c20250101__20250930_zJEJ95YkVhg2" style="border-bottom: Black 1pt solid; text-align: right" title="Contract assets, Increase/(decrease), net">(66</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Ending balance as of September 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--ContractWithCustomerAssetNetCurrent_iE_pn3n3_c20250101__20250930_znn61o3eLQR4" style="border-bottom: Black 2.5pt double; text-align: right" title="Contract asset, ending balance">21</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ContractWithCustomerLiabilityCurrent_iE_pn3n3_c20250101__20250930_zLBw0xc7tCbf" style="border-bottom: Black 2.5pt double; text-align: right" title="Deferred revenue, ending balance"><span style="-sec-ix-hidden: xdx2ixbrl4216">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--UnbilledReceivablesCurrent_iE_pn3n3_c20250101__20250930_z5DuJHEO1PU6" style="border-bottom: Black 2.5pt double; text-align: right" title="Unbilled Revenue, beginning balance">47</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 22000 21000 80000 5000 33000 33000 27000 54000 113000 -6000 -54000 -66000 21000 47000 <p id="xdx_80E_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zc54ft1Dmelb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 13. <span id="xdx_82B_zacVYS7oRkJa">Stock-based Compensation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective June 2014, the Company adopted an equity-based compensation plan, the 2014 Equity Incentive Plan (the “2014 Plan”), which allows for the grant of stock options, stock issuances and other equity interests in the Company to the Company’s officers, directors, employees and consultants. The 2014 Plan is administrated by the Company’s Board of Directors, or a committee appointed by the Board. In February 2023, the Company’s board of directors and stockholders adopted the 2023 Equity Incentive Plan (the “2023 Plan”), which provides for the grant of incentive stock options, restricted stock awards and restricted stock units (“RSUs”) to eligible employees, directors and consultants of the Company. With the introduction of the 2023 Plan, shares are no longer available for future grants under the 2014 Plan. Awards outstanding under the 2014 Plan will be governed by the 2023 Plan. <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20230228__us-gaap--PlanNameAxis__custom--TwentyTwentyThreePlanMember_zwJA93nciGSa" title="Common Stock were authorized for issuance">4,951,530</span> shares of Common Stock were authorized for issuance under the 2023 Plan to officers, directors, employees and consultants of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2023 Plan was amended and approved by the stockholders of the Company in December 2023 to increase the number of shares of the Company’s Common Stock reserved for issuance under the Fusemachines Inc. 2023 Amended and Restated Equity Plan (the “2023 Equity Incentive Plan”) by <span id="xdx_905_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20230228__us-gaap--PlanNameAxis__custom--TwentyTwentyThreeEquityIncentivePlanMember_zpcl1I5dktzl">595,000</span> to <span id="xdx_905_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20231231__us-gaap--PlanNameAxis__custom--TwentyTwentyThreeEquityIncentivePlanMember_zZrjBoPSfDXe">5,546,530</span> shares of common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2025, <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20250930__us-gaap--PlanNameAxis__custom--TwentyTwentyThreePlanMember_zkZLry641mbk" title="Common stock were available for future grant">1,498,650</span> shares of Common Stock were available for future grant under the 2023 Plan. Shares that are expired, terminated, surrendered, or cancelled without having been fully exercised or issued will be available for future awards. The Company may use either authorized and unissued shares or treasury shares, when available, to meet share requirements resulting from the exercise of stock options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_89E_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zjram1VsbjTg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The stock-based compensation expense during the nine month ended September 30, 2025, and 2024 are reported in the following unaudited condensed consolidated interim financial statement line items (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B5_zYOsYupIxQ5f" style="display: none">Schedule of Stock-based Compensation Expense</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20250930_zqy9pIzuiQsj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20240930_zvJol31Wzt4h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine month ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zt5WFcOvlXZ1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">General and administrative</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">662</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--CostOfSalesMember_zz5fbZUFche2" style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_zmdILJzj5kQe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Selling and marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_z4GWkT9sH0p2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Research and development</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">116</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_z2ui1AaMt97a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total stock-based compensation expense</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">176</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">976</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A5_zQ7RSQTrC6V9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock Options</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s stock options outstanding consist primarily of time-based options to purchase common stock, the majority of which vest over a <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20250101__20250930__srt--RangeAxis__srt--MinimumMember_zoXIEH4FDVR8" style="display: none">2</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">two-to-four- year <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20250101__20250930__srt--RangeAxis__srt--MaximumMember_zs4CBlguKBK" style="display: none">4</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">period and have a <span id="xdx_90E_ecustom--ContractualTerm_dtY_c20250101__20250930_zs9c0C7WTb81" style="display: none">10</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ten-year contractual term. These awards are subject to the risk of forfeiture until vested by virtue of continued employment or service to the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zu4PFrds5rA" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the stock option activity for options with service-based vesting conditions during the nine month ended September 30, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_z2J6CJO9LEqd" style="display: none">Schedule of Stock Option Activity for Options with Service-based Vesting</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise <br/> Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted<br/> Average<br/> Remaining<br/> Contractual<br/> Term (Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic <br/> Value (In thousands)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-weight: bold">Outstanding balance as of December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20250930_zbiPw3yXFdp7" style="width: 11%; text-align: right" title="Number of Options, Outstanding beginning balance">2,583,577</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20250930_zfsaI8Pu3TNb" style="width: 11%; text-align: right" title="Weighted Average Exercise Price, Outstanding beginning balance">1.24</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231_z7XsCeocJt77" style="width: 11%; font-weight: bold; text-align: right" title="Weighted Average Remaining Contractual Term (Years), Outstanding balance">6.50</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20250101__20250930_zg9SztCYY4Ki" style="width: 11%; font-weight: bold; text-align: right" title="Aggregate Intrinsic Value, Outstanding beginning balance">11,885</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20250930_zy6ljqNUYhPj" style="text-align: right" title="Number of Options, Granted"><span style="-sec-ix-hidden: xdx2ixbrl4258">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250101__20250930_znOrSd7pBWgk" style="text-align: right" title="Weighted Average Exercise Price, Granted"><span style="-sec-ix-hidden: xdx2ixbrl4260">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250101__20250930_z1VYsrcC2L95" style="text-align: right" title="Number of Options, Exercised">(10,292</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20250101__20250930_zvVQYSSigASd" style="text-align: right" title="Weighted Average Exercise Price, Exercised">0.46</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cashless exercise <i>(1)</i></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--StockIssuedDuringPeriodSharesCashlessExercised_iN_pid_di_c20250101__20250930_fKDEp_zmIZEGUNrDqd" style="text-align: right" title="Number of Options, Cashless exercise">(1,133,537</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageCashlessExercisePrice_pid_c20250101__20250930_fKDEp_z9WoKu6iTNjd" style="text-align: right" title="Weighted Average Exercise Price, Cashless exercise">0.62</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20250101__20250930_zU4JDaknEMyi" style="text-align: right" title="Number of Options, Forfeited">(21,840</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20250101__20250930_zHXvFRx9RANg" style="text-align: right" title="Weighted Average Exercise Price, Forfeited">3.48</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_c20250101__20250930_zJAabaImVye3" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Expired">(364,059</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20250930_zeumdHy7v3yg" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Expired">0.38</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Outstanding balance as of September 30, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20250930_zvYOGd9TIMu6" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of Options, Outstanding ending balance">1,053,849</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20250930_zA3m6qkpKvYf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted Average Exercise Price, Outstanding ending balance">2.16</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20250930_zFBD3NwoMO4b" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted Average Remaining Contractual Term (Years), Outstanding balance">7.14</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20250101__20250930_zVHHv7zkZvY7" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Aggregate Intrinsic Value, Outstanding ending balance">3,940</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Options vested and exercisable as of September 30, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber_iE_pid_c20250101__20250930_zLVgW8HEgzUa" style="text-align: right" title="Number of Options, Options vested and exercisable ending balance">773,769</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iE_pid_c20250101__20250930_zVXIZny2vF29" style="text-align: right" title="Weighted Average Exercise Price, Options vested and exercisable ending balance">1.93</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20250930_zHfEWWy5E9W7" style="text-align: right" title="Weighted Average Remaining Contractual Term (Years), Options vested and exercisable balance">6.74</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iE_pn3n3_c20250101__20250930_zeg8M5NEG5Q2" style="text-align: right" title="Aggregate Intrinsic Value, Options vested and exercisable ending balance">3,074</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F02_zKyAU75Mt81i">(1)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F1C_zEyWEFYH4nad">During the period ended 30th September 2025, certain employees have exercised <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbiBBY3Rpdml0eSBmb3IgT3B0aW9ucyB3aXRoIFNlcnZpY2UtYmFzZWQgVmVzdGluZyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20250101__20250930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zEGFf6HhtIJ3" title="Stock option exercised">1,133,537</span> options through cashless exercise</i></span></td></tr></table> <p id="xdx_8A4_zBrPEXzL05Ei" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the nine month ended September 30, 2025 and 2024, the Company recorded stock-based compensation expense of $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_pn2n3_c20250101__20250930_zsCyyTqBmBkc" title="Stock-based compensation expense">176.0</span> thousand and $<span id="xdx_90F_eus-gaap--AllocatedShareBasedCompensationExpense_pn2n3_c20240101__20240930_ztmV5DCuAcAd" title="Stock-based compensation expense">976.0</span> thousand, respectively. As of September 30, 2025, total stock-based compensation expense not yet recognized related to unvested stock options was $<span id="xdx_90D_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn2n3_c20250930_z7L32g9QtFI7" title="Stock-based compensation expense not yet recognized">493.0</span> thousand, which is expected to be recognized over a weighted-average period of <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20250101__20250930_zHufAFq1Pn1i" title="Weighted-average period">2.16</span> years</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The total intrinsic value of options exercised was $<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_pn2n3_c20250101__20250930_zHoWgQXRC2ed" title="Total intrinsic value of options exercised">6,036.4</span> thousand and $<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_pn2n3_c20240101__20241231_z50WAB6GN7pc" title="Total intrinsic value of options exercised">10,674.5</span> thousand during the nine month ended September 30, 2025 and year ended December 31, 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The weighted average grant-date fair value per share of stock options granted during the nine month period September 30, 2025 and 2024 was <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_dxL_c20250101__20250930_zbbkSL3Dzwci" title="Weighted average grant-date fair value per share of stock options granted::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl4309">Nil</span></span> and $<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20240101__20240930_zsL4qWQ9nKC9" title="Weighted average grant-date fair value per share of stock options granted">2.80</span>, respectively. The Company estimated the fair value of stock options using the Black-Scholes Model on the date of grant. The assumptions used in the Black-Scholes Model were as follows:</span></p> <p id="xdx_893_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zw0KW8kFmghg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zPeQJ0T5FJde" style="display: none">Schedule of Assumptions Used in The Black-Scholes Model</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; padding-bottom: 1pt"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; font-weight: bold; text-align: center">2025(1)</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"></td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; font-weight: bold; text-align: center">2024</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average expected term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20240930_zCAaImtRaSg" title="Weighted average expected term (years)">5.79</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average expected volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250101__20250930_fKDEp_zTE5oWJD7dE6" style="text-align: right" title="Weighted average expected volatility"><span style="-sec-ix-hidden: xdx2ixbrl4317">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20240930_ztSX8Dafh4Yc" style="text-align: right" title="Weighted average expected volatility">66.90</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250101__20250930_fKDEp_zTSmwJiazpA2" title="Risk-free interest rate"><span style="-sec-ix-hidden: xdx2ixbrl4321">-</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20240101__20240930_zCoIF1kueQri" title="Risk-free interest rate, minimum">4.08</span>% - <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20240101__20240930_z8G4mOn8DUTh" title="Risk-free interest rate, maximum">4.10</span></span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20250101__20250930_fKDEp_zuqYjssw7hu7" style="text-align: right" title="Dividend yield"><span style="-sec-ix-hidden: xdx2ixbrl4327">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20240101__20240930_zkjuBYjTH1Uh" style="text-align: right" title="Dividend yield">0</td><td style="text-align: left">%</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F01_zNenuWa86Kj3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F19_z9bpOi6wsZEe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no stock options granted during the nine months ended September 30, 2025.</span></td></tr></table> <p id="xdx_8A3_zjb2qW669vm3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cashless Exercise of Stock Options</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2025, certain Fusemachines employees exercised <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20250801__20250831__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zPhnJIZMY0sf" title="Stock options exercised, shares">1,133,537</span> options to purchase Fusemachines common stock. The exercise prices for the <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesOther_pid_c20250801__20250831__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zwgpnMULZZtl" title="Exercise price option">1,133,537</span> options were paid on a cashless basis via net share settlement resulting in the net share issuance of <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20250801__20250831__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zTv6BuJRQwA3" title="Issuance of shares">1,013,125</span> shares of Fusemachines common stock. The transaction has been accounted under the guidance of ASC 718 - Stock Compensation. The cashless exercise mechanism does not change the substantive terms or fair-value-based measure of the awards and therefore does not constitute a modification under ASC 718.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The Promissory Notes Transaction</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Early Exercise of Stock Options</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company permits certain employees and directors to exercise stock options granted under the 2023 Plan prior to vesting. In February 2023, the Company’s Chief Executive Officer, Mr. Maskey and other three executives early exercised a total of <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20230228__us-gaap--AwardTypeAxis__custom--FebruaryOptionsAwardsMember_zr5eX4hjMGWh" title="Stock option outstanding">2,470,000</span> stock options prior to vesting (The February Options Awards); however, in lieu of the cash consideration required to exercise the stock options, these individuals each provided a <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20230228__20230228__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zRrTeWNc88Db" title="Bearing interest percentage">3.82</span>% interest bearing non-recourse note (the “2023 Promissory Notes”), for an aggregate principle of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pn2n3_c20230228__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zrYKHxqVugt7" title="Aggregate principle">1,136.2</span> thousand. The notes are scheduled to mature in <span id="xdx_901_eus-gaap--DebtInstrumentMaturityDateDescription_c20230228__20230228__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zQZXT8MJ6uh9" title="Maturity date">February 2030</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The nonrecourse nature of the loan secured by the shares pledged as collateral essentially provides the employee with rights like that of an option and thus no receivable for amounts due under the 2023 Promissory Notes was recorded on the Company’s unaudited condensed consolidated interim balance sheets. While the shares of common stock purchased by the employees in exchange for the 2023 Promissory Notes are considered legally issued, the shares are not deemed, for accounting purposes, outstanding and are considered restricted until all of the options are fully vested and the outstanding principal and accrued interest due on the note is repaid in full.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The issuance of the 2023 Promissory Notes resulted in an additional stock-based compensation expense of <span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_pn2n3_dxL_c20250101__20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zyUwC58QJ99j" title="Stock-based compensation expense::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl4346">Nil</span></span> and $<span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_pn2n3_c20240101__20240930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zX0XM2EcXlki" title="Stock-based compensation expense">9.2</span> thousand for the nine month ended September 30, 2025 and 2024, respectively, based on the grant-date fair value of the Promissory Notes, which was determined using the Black-Scholes Model.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The assumptions used in deriving the grant-date fair value of the 2023 Promissory Notes via the Black-Scholes Model were as follows: (i) a stock price of $<span id="xdx_90E_eus-gaap--SharePrice_iI_pid_c20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zKKz5tLrjsO2" title="Stock price">0.58</span> per share, (ii) an exercise price of $<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zApIH1941zkj" title="Exercise price">0.46</span> per share, (iii) an estimated risk-free interest rate of <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250101__20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zi6fsiBdMhd5" title="Risk-free interest rate">4.02</span>%, (iv) an expected term of <span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zMUxzSGu5yye" title="Expected term">3.50</span> years, (v) volatility of <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250101__20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zY1nyKojqnIg" title="Volatility">75</span>%, and (vi) a dividend yield of <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20250101__20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zphrAPeNoGuj" title="Dividend yield">0</span>%. These assumptions resulted in a grant-date fair value of approximately $<span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20250930__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zajlbMeTzpNl" title="Grant-date fair value per option">0.35</span> per option.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company continues to recognize expenses for the original option award of <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20230228__us-gaap--AwardTypeAxis__custom--FebruaryOptionsAwardsMember_z1Sks21hR6yh" title="Stock option outstanding">2,470,000</span> shares granted in February 2023 (the “February Option Awards”), which were early exercised in exchange for Promissory Notes. The early exercise is not considered substantive for accounting purposes until the vesting requirements are met through continued employment and service to the Company. As of September 30, 2025 and 2024, the Company recognized <span id="xdx_90B_eus-gaap--DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense_pn3n3_dxL_c20250101__20250930__us-gaap--AwardTypeAxis__custom--FebruaryOptionsAwardsMember_z6gYMrPcHLyc" title="Stock-based compensation expense recognized::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl4366">Nil</span></span> and $<span id="xdx_90F_eus-gaap--DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense_pn3n3_c20240101__20240930__us-gaap--AwardTypeAxis__custom--FebruaryOptionsAwardsMember_z58c3N7cQJ1h" title="Stock-based compensation expense recognized">31</span> thousand, respectively, in stock-based compensation expense related to the February Option Awards. The unrecognized stock-based compensation expense related to the February Option Awards was <span id="xdx_902_eus-gaap--ShareBasedCompensation_pn3n3_dxL_c20250101__20250930__us-gaap--AwardTypeAxis__custom--FebruaryOptionsAwardsMember_zzHMQSIxNHDi" title="Stock-based compensation expense recognized::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl4370">Nil</span></span>. The weighted-average grant-date fair value per share of the February Option Awards was $<span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20250930__us-gaap--AwardTypeAxis__custom--FebruaryOptionsAwardsMember_zSzRAWAThww1" title="Grant-date fair value per option">0.33</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Repayment of the Promissory Notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, the Company repurchased <span id="xdx_90B_eus-gaap--StockRepurchasedDuringPeriodShares_pid_c20240101__20240131_zSq4V5FBp6c9" title="Repurchased shares of common stock">667,000</span> shares of common stock from Sameer Maskey, the CEO, at a price of $<span id="xdx_900_eus-gaap--SharePrice_iI_pid_c20240131_z2gcPMVXzIr1" title="Share price">4.352</span> per share, totaling $<span id="xdx_90B_eus-gaap--StockRepurchasedDuringPeriodValue_pn2n3_c20240101__20240131_zAeuMb1w5Cb5" title="Repurchased shares of common stock, value">2,902.7</span> thousand (the “Repurchase Consideration”). Mr. Maskey applied $<span id="xdx_90C_eus-gaap--RepaymentsOfNotesPayable_pn2n3_c20240101__20240131__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyThreePromissoryNotesMember_zy4SsYFbJ9z5" title="Repayments of promissory note">902.7</span> thousand of the Repurchase Consideration toward repayment of his 2023 Promissory Note to the Company. Upon repayment, the 2023 Promissory Note, along with any accrued interest, was settled, and the vested shares pledged under the 2023 Promissory Notes are now considered exercised. As of the September 30, 2025, there were no shares which were subject to vesting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 4951530 595000 5546530 1498650 <p id="xdx_89E_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zjram1VsbjTg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The stock-based compensation expense during the nine month ended September 30, 2025, and 2024 are reported in the following unaudited condensed consolidated interim financial statement line items (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B5_zYOsYupIxQ5f" style="display: none">Schedule of Stock-based Compensation Expense</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20250930_zqy9pIzuiQsj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20240930_zvJol31Wzt4h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine month ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zt5WFcOvlXZ1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">General and administrative</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">662</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--CostOfSalesMember_zz5fbZUFche2" style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_zmdILJzj5kQe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Selling and marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_z4GWkT9sH0p2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Research and development</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">116</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_z2ui1AaMt97a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total stock-based compensation expense</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">176</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">976</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 117000 662000 16000 38000 28000 160000 15000 116000 176000 976000 P2Y P4Y P10Y <p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zu4PFrds5rA" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the stock option activity for options with service-based vesting conditions during the nine month ended September 30, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_z2J6CJO9LEqd" style="display: none">Schedule of Stock Option Activity for Options with Service-based Vesting</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise <br/> Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted<br/> Average<br/> Remaining<br/> Contractual<br/> Term (Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic <br/> Value (In thousands)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-weight: bold">Outstanding balance as of December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20250930_zbiPw3yXFdp7" style="width: 11%; text-align: right" title="Number of Options, Outstanding beginning balance">2,583,577</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20250930_zfsaI8Pu3TNb" style="width: 11%; text-align: right" title="Weighted Average Exercise Price, Outstanding beginning balance">1.24</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231_z7XsCeocJt77" style="width: 11%; font-weight: bold; text-align: right" title="Weighted Average Remaining Contractual Term (Years), Outstanding balance">6.50</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20250101__20250930_zg9SztCYY4Ki" style="width: 11%; font-weight: bold; text-align: right" title="Aggregate Intrinsic Value, Outstanding beginning balance">11,885</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20250930_zy6ljqNUYhPj" style="text-align: right" title="Number of Options, Granted"><span style="-sec-ix-hidden: xdx2ixbrl4258">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250101__20250930_znOrSd7pBWgk" style="text-align: right" title="Weighted Average Exercise Price, Granted"><span style="-sec-ix-hidden: xdx2ixbrl4260">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250101__20250930_z1VYsrcC2L95" style="text-align: right" title="Number of Options, Exercised">(10,292</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20250101__20250930_zvVQYSSigASd" style="text-align: right" title="Weighted Average Exercise Price, Exercised">0.46</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cashless exercise <i>(1)</i></span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--StockIssuedDuringPeriodSharesCashlessExercised_iN_pid_di_c20250101__20250930_fKDEp_zmIZEGUNrDqd" style="text-align: right" title="Number of Options, Cashless exercise">(1,133,537</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageCashlessExercisePrice_pid_c20250101__20250930_fKDEp_z9WoKu6iTNjd" style="text-align: right" title="Weighted Average Exercise Price, Cashless exercise">0.62</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20250101__20250930_zU4JDaknEMyi" style="text-align: right" title="Number of Options, Forfeited">(21,840</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20250101__20250930_zHXvFRx9RANg" style="text-align: right" title="Weighted Average Exercise Price, Forfeited">3.48</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_c20250101__20250930_zJAabaImVye3" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Expired">(364,059</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20250930_zeumdHy7v3yg" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Expired">0.38</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Outstanding balance as of September 30, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20250930_zvYOGd9TIMu6" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of Options, Outstanding ending balance">1,053,849</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20250930_zA3m6qkpKvYf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted Average Exercise Price, Outstanding ending balance">2.16</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20250930_zFBD3NwoMO4b" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted Average Remaining Contractual Term (Years), Outstanding balance">7.14</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20250101__20250930_zVHHv7zkZvY7" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Aggregate Intrinsic Value, Outstanding ending balance">3,940</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Options vested and exercisable as of September 30, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber_iE_pid_c20250101__20250930_zLVgW8HEgzUa" style="text-align: right" title="Number of Options, Options vested and exercisable ending balance">773,769</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iE_pid_c20250101__20250930_zVXIZny2vF29" style="text-align: right" title="Weighted Average Exercise Price, Options vested and exercisable ending balance">1.93</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20250930_zHfEWWy5E9W7" style="text-align: right" title="Weighted Average Remaining Contractual Term (Years), Options vested and exercisable balance">6.74</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iE_pn3n3_c20250101__20250930_zeg8M5NEG5Q2" style="text-align: right" title="Aggregate Intrinsic Value, Options vested and exercisable ending balance">3,074</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F02_zKyAU75Mt81i">(1)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F1C_zEyWEFYH4nad">During the period ended 30th September 2025, certain employees have exercised <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbiBBY3Rpdml0eSBmb3IgT3B0aW9ucyB3aXRoIFNlcnZpY2UtYmFzZWQgVmVzdGluZyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20250101__20250930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zEGFf6HhtIJ3" title="Stock option exercised">1,133,537</span> options through cashless exercise</i></span></td></tr></table> 2583577 1.24 P6Y6M 11885000 10292 0.46 1133537 0.62 21840 3.48 364059 0.38 1053849 2.16 P7Y1M20D 3940000 773769 1.93 P6Y8M26D 3074000 1133537000 176000.0 976000.0 493000.0 P2Y1M28D 6036400 10674500 2.80 <p id="xdx_893_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zw0KW8kFmghg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zPeQJ0T5FJde" style="display: none">Schedule of Assumptions Used in The Black-Scholes Model</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; padding-bottom: 1pt"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; font-weight: bold; text-align: center">2025(1)</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"></td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; font-weight: bold; text-align: center">2024</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average expected term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20240930_zCAaImtRaSg" title="Weighted average expected term (years)">5.79</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average expected volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250101__20250930_fKDEp_zTE5oWJD7dE6" style="text-align: right" title="Weighted average expected volatility"><span style="-sec-ix-hidden: xdx2ixbrl4317">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20240930_ztSX8Dafh4Yc" style="text-align: right" title="Weighted average expected volatility">66.90</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250101__20250930_fKDEp_zTSmwJiazpA2" title="Risk-free interest rate"><span style="-sec-ix-hidden: xdx2ixbrl4321">-</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20240101__20240930_zCoIF1kueQri" title="Risk-free interest rate, minimum">4.08</span>% - <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20240101__20240930_z8G4mOn8DUTh" title="Risk-free interest rate, maximum">4.10</span></span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20250101__20250930_fKDEp_zuqYjssw7hu7" style="text-align: right" title="Dividend yield"><span style="-sec-ix-hidden: xdx2ixbrl4327">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20240101__20240930_zkjuBYjTH1Uh" style="text-align: right" title="Dividend yield">0</td><td style="text-align: left">%</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F01_zNenuWa86Kj3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F19_z9bpOi6wsZEe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no stock options granted during the nine months ended September 30, 2025.</span></td></tr></table> P5Y9M14D 0.6690 0.0408 0.0410 0 1133537 1133537 1013125 2470000 0.0382 1136200 February 2030 9200 0.58 0.46 0.0402 P3Y6M 0.75 0 0.35 2470000 31000 0.33 667000 4.352 2902700 902700 <p id="xdx_80C_eus-gaap--EarningsPerShareTextBlock_zqSiy0AJhvyd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 14. <span id="xdx_822_zRCwyIGUl6E6">Net Loss Per Share</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_z6j9xjZ7XJ82" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands except for share and per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_zz8Nrghuj3Wl" style="display: none">Schedule of Basic and Diluted Net Loss Per Share</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20250930_zMXcA3rzTYW1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20240930_zJPgSxCM8AM6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine Months Ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_zwSWicRktRa5" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(5,213</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(11,934</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Weighted-average common shares outstanding - basic and diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930_z4umF3VCX5a5" title="Weighted-average common shares outstanding - basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930_zmFuBVB4R4pi" title="Weighted-average common shares outstanding - diluted">11,255,399</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930_zzuqNtgxprNb" title="Weighted-average common shares outstanding - basic"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930_zkncwPyMpvTf" title="Weighted-average common shares outstanding - diluted">10,424,137</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss per share attributable to Fusemachines Inc. common stockholders - basic and diluted</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90A_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930_zXX6f4vIhEgc" title="Net loss per share attributable to Fusemachines Inc. common stockholders - basic"><span id="xdx_903_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930_zdeK0mSH8fS4" title="Net loss per share attributable to Fusemachines Inc. common stockholders - diluted">(0.46</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90B_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930_zRm2D2SWfYKi" title="Net loss per share attributable to Fusemachines Inc. common stockholders - basic"><span id="xdx_90D_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930_zFO2phnAQFK5" title="Net loss per share attributable to Fusemachines Inc. common stockholders - diluted">(1.14</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p id="xdx_8A8_zQjzQWkVyyJf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zO8h8LzMm697" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zF5qee26MKjd" style="display: none">Schedule of Outstanding Shares of Potentially Dilutive Securities</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20250101__20250930_zVP8Z39vL65c" style="font-weight: bold; text-align: center">September 30,<sup id="xdx_F5D_zHzMfmebocub" style="display: none">(1)</sup></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_znWVkGJCusW3" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025 ^(I)</b></span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertiblePreferredStockMember_ze4J3JCM3gQg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Convertible Preferred Stock (as converted to common stock)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_zfyUA31lNmx5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common Stock Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zqDgu3klr82i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Stock options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,053,849</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,583,577</td><td style="padding-bottom: 1pt; text-align: left"><sup id="xdx_F20_zjVflLXUWRy2">(1)</sup></td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zIvIlHWLPUXj" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Antidilutive securities excluded from computation of earnings per share, amount</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,237,216</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,766,944</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"><span id="xdx_F05_zHFnf7oazuY" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="text-align: justify"><span id="xdx_F10_zjHP2JlgATrj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE91dHN0YW5kaW5nIFNoYXJlcyBvZiBQb3RlbnRpYWxseSBEaWx1dGl2ZSBTZWN1cml0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zpFkxKahquO8" title="Stock options exercised">10,292</span> stock options as of December 31, 2024 that were early exercised in exchange for non-recourse promissory notes. (Refer to “Note 13 – Stock-based Compensation”).</span></td></tr> </table> <p id="xdx_8A1_zxZFSCROUK17" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Convertible Notes were also outstanding as of September 30, 2025 and December 31, 2024, which could obligate the Company to issue preferred shares upon the occurrence of various future events at prices and in amounts that are not determinable until the occurrence of those future events. Because the necessary conditions for the conversion of the Convertible Notes have not been satisfied as of September 30, 2025 and December 31, 2024, the Company has excluded the Convertible Notes from the table above and the calculation of diluted net loss per share. (Refer to “Note 9 - Long-term Debt”)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has also entered into a contingent obligation to issue <span id="xdx_903_ecustom--SharesIssuedForContingentObligation_iI_pid_c20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z4GL9BEvJISj" title="Contingent obligation shares issued">45,000</span> shares of its common stock to a certain vendor in connection with an outstanding accounts payable balance as part of a settlement agreement (refer to “Note 16 - Commitments and Contingencies”). The issuance of common stock is contingent upon the completion the Merger (refer to “Note 1 - Organization”). As the Merger had not taken place as of September 30, 2025, and December 31, 2024, the conditions for the issuance of common stock have not been satisfied. Accordingly, the Company has excluded the common stock shares arising from this contingent obligation from the table above and the calculation of diluted net loss per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_z6j9xjZ7XJ82" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands except for share and per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_zz8Nrghuj3Wl" style="display: none">Schedule of Basic and Diluted Net Loss Per Share</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20250930_zMXcA3rzTYW1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20240930_zJPgSxCM8AM6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine Months Ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_zwSWicRktRa5" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(5,213</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(11,934</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Weighted-average common shares outstanding - basic and diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930_z4umF3VCX5a5" title="Weighted-average common shares outstanding - basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930_zmFuBVB4R4pi" title="Weighted-average common shares outstanding - diluted">11,255,399</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930_zzuqNtgxprNb" title="Weighted-average common shares outstanding - basic"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930_zkncwPyMpvTf" title="Weighted-average common shares outstanding - diluted">10,424,137</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss per share attributable to Fusemachines Inc. common stockholders - basic and diluted</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90A_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930_zXX6f4vIhEgc" title="Net loss per share attributable to Fusemachines Inc. common stockholders - basic"><span id="xdx_903_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930_zdeK0mSH8fS4" title="Net loss per share attributable to Fusemachines Inc. common stockholders - diluted">(0.46</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90B_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930_zRm2D2SWfYKi" title="Net loss per share attributable to Fusemachines Inc. common stockholders - basic"><span id="xdx_90D_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930_zFO2phnAQFK5" title="Net loss per share attributable to Fusemachines Inc. common stockholders - diluted">(1.14</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> -5213000 -11934000 11255399 11255399 10424137 10424137 -0.46 -0.46 -1.14 -1.14 <p id="xdx_891_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zO8h8LzMm697" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zF5qee26MKjd" style="display: none">Schedule of Outstanding Shares of Potentially Dilutive Securities</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20250101__20250930_zVP8Z39vL65c" style="font-weight: bold; text-align: center">September 30,<sup id="xdx_F5D_zHzMfmebocub" style="display: none">(1)</sup></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_znWVkGJCusW3" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025 ^(I)</b></span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertiblePreferredStockMember_ze4J3JCM3gQg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Convertible Preferred Stock (as converted to common stock)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">9,043,234</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_zfyUA31lNmx5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common Stock Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,133</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zqDgu3klr82i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Stock options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,053,849</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,583,577</td><td style="padding-bottom: 1pt; text-align: left"><sup id="xdx_F20_zjVflLXUWRy2">(1)</sup></td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zIvIlHWLPUXj" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Antidilutive securities excluded from computation of earnings per share, amount</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,237,216</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,766,944</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"><span id="xdx_F05_zHFnf7oazuY" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="text-align: justify"><span id="xdx_F10_zjHP2JlgATrj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE91dHN0YW5kaW5nIFNoYXJlcyBvZiBQb3RlbnRpYWxseSBEaWx1dGl2ZSBTZWN1cml0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zpFkxKahquO8" title="Stock options exercised">10,292</span> stock options as of December 31, 2024 that were early exercised in exchange for non-recourse promissory notes. (Refer to “Note 13 – Stock-based Compensation”).</span></td></tr> </table> 9043234000 9043234000 140133000 140133000 1053849000 2583577000 10237216000 11766944000 10292 45000 <p id="xdx_80E_eus-gaap--IncomeTaxDisclosureTextBlock_zHom2vAf6pQ9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 15. <span id="xdx_82E_zhjTN6ZD1RCd">Income Taxes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the nine months ended September 30, 2025, and September 30, 2024, the Company recorded income tax expense (benefit) of <span id="xdx_90E_eus-gaap--IncomeTaxExpenseBenefit_dxL_c20250101__20250930_zEJ06AmOtLxg" title="Income tax expense benefit::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl4426">Nil</span></span> and $ <span id="xdx_90E_eus-gaap--IncomeTaxExpenseBenefit_pn2n3_c20240101__20240930_z3HQkUuynUHk" title="Income tax expense benefit">71.5</span> thousand, respectively, primarily related to the corporate income tax obligations of our foreign operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has evaluated the positive and negative evidence bearing upon its ability to realize its deferred tax assets, which primarily consist of capitalized R&amp;D expenses and net operating loss carry forwards. The Company has considered its history of cumulative net losses, estimated future taxable income and prudent and feasible tax planning strategies and has concluded that it is more likely than not that the Company will not realize the benefits of its deferred tax assets. As a result, as of December 31, 2024 and September 30, 2025, the Company has maintained a full valuation allowance against its net deferred tax assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 71500 <p id="xdx_809_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zAPc5WqQbDv8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 16. <span id="xdx_824_zX8fuiCwmIkh">Commitments and Contingencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consulting Agreement</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2020, the Company entered into a consulting agreement with a certain vendor, whereby they agreed to help develop and implement sales strategies for the Company for $<span id="xdx_903_eus-gaap--LegalFees_pn2n3_c20201231__20201231_zyPmUMoEOEu8" title="Commission fee">10.0</span> thousand per month as well as a commission fee as defined in the agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2024, the Company entered into a second agreement (the “Second Agreement”) with the same vendor mentioned above whereby the Company and vendor acknowledged an outstanding accounts payable balance of $<span id="xdx_90A_eus-gaap--AccountsPayableCurrentAndNoncurrent_iI_pn2n3_c20240831__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zYD7x899TB4e" title="Outstanding accounts payable">408.9</span> thousand owed to the vendor for services provided. The Second Agreement stipulates that in full and final satisfaction of this balance, the Company will: (i) issue <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240831__20240831__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zOCfGM3tzEF9" title="Issuance shares of common stock">45,000</span> shares of its common stock to the vendor immediately prior to and contingent upon the consummation of the Merger (see “Note 1 – Organization”), and (ii) pay $<span id="xdx_90B_eus-gaap--RepaymentsOfOtherDebt_pn2n3_c20240831__20240831__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zj7bXnQxKsw7" title="Payment to the vendor">208.9</span> thousand in cash to the vendor within ten days after the closing of the Merger. If the Merger does not close the $<span id="xdx_90E_eus-gaap--ProceedsFromRepaymentsOfOtherDebt_pn2n3_c20240831__20240831__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zF1HLyphu44i" title="Cash payable to the vendor">408.9</span> thousand will be payable to the vendor in cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the feature in the Second Agreement whereby the closing of the Merger triggers the obligation to issue <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_pid_c20240831__20240831__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z3RroAE0wphk" title="Issuance shares of common stock conversion feature">45,000</span> shares of the Company’s common stock (the “Conversion Feature”) to determine whether the feature should be considered a freestanding financial instrument (as defined in ASC 480-10-20) or whether it should be considered embedded. The Company determined that the Conversion Feature should be considered embedded because it did not meet the definition of a freestanding financial instrument because it was neither (i) entered into separately and apart from any of the entity’s other financial instruments, nor was it ii) separately exercisable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After determining that the Conversion Feature should be considered embedded, the Company determined that it did not require bifurcation as an embedded derivative under ASC 815-15 because it did not meet the net settlement criterion to be considered a derivative.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to determining that derivative bifurcation for the Conversion Feature was not required, the Company evaluated its obligations to the vendor under the Second Agreement to determine whether the Second Agreement should be accounted for as an extinguishment (in accordance with ASC 470-50) of the Company’s initial obligations (those obligations prior to the Second Agreement under the initial consulting agreement) and an immediate recognition of the new obligations specified in the Second Agreement. The Company determined that the Second Agreement should be accounted for as an extinguishment because the Conversion Feature represented the addition of a substantive conversion option, as that term is used in ASC 470-50-50-10 (and as it is defined in ASC 470-20-40-7). As the Company determined that the Second Agreement should be accounted for as an extinguishment, it calculated a loss on extinguishment (in accordance with ASC 470-50-40-4) equal to the reacquisition price of the new obligations under the Second Agreement less the net carrying amount of the initial obligation under the initial consulting agreement. The reacquisition price was equal to the fair value of the new obligations on the effective date of the Second Agreement, which was determined to be $<span id="xdx_90F_eus-gaap--AssetRetirementObligation_iI_pn2n3_c20250930__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zmUnlK1JBrCf" title="Fair value of obligations">478.6</span> thousand, and the net carrying amount of the initial obligation was $<span id="xdx_90E_eus-gaap--PurchaseObligation_iI_pn2n3_c20250930__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zcz0GNy3X2Zg" title="Initial obligations">408.9</span> thousand, which resulted in a loss on extinguishment of $<span id="xdx_90F_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn2n3_c20250101__20250930__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_ztKQP1jVlTe3" title="Loss on extinguishment">69.7</span> thousand, which is recorded in loss on extinguishment of payable in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2024. In accordance with ASC 470-20-25-13, the offset to the loss on extinguishment of $<span id="xdx_908_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn2n3_c20250101__20250930__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zTKS64sPz8w" title="Loss on extinguishment">69.7</span> thousand was recorded as an increase to additional paid-in capital as the premium associated with the new obligations issued under the Second Agreement was determined to be substantial. The $<span id="xdx_90A_eus-gaap--PurchaseObligation_iI_pn2n3_c20250930__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_zablJFJ77DJk" title="Initial obligations"><span id="xdx_908_eus-gaap--PurchaseObligation_iI_pn2n3_c20241231__us-gaap--TypeOfArrangementAxis__custom--SecondAgreementMember_z1udgB5Dh5ig" title="Initial obligations">408.9</span></span> thousand obligation incurred under the initial consulting agreement, which is described in the Second Agreement, is recorded in accounts payable in the unaudited condensed consolidated interim balance sheet as of September 30, 2025 and December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of the new obligations used to determine the loss on extinguishment was determined using a probability-weighted expected return method/scenario-based method. The significant inputs to the valuation method were an estimate of the probability of the Merger closing, an estimate of the date the Merger will close, an estimate of the fair value of the Fusemachines shares (estimate based on an income approach and market approach in accordance with Internal Revenue Service Ruling 59-60 for compliance with Internal Revenue Code Section 409A) to be issued upon the closing of the Merger, and an estimated discount rate. As the method for estimating the fair value of the new obligations used significant unobservable inputs, it was determined to represent a Level 3 fair value measurement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Subsequent to September 30, 2025, and upon the closing of the business combination, the Company settled its obligation through the issuance of <span id="xdx_906_eus-gaap--SharesIssued_iI_c20251001__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ze5yVvt6wgWc" title="Shares issued">29,610</span> Fuse machines, Pubco Common Stock shares (reflecting the <span id="xdx_901_eus-gaap--DebtInstrumentConvertibleConversionRatio1_pid_c20251001__20251001__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zezxhcXE8rz" title="Conversion ratio">0.6580</span> Conversion Ratio applied to <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_pid_c20251001__20251001__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zPzxYtPSOUs2" title="Conversion shares">45,000</span> Company shares) and a cash payment of $<span id="xdx_903_eus-gaap--RepaymentsOfOtherDebt_pn5n6_c20251001__20251001__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zYlEbTAo8dA4" title="Cash payment">0.2</span> million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Guarantees and Indemnifications</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or has been required to defend any action related to its indemnification obligations. As of September 30, 2025 and December 31, 2024, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Litigation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fusemachines Inc. received a legal notice dated March 27, 2025, requiring payment of $<span id="xdx_900_eus-gaap--PaymentsToSuppliersAndEmployees_pn2n3_c20250327__20250327__us-gaap--TypeOfArrangementAxis__custom--WorkLaborAndServicesAgreementMember_zsTFZpEoadbj" title="Payments to suppliers and employees">76.3</span> thousand to a vendor under a Work Labor &amp; Services agreement due to alleged non-fulfilment of payment obligations. Based on its assessment of the services received and contractual terms, management believes that the amount payable is $<span id="xdx_909_eus-gaap--PaymentsForLegalSettlements_pn2n3_c20250930__20250930_zBbKSOyjLPDl" title="Payments for legal settlements">41.3</span> thousand, which has been recognized in its unaudited condensed consolidated interim balance sheet as of September 30, 2025, and intends to contest the remaining portion of the claim. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition, or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lease obligations</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to “Note 17 – Leases” for a description of the Company’s lease obligations as of September 30, 2025 and December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 10000.0 408900 45000 208900 408900 45000 478600 408900 69700 69700 408900 408900 29610 0.6580 45000 200000 76300 41300 <p id="xdx_80B_eus-gaap--LeasesOfLesseeDisclosureTextBlock_zJpeevqbAVRl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 17. <span id="xdx_82E_zy1hWN8NTS39">Leases</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has operating leases for office space. <span id="xdx_905_eus-gaap--LesseeOperatingLeaseOptionToExtend_c20250101__20250930_z1Ja7uhz2mrj" title="Lease term description">These leases have expected remaining lease terms ranging from less than one year to 7 years.</span> The Company currently has two leases with an initial term of 12 months or less that are accounted for as short-term leases. The Company does not separate lease and fixed non-lease components of lease contracts. The Company’s lease terms may include options to extend or terminate the lease. These options are included in the lease term only when it is reasonably certain that the Company will elect the option.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are no material residual guarantees associated with any of the Company’s leases, and there are no significant restrictions or covenants included in the Company’s lease agreements. Certain leases include variable payments related to common area maintenance and property taxes, which are billed by the landlord, as is customary with these types of charges for office space.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There was <span id="xdx_90D_eus-gaap--OperatingLeasesRentExpenseSubleaseRentals1_pn3n3_do_c20250101__20250930_zHqlPlFdKWw" title="Sublease rental income"><span id="xdx_907_eus-gaap--OperatingLeasesRentExpenseSubleaseRentals1_pn3n3_do_c20240101__20240930_zLYql0P1DoUa" title="Sublease rental income">no</span></span> sublease rental income for the nine months ended September 30, 2025 and 2024, and the Company is not the lessor in any lease arrangement. There were no related party lease arrangements during the nine months ended September 30, 2025, and 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--LeaseCostTableTextBlock_z2P48QBXhWE9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents certain information related to the Company’s lease costs for the period ended (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8B8_zzlMaRf0Ve03" style="display: none">Schedule of Lease Costs</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250930_zKqUaqcKOi6c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20240930_zAx8aoPvRZDd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Nine Months<br/> Ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseCost_pn3n3_maLCzXdU_zLkPqH0Wz5Xg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Operating lease expense</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">128</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">160</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShortTermLeaseCost_pn3n3_maLCzXdU_z0zBCvWDLsd7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Short-term lease cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">79</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--VariableLeaseCost_pn3n3_maLCzXdU_zIh4KKqqHvW5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Variable lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LeaseCost_iT_pn3n3_mtLCzXdU_zvaizJXtLaag" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">215</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">260</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A9_zu72R3cGlHyb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lease Position</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--OperatingLeaseLeaseIncomeTableTextBlock_zbgo7Wd6HkI" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease right-of-use assets and operating lease liabilities were recorded in the unaudited condensed consolidated interim balance sheets as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span id="xdx_8B3_z9CtafNMBThc" style="display: none">Schedule of Operating Lease Right-of-Use Assets and Liabilities</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250930_z5LD3WZqAhGl" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30, 2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20241231_zAxos4pwjiXc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_zvBWtyRP9Of5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 64%; font-weight: bold; text-align: left">Operating lease right-of-use assets</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">775</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">870</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; font-weight: bold">Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: -10pt; text-align: left">Current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_maOLLzEpT_zSd5jAutz9Qj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating lease liability, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Noncurrent liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_maOLLzEpT_zchSYY6naVPa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Operating lease liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">783</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">878</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_mtOLLzEpT_zeV30pqymAA4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total operating lease liability</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">865</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">952</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A5_z6MjSeC4JZw3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_ecustom--ScheduleOfOperatingLeasesWeightedAverageRemainingLeaseTermTableTextBlock_zO96q8iYhQsi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents certain information related to the weighted-average remaining lease term and the weighted-average discount rate for the Company’s operating leases:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span id="xdx_8BD_zzrf5YnX7dT5" style="display: none">Schedule of Operating Leases Weighted Average Remaining Lease Term</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center; font-size: 12pt"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">September 30,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; font-size: 12pt"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2025</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Weighted average remaining lease term (in years) - operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_90B_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20250930_zHJ11rshVLhb" title="Weighted average remaining lease term (in years) - operating leases">6.42</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_90D_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20241231_zGfpWOmpanua" title="Weighted average remaining lease term (in years) - operating leases">7.17</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average discount rate - operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20250930_zqH6rKvVZfdf" title="Weighted average remaining lease term (in years) - operating leases">9.25</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20241231_zHXQhqYfABP1" title="Weighted average remaining lease term (in years) - operating leases">9.25</span></td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8A9_z6c4ZblgJ9p" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash Flows</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_ecustom--ScheduleOfCashFlowsForTheCompanyOperatingLeasesTableTextBlock_zCd4vbEZWuyh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents certain information related to the cash flows for the Company’s operating leases for the period ended (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span id="xdx_8BE_zV1bJQdr6wh8" style="display: none">Schedule of Cash Flows for the Operating Leases</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250930_zTYIChWz0LN4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240101__20240930_zKgoVlfCxtmb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the nine months<br/> ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_pn3n3_zZzNAyyROTi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Amortization of right-of-use assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">65</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">88</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_pn3n3_z3u7VsrmXVah" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in operating lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(53</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(71</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AE_zF1kYbDzdvOh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_890_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zhoDtY29uAOl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future minimum lease payments required under operating leases are as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span id="xdx_8BE_zrVZz9rwr9da" style="display: none">Schedule of Future Minimum Lease Payments</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Period ended September 30,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250930_zI0gWWIOkre7" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Future Minimum Rents</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPz6cw_z5EWGMMZIG6j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 60%">2025 (remaining)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">39</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPz6cw_zVeOuJXPodWd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">161</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPz6cw_z7MMtdLdGadj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">169</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_maLOLLPz6cw_zRrG2WftS4U8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">177</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_maLOLLPz6cw_z4HgxD8cKz1h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pn3n3_maLOLLPz6cw_zyoJtVsqMla3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">2030 and thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">435</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPz6cw_zqqOCukJuYrb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total minimum lease payments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,168</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zqmC7oT4cAk6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: effects of discounting</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(303</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_z3b0vng8d7C2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Present value of future minimum lease payments</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">865</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zgwVpkR3T80a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> These leases have expected remaining lease terms ranging from less than one year to 7 years. 0 0 <p id="xdx_89E_eus-gaap--LeaseCostTableTextBlock_z2P48QBXhWE9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents certain information related to the Company’s lease costs for the period ended (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8B8_zzlMaRf0Ve03" style="display: none">Schedule of Lease Costs</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250930_zKqUaqcKOi6c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20240930_zAx8aoPvRZDd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Nine Months<br/> Ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseCost_pn3n3_maLCzXdU_zLkPqH0Wz5Xg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Operating lease expense</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">128</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">160</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShortTermLeaseCost_pn3n3_maLCzXdU_z0zBCvWDLsd7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Short-term lease cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">79</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--VariableLeaseCost_pn3n3_maLCzXdU_zIh4KKqqHvW5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Variable lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LeaseCost_iT_pn3n3_mtLCzXdU_zvaizJXtLaag" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">215</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">260</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 128000 160000 73000 79000 14000 21000 215000 260000 <p id="xdx_893_eus-gaap--OperatingLeaseLeaseIncomeTableTextBlock_zbgo7Wd6HkI" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease right-of-use assets and operating lease liabilities were recorded in the unaudited condensed consolidated interim balance sheets as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span id="xdx_8B3_z9CtafNMBThc" style="display: none">Schedule of Operating Lease Right-of-Use Assets and Liabilities</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250930_z5LD3WZqAhGl" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30, 2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20241231_zAxos4pwjiXc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_zvBWtyRP9Of5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 64%; font-weight: bold; text-align: left">Operating lease right-of-use assets</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">775</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">870</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; font-weight: bold">Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: -10pt; text-align: left">Current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_maOLLzEpT_zSd5jAutz9Qj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating lease liability, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Noncurrent liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_maOLLzEpT_zchSYY6naVPa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Operating lease liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">783</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">878</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_mtOLLzEpT_zeV30pqymAA4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total operating lease liability</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">865</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">952</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 775000 870000 82000 74000 783000 878000 865000 952000 <p id="xdx_893_ecustom--ScheduleOfOperatingLeasesWeightedAverageRemainingLeaseTermTableTextBlock_zO96q8iYhQsi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents certain information related to the weighted-average remaining lease term and the weighted-average discount rate for the Company’s operating leases:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span id="xdx_8BD_zzrf5YnX7dT5" style="display: none">Schedule of Operating Leases Weighted Average Remaining Lease Term</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center; font-size: 12pt"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">September 30,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; font-size: 12pt"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2025</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Weighted average remaining lease term (in years) - operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_90B_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20250930_zHJ11rshVLhb" title="Weighted average remaining lease term (in years) - operating leases">6.42</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_90D_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20241231_zGfpWOmpanua" title="Weighted average remaining lease term (in years) - operating leases">7.17</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average discount rate - operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20250930_zqH6rKvVZfdf" title="Weighted average remaining lease term (in years) - operating leases">9.25</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20241231_zHXQhqYfABP1" title="Weighted average remaining lease term (in years) - operating leases">9.25</span></td><td style="text-align: left">%</td></tr> </table> P6Y5M1D P7Y2M1D 0.0925 0.0925 <p id="xdx_899_ecustom--ScheduleOfCashFlowsForTheCompanyOperatingLeasesTableTextBlock_zCd4vbEZWuyh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents certain information related to the cash flows for the Company’s operating leases for the period ended (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span id="xdx_8BE_zV1bJQdr6wh8" style="display: none">Schedule of Cash Flows for the Operating Leases</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250930_zTYIChWz0LN4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240101__20240930_zKgoVlfCxtmb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the nine months<br/> ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_pn3n3_zZzNAyyROTi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Amortization of right-of-use assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">65</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">88</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_pn3n3_z3u7VsrmXVah" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in operating lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(53</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(71</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> </table> 65000 88000 -53000 -71000 <p id="xdx_890_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zhoDtY29uAOl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future minimum lease payments required under operating leases are as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span id="xdx_8BE_zrVZz9rwr9da" style="display: none">Schedule of Future Minimum Lease Payments</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Period ended September 30,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250930_zI0gWWIOkre7" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Future Minimum Rents</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPz6cw_z5EWGMMZIG6j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 60%">2025 (remaining)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">39</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPz6cw_zVeOuJXPodWd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">161</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPz6cw_z7MMtdLdGadj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">169</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_maLOLLPz6cw_zRrG2WftS4U8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">177</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_maLOLLPz6cw_z4HgxD8cKz1h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pn3n3_maLOLLPz6cw_zyoJtVsqMla3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">2030 and thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">435</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPz6cw_zqqOCukJuYrb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total minimum lease payments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,168</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zqmC7oT4cAk6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: effects of discounting</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(303</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_z3b0vng8d7C2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Present value of future minimum lease payments</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">865</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 39000 161000 169000 177000 187000 435000 1168000 303000 865000 <p id="xdx_80B_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zELIoxfKrMW1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 18. <span id="xdx_827_z6NTwDyymjah">Related Parties</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related Party Convertible Notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2019 and September 2021, the Company entered into two convertible promissory note agreements (the “Related Party Convertible Notes Payable”) with a lender. As of September 30, 2025 and December 31, 2024, the lender was considered a principal owner of the Company because it held greater than <span id="xdx_908_ecustom--VotingCommonStockPercenatge_iI_pid_dp_uPure_c20250930_z3WolzeFHan9" title="Voting common stock percentage">10</span>% of voting common stock of the Company. The related party convertible notes payable were $<span id="xdx_906_eus-gaap--NotesAndLoansPayable_iI_pn3n3_c20250930_zXZDS0yZAHh" title="Related party convertible notes payable">7,530.0</span> thousand and $<span id="xdx_90F_eus-gaap--NotesAndLoansPayable_iI_pn3n3_c20241231_zFKeEFckefB2" title="Related party convertible notes payable">6,524.0</span> thousand, as of September 30, 2025 and December 31, 2024, respectively, recorded in “Related party convertible notes payable, at fair value” in the unaudited condensed consolidated interim balance sheet. Refer to “Note 9 – Long-Term Debt” “Convertible Notes at Fair Value” section.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2021 Investment Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2021, Fusemachines Nepal Private Limited entered into an investment agreement with a related party, Gyanu Maskey (“Mrs. Maskey”), an immediate family member of Sameer Maskey (“Mr. Maskey”) the Company’s CEO (the “January 2021 Related Party Investment Agreement”) and Mrs. Maskey agreed to subscribe to <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210101__20210131__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyOneInvestmentAgreementMember_zliH5FAZPEff" title="Subscribe shares">433,728</span> shares of Fusemachines Nepal Private Limited ordinary shares (the “January 2021 Subscription Shares”) over a term of three years (the “Completion Date”) and provided an advance amount of $<span id="xdx_901_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn2n3_c20210101__20210131__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyOneInvestmentAgreementMember_zLOuPMsxm08l" title="Advance amount">376.4</span> thousand to Fusemachines Nepal Private Limited during 2021. According to the terms of the January 2021 Related Party Investment Agreement, the Company could opt to refund Mrs. Maskey prior to the Completion Date without having to issue the January 2021 Subscription Shares. In 2021, the Company opted to refund Mrs. Maskey, not issue the January 2021 Subscription Shares, and agreed to provide a refund in monthly payments. The January 2021 Related Party Investment Agreement was completed in February 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>BO2 Purchase Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2021, Fusemachines Nepal Private Limited entered into the BO2 Purchase Agreement with a related party, BO2, and Mr. Maskey. According to the terms of the BO2 Purchase Agreement, BO2 agreed to invest up to $<span id="xdx_908_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_pn2n3_c20210701__20210731__us-gaap--TypeOfArrangementAxis__custom--BO2PurchaseAgreementMember_zNcSdddQQgYh" title="Advance amount">964.2</span> thousand in Fusemachines Nepal Private Limited to support the development and growth of the business. (Refer to “Note 7 – Cumulative Mandatorily Redeemable Financial Instruments”). In addition, the BO2 Purchase Agreement also included terms and conditions of regulating the management and operation of Fusemachines Nepal Private Limited, their relationship with each other, certain aspects of the business and affairs of, and their dealings with, Fusemachines Nepal Private Limited and BO2’s exit from Fusemachines Nepal Private Limited. The BO2 Agreement required Fusemachines Nepal Private Limited to pay BO2 a one-time arrangement fee of <span id="xdx_90A_ecustom--ArrangementFeePercentage_iI_pid_dp_uPure_c20210731__us-gaap--TypeOfArrangementAxis__custom--BO2PurchaseAgreementMember_zQXVxPGu51Nb" title="Arrangement fee percentage">1.5</span>% exclusive of value added tax (“VAT”) of the BO2’s total investment, and an annual monitoring fee. Fusemachines Nepal Private Limited incurred an initial arrangement fee of $ <span id="xdx_903_ecustom--ArrangementFee_pn2n3_c20210701__20210731__us-gaap--TypeOfArrangementAxis__custom--BO2PurchaseAgreementMember_zbXgtYSz5ZO7" title="Arrangement fee">13.7</span> thousand which was recorded as a reduction to cumulative mandatorily redeemable common and preferred stock liability in the unaudited condensed consolidated interim balance sheet for the periods ended September 30, 2025, and December 31, 2024. Additionally, Fusemachines Nepal Private Limited incurred Nil as an annual monitoring fee for the nine months ended September 30, 2025 and 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Repurchase and Repayment of 2023 Promissory Notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, the Company repurchased <span id="xdx_900_eus-gaap--StockRepurchasedDuringPeriodShares_pid_c20240101__20240131__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zhF7qfZSd23l" title="Company repurchased shares">667,000</span> shares of its common stock from Mr. Maskey, at a price of $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20240131__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zjWy6JpGbHaa" title="Company repurchased shares">4.352</span> per share for a total of $<span id="xdx_900_eus-gaap--StockRepurchasedDuringPeriodValue_pn2n3_c20240101__20240131__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zMMzxY0M6HK8" title="Company repurchased value">2,902.7</span> thousand. Out of this amount, $<span id="xdx_90A_eus-gaap--RepaymentsOfRelatedPartyDebt_pn2n3_c20240101__20240131__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zFKEAxUXGP24" title="Repayment">902.7</span> thousand was applied towards repayment of Mr. Maskey’s 2023 Promissory Note including accrued interest and balance of the Repurchase Consideration amounting to $<span id="xdx_900_eus-gaap--Cash_iI_pn3n3_c20240131__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyThreePromissoryNotesMember_zM6TDcRr8LEl" title="Repurchase Consideration amounting">2,000.0</span> thousand that was paid in cash to Mr. Maskey (see “Note 13 – Stock-Based Compensation”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>January 2024 Related Party Pledge Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, Mr. Maskey entered into a pledge agreement (the “January 2024 Related Party Pledge Agreement”) with Consilium Extended Opportunities Fund, LP (“Consilium”). As per the terms of the January 2024 Related Party Pledge Agreement, Mr. Maskey agreed to assign a security interest to Consilium of <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pid_c20240101__20240131__us-gaap--TypeOfArrangementAxis__custom--January2024RelatedPartyPledgeAgreementMember_zhQtMEEI9za6" title="Shares of common stock">3,600,000</span> shares of common stock held by Mr. Maskey to fully secure the Company’s obligations under the January 2024 Convertible Notes (also see “Note 9 – Long-Term Debt”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2024 Related Party Promissory Notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2024, the Company entered into seven separate promissory notes with Sameer Maskey, the CEO of the Company for aggregate principal amount of $<span id="xdx_907_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourRelatedPartyPromissoryNotesMember_zjj6JokDbz36" title="Aggregate principal amount">700.0</span> thousand (refer to “Note 9 – Long-Term Debt”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> 0.10 7530000.0 6524000.0 433728 376400 964200 0.015 13700 667000 4.352 2902700 902700 2000000.0 3600000 700000.0 <p id="xdx_80E_ecustom--PrepaidForwardTransactionDisclosureTextBlock_z1JebQxKn334" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 19. <span id="xdx_826_zqpT9OTfD4yi">Prepaid Forward Transaction</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 31, 2025, CSLM Acquisition Corp. (the “Counterparty” prior to the closing of the Business Combination, and thereafter Holdco / Pubco) and Fusemachines entered into an OTC equity prepaid forward confirmation with Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP and Meteora Strategic Capital, LLC (collectively, the “Sellers”) (the “Forward Purchase Agreement” or “FPA”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to quarter ended September 30, 2025, and upon the closing of the Business Combination on October 22, 2025 (the date on which Merger Sub merged with and into Fusemachines), the Investors (Meteora) delivered a Pricing Date Notice under the FPA. Based on this notice, the applicable Prepayment Amount became determinable and was subsequently funded by the Counterparty from the Trust Account in accordance with the Forward Purchase Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the material terms of the FPA:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sellers committed (in one or more Pricing Date Notices) to provide up to a maximum of <span id="xdx_90C_eus-gaap--SharesIssued_iI_c20250731__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--BusinessAcquisitionAxis__custom--CSLMAcquisitionCorpMember_zDqbzQ0WCVAl" title="Shares issued">3,000,000</span> shares of Class A common stock for the Transaction.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Counterparty agreed to pay the Sellers a Prepayment Amount equal to the Number of Shares specified in each Pricing Date Notice multiplied by the per-share redemption price (the “Initial Price” as defined in the Counterparty’s organizational documents). The Prepayment Amount is payable from the Counterparty’s Trust Account and, subject to receipt of a Pricing Date Notice, will be wired no later than the earlier of (a) one Local Business Day after the Closing Date and (b) the date any Trust Account assets are disbursed in connection with the Business Combination.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sellers waived any rights to the Trust Account funds in respect of the FPA and agreed not to seek recourse against the Trust Account except as expressly provided in the FPA.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement is by cash settlement at the end of the agreement: on the Valuation Date (generally three years after the Closing Date unless earlier determined under specified events) the Seller will pay the Counterparty a cash amount equal to the Number of Shares as of the Valuation Date multiplied by the VWAP over the Valuation Period; the Cash Settlement Payment Date is the tenth Local Business Day following the end of the Valuation Period.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The FPA includes an Early Termination mechanism: where Sellers sell (terminate) specified shares after closing, Sellers must pay an Early Termination Obligation to Counterparty equal to the number of Terminated Shares multiplied by the Termination Price of $<span id="xdx_908_ecustom--TerminationPrice_iI_c20250731__us-gaap--BusinessAcquisitionAxis__custom--CSLMAcquisitionCorpMember_zoGS2tPy4Ox7" title="Termination price">12.00</span> per share (payable on the first Local Business Day following settlement of the sale).</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sellers may, at their election, request Shortfall Warrants exercisable for Shortfall Warrant Shares equal to the difference between the Maximum Number of Shares and the number of Shares specified in a Pricing Date Notice; such warrants have exercise terms and a Reset Price as provided in the FPA.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment dates for periodic reporting / accounting purposes are the last day of each calendar quarter (or next Local Business Day), until the Valuation Date; the FPA also contains customary provisions addressing indemnities, representations, Calculation Agent rights, and compliance with tender-offer and SEC rules.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> 3000000000 12000.00 <p id="xdx_80F_eus-gaap--SubsequentEventsTextBlock_zATjdGDfVAyb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 20. <span><span id="xdx_829_zlgLW3DacFVk">Subsequent Events</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span style="display: none"></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has evaluated subsequent events through the date of issuance of these unaudited condensed consolidated interim financial statements and determined that there have been no events that have occurred that would require adjustments to disclosures in the unaudited condensed consolidated interim financial statements except for the below items:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Merger Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 22, 2025, Merger Sub merged with and into Fusemachines, the separate corporate existence of Merger Sub ceased to exist and Fusemachines was the surviving company and a wholly owned subsidiary of Pubco. Pubco’s common stock began trading on the Nasdaq Stock Market under the symbol “FUSE” on October 23, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the closing of the Merger:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Business Combination, CSLM Holdings, Inc. was renamed “Fusemachines Inc.” (“Pubco”), and Fusemachines Inc. was renamed “Fusemachines USA, Inc.”</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the Closing Date, (a) the shareholders of Fusemachines were issued an aggregate of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zyUGylyD4gk5" title="Shares issued">19,214,201</span> shares of New Fusemachines Common Stock, an aggregate of <span id="xdx_909_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zHtS55FC4MSj" title="Common stock were reserved for issuance">693,420</span> shares of New Fusemachines Common Stock were reserved for issuance upon the exercise of stock options, and an aggregate of <span id="xdx_904_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--DerivativeInstrumentRiskAxis__custom--CommonStockWarrantsMember_zv8zneF0db99" title="Common stock were reserved for issuance">122,211</span> shares of New Fusemachines Common Stock were reserved for issuance upon the exercise of common stock warrants; (b) the public shareholders of CSLM received an aggregate of <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--PublicShareholdersMember_zVRe0WdcQb61" title="Shares issued">901,955</span> shares of New Fusemachines Common Stock, (c) all public rights were converted into <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zopL4S3ezrP1" title="Converted shares issued">1,897,500</span> shares of New Fusemachines Common Stock; (d) New Fusemachines issued an aggregate of <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--PrivatePlacementInvestorsMember_zFCOmiJ7fHuh" title="Shares issued">4,743,750</span> shares of New Fusemachines Common Stock to private placement investors; (e) New Fusemachines issued an aggregate of <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--ProductOrServiceAxis__custom--PIPEFinancingMember_zi6CZM1PNrvd" title="Shares issued">1,184,000</span> shares of New Fusemachines Common Stock, in connection with the PIPE Financing; and (f) the Sponsor Convertible Notes were exchanged for an aggregate of <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--SponsorConvertibleNotesMember_zxcwevejkx5a" title="Shares issued">408,639</span> newly-issued shares of New Fusemachines Common Stock.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately $ <span id="xdx_90D_eus-gaap--Cash_iI_pn5n6_c20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zvxT3PDih31a" title="Cash">8.8</span> million in cash was received for the issuance of <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zTdbbxuNp06e" title="Shares issued">884,000</span> shares of Fusemachines Pubco Common Stock. In addition, $ <span id="xdx_90E_eus-gaap--Cash_iI_pn6n6_c20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--ProductOrServiceAxis__custom--PIPEInvestmentMember_zGXu02stbeM5" title="Cash">3</span> million in cash was received under the contingent PIPE investment, resulting in the issuance of an additional <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--ProductOrServiceAxis__custom--PIPEInvestmentMember_z25tmc2aHSUe" title="Shares issued">300,000</span> shares of Fusemachines Pubco Common Stock. Further Fusemachines Inc. received funds from a convertible note with an affiliate of the Sponsor in the principal amount of $<span id="xdx_902_eus-gaap--DebtInstrumentIssuedPrincipal_pn5n6_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zTYOUFecZe63" title="Principal amount">2.2</span> million. On the Closing Date, the note was converted into a number of shares of Fusemachines Inc. Common Stock pursuant to the conversion terms of the convertible note agreement. The overall net proceeds received by Fusemachines Inc. for the issuance is approximately $ <span id="xdx_905_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z9V271SZDUee" title="Net proceeds issuance">9.4</span> million.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately $<span id="xdx_904_eus-gaap--PrepaymentFeesOnAdvancesNet_pn5n6_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--CSLMHoldingsIncMember_zJmZ1IoH2Pob" title="Prepayments">11.0</span> million prepayment was made by CSLM to the Meteora Parties pursuant to the Forward Purchase Agreement, which was funded directly from the Trust Account at Closing.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the promissory notes held at amortized cost issued to its Chief Executive Officer in 2024, principal and accrued and unpaid interest amounting to approximately $ <span id="xdx_90C_eus-gaap--DebtInstrumentIncreaseAccruedInterest_pn4n6_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zZnrv1YFcQq4" title="Principal and accrued and unpaid interest amount">0.74</span> million was repaid in cash upon the Closing.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Fusemachines convertible note (including both related party and other convertible notes) that was issued and outstanding immediately prior to the Closing was converted into Fusemachines Common Stock of <span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_pid_c20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z7kobYocxnP5" title="Common stock, shares issued"><span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zJaIEjpmoFu7" title="Common stock, shares outstanding">8,048,770</span></span> shares in accordance with the applicable convertible note agreement and immediately following such conversion such Fusemachines Common Stock was converted into Fusemachines Pubco Common Stock in accordance with the Conversion Ratio specified in the Merger Agreement.</span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Subsequent to September 30, 2025, and upon the closing of the business combination, the Company settled its obligation through the issuance of <span id="xdx_909_eus-gaap--SharesIssued_iI_pid_c20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZVgKDDG9s9" title="Shares issued">29,610</span> Fusemachines Pubco Common Stock shares (reflecting the <span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleConversionRatio1_pid_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zXG3JAnjG6J4" title="Conversion ratio">0.6580</span> Conversion Ratio applied to <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_pid_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zV2ytcXQpmQ7" title="Conversion shares">45,000</span> Company shares) and a cash payment of $<span id="xdx_90F_eus-gaap--RepaymentsOfOtherDebt_pn5n6_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zqgBJgkHrl4g" title="Cash payment">0.2</span> million.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 4.5pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span id="RMA_001"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders and Board of Directors</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSLM Acquisition Corp.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ft. Lauderdale, Florida</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion on the Consolidated Financial Statements </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have audited the accompanying consolidated balance sheets of CSLM Acquisition Corp. (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in class A ordinary shares subject to possible redemption and shareholders’ deficit, and cash flows for each of the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going Concern Uncertainties </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has incurred losses from operations, and does not have sufficient cash to sustain its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1 to the consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis for Opinion </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ BDO USA, P.C.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have served as the Company’s auditor since 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 11, 2025</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_114_hsrt--ConsolidatedEntitiesAxis__custom--CSLMAcquisitionCorpMember_zLvksp9oz3ek" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="RMA_002"></span>CSLM ACQUISITION CORP. </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED BALANCE SHEETS </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" id="xdx_30B_111_zc6vh46BBdVd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Statement - Condensed Consolidated Interim Balance Sheets"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231_z8yjhSkMYjnf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20231231_zttUFRZlp9fi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--AssetsAbstract_iB_zEecxxgl55Mi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40A_eus-gaap--AssetsCurrentAbstract_i01B_zOF6uU8ipkU4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Cash_i02I_zQVZ48QKZon8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">83,227</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">138,283</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PrepaidExpenseCurrent_i02I_zsqUYt4UjG1e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,670</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,848</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherReceivablesNetCurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z58eb4SrK5r7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Due from related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,849</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,849</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherReceivablesNetCurrent_i02I_zrOiMBY9lfQd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other receivable, net of reserve for credit losses of $<span id="xdx_90A_eus-gaap--AllowanceForDoubtfulOtherReceivablesCurrent_iI_c20241231_zH7TWw6hve64" title="Net of reserve for credit losses">505,000</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4641">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4642">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--MarketableSecuritiesCurrent_i02I_zIGrD1L6FQqd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Marketable securities held in Trust Account</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16,053,202</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,976,918</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AssetsCurrent_i01TI_zx6tpE8lfuAi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16,174,948</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">52,162,898</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Assets_i01TI_zkXh6b5d9fx6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,174,948</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">52,162,898</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zVGYECPg0Hx8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LiabilitiesCurrentAbstract_i01B_zgF1aP5w4sRe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccountsPayableCurrent_i02I_zKvylswC3vM5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">330,180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">132,349</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccruedLiabilitiesCurrent_i02I_z8hl3CHnr82j" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">968,615</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,830</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NotesPayableCurrent_i02I_zVZo0AHpRfn7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Promissory note – related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,750,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,230,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InterestPayableCurrent_i02I_zTKqyqiHghp6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued interest – related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">129,630</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,288</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredCompensationLiabilityCurrent_i02I_z6M5wzdK9K8g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deferred underwriting commissions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,641,250</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,641,250</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LiabilitiesCurrent_i02TI_zhb1H4uINlt" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,819,675</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,503,717</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--Liabilities_i01TI_z6xQKvxuzGNk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,819,675</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,503,717</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--CommitmentsAndContingencies_i01I_zMZhIcvy43a6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Commitments and Contingencies (Note 7)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4682">-</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4683">-</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iI_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zMrZysIoCvR9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Class A ordinary shares, $<span id="xdx_901_eus-gaap--TemporaryEquityParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zwccjM2topkg" title="Temporary equity, par value"><span id="xdx_90D_eus-gaap--TemporaryEquityParOrStatedValuePerShare_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z0kwltO6mDg8" title="Temporary equity, par value">0.0001</span></span> par value; <span id="xdx_90F_eus-gaap--TemporaryEquitySharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zbg0ijag5Af9" title="Temporary equity, shares authorized"><span id="xdx_90B_eus-gaap--TemporaryEquitySharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zPB2WsR3D3Tk" title="Temporary equity, shares authorized">500,000,000</span></span> shares authorized, <span id="xdx_902_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zdfCzi7Slwk2" title="Temporary equity, shares outstanding">1,372,687</span> and <span id="xdx_90D_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHC2XnjpNsp6" title="Temporary equity, shares outstanding">4,772,187</span> and shares subject to redemption as of December 31, 2024 and 2023, respectively</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,053,202</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,976,918</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Shareholders’ Deficit:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PreferredStockValue_i02I_hus-gaap--StatementClassOfStockAxis__custom--SeriesCOnePreferredStockMember_zCDIQSrQsqUc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Preference shares, $<span id="xdx_903_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zjQTE1TB9Sjb" title="Preferred stock, par value"><span id="xdx_90E_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zqyy5dNrXRY7" title="Preferred stock, par value">0.0001</span></span> par value; <span id="xdx_903_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zvfK2PKys0Xi" title="Preferred stock, shares authorized"><span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z5MdgyTqpPi3" title="Preferred stock, shares authorized">5,000,000</span></span> shares authorized; <span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_iI_dn_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z4G3Tqr6FP3f" title="Preferred stock, shares issued"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_iI_dn_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zeJx6d66mMOb" title="Preferred stock, shares outstanding"><span id="xdx_900_eus-gaap--PreferredStockSharesIssued_iI_dn_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zt3lAqvA4Bv9" title="Preferred stock, shares issued"><span id="xdx_902_eus-gaap--PreferredStockSharesOutstanding_iI_dn_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zLYXcdpnwWPg" title="Preferred stock, shares outstanding">none</span></span></span></span> issued and outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4700">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4701">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CommonStockValue_i02I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zugdnAEuMs1e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Class A ordinary shares, $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zrNVIb7Fzaza" title="Common stock, par value"><span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zsFqaaMT0hT3" title="Common stock, par value">0.0001</span></span> par value, <span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zOgxBgtONgmb" title="Common stock, shares authorized"><span id="xdx_903_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zgXh6Oe5aXxi" title="Common stock, shares authorized">500,000,000</span></span> shares authorized; <span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z5FxlHMxHUze" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zgL3ngkE4DB5" title="Common stock, shares outstanding"><span id="xdx_90F_eus-gaap--CommonStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zZsNsB5yq72e" title="Common stock, shares issued"><span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zTPLEe0r0oDl" title="Common stock, shares outstanding">4,743,749</span></span></span></span> issued and outstanding, excluding <span id="xdx_90D_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zq9QU1D9Kmkj" title="Temporary equity, shares outstanding">1,372,687</span> and <span id="xdx_900_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3g373seBfE5" title="Temporary equity, shares outstanding">4,772,187</span> shares subject to possible redemption at December 31, 2024 and 2023, respectively</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">474</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">474</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--CommonStockValue_i02I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zIl83f23kAcc" style="vertical-align: bottom; background-color: White"> <td>Class B ordinary shares, $<span id="xdx_908_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zT7vYU33fKki" title="Common stock, par value"><span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zXnS62rv31Qk" title="Common stock, par value">0.0001</span></span> par value; <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zVX4Yc16cDs6" title="Common stock, shares authorized"><span id="xdx_900_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zkRim75iXLHf" title="Common stock, shares authorized">50,000,000</span></span> shares authorized; <span id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zxTtbJ8sEJOh" title="Common stock, shares issued"><span id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zEbrPyBN6IWj" title="Common stock, shares outstanding"><span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zd6QxSFEVXRi" title="Common stock, shares issued"><span id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zDX7V6Z5Gfp7" title="Common stock, shares outstanding">1</span></span></span></span> share issued and outstanding as of December 31, 2024 and 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CommonStockValue_i02I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zrIvkW7rtCxb" style="display: none; vertical-align: bottom; background-color: White"> <td>Common stock value </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AdditionalPaidInCapital_i02I_zWEEi0l3lrlc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4764">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4765">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_zfGDkyDGVcCd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accumulated deficit</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(10,698,403</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,318,211</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--StockholdersEquity_i01TI_zj0g3FaHGL6l" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Shareholders’ Deficit</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(10,697,929</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(8,317,737</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_zpPvrTNoxIlc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,174,948</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">52,162,898</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The accompanying notes are an integral part of these consolidated financial statements </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="RMA_003"></span>CSLM ACQUISITION CORP. </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED STATEMENTS OF OPERATIONS </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_304_113_znsIaHCzctSi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Statement - Condensed Consolidated Interim Statements of Operations and Comprehensive Loss"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240101__20241231_ze08uevttSmi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20230101__20231231_zn09MfQaTCna" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended<br/> December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--PolicyholderBenefitsAndClaimsIncurredNet_i01_zhOW3KOpPJej" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Insurance expense</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">214,185</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">477,750</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ProfessionalFees_i01_zDzJzoBFDnE" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Legal and accounting expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,253,545</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">644,515</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DuesAndSubscriptions_i01_zeZgf0gL0bii" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dues and subscriptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170,745</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">256,333</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--GeneralAndAdministrativeExpense_i01_zOohvDTf5Om" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Administrative expenses – related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">240,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--InterestExpenseOperating_i01_zmqaqxQLfFA" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest expense – related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,288</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--FormationGeneralAndAdministrativeExpenses_i01_zJpVtRx5evu" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Formation, general and administrative expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">374</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,552</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OperatingExpenses_i01T_z6sya0wVRIr9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Operating expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,860,192</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,648,438</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingIncomeLoss_iT_znFOhvEsQiyg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Loss from operations</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,860,192</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,648,438</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_z45rcWkwmxX9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other income (expense):</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--GainLossOnMarketableSecurities_znjLDRsexVTa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain on marketable securities held in Trust Account</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4803">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,538,270</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--InvestmentIncomeDividend_i01_zVWnMUCPzfY6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividends on marketable securities held in Trust Account</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,032,507</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,736,950</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--CovenantFees_i01_zko5jKUoUNE8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Covenant fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">505,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4810">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ProvisionForOtherCreditLosses_iN_di_zbp1mBUB9Tyj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Provision for credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(505,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4813">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--NonoperatingIncomeExpense_iT_zaUu2StfLlq8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total other income, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,032,507</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,275,220</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetIncomeLoss_iT_ziJXyT9dtlbc" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net income</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">172,315</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,626,782</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zFteqSDjuds5" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_901_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zsVwzxRT0dbg" title="Diluted weighted average shares outstanding">3,527,561</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zy65HV0kdjOc" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90F_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zmbVq7ihwKDa" title="Diluted weighted average shares outstanding">12,826,933</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net income per share, Class A ordinary shares stock subject to redemption</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90F_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zE0RzlWOJ9og" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_905_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zKNIELSqVIug" title="Diluted net (loss) income per share">0.47</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_907_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zDuoT91lP2fl" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_909_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zd5T7Pmdajo" title="Diluted net (loss) income per share">0.42</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted weighted average shares outstanding, non-redeemable Class A ordinary shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_908_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zFxeqgxgsu12" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_904_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_znW4CfyWshU8" title="Diluted weighted average shares outstanding">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_905_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_z7nb1XfFRHI1" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_908_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zdxmminQhG94" title="Diluted weighted average shares outstanding">2,222,414</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net loss per share, non-redeemable Class A ordinary shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_900_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_z5T1kmiiaII7" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zFxboOAkZbwb" title="Diluted net (loss) income per share">(0.31</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90A_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zjom6oYvApA6" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90C_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_z9khialFyzmg" title="Diluted net (loss) income per share">(0.28</span></span></td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted weighted average shares outstanding, non-redeemable Class B ordinary shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_905_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zVgp0FVaOxda" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zXCdwsQCm8gc" title="Diluted weighted average shares outstanding">1</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zWpaGwHhrPVe" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90F_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_z35FElzcWBN9" title="Diluted weighted average shares outstanding">2,521,336</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net loss per share, non-redeemable Class B ordinary shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90D_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_z3j3ZIDaRCB8" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90C_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_ztUldDRuagNh" title="Diluted net (loss) income per share">(0.31</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90E_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zyE54xxe3tIb" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_906_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zRabJKH79rLc" title="Diluted net (loss) income per share">(0.06</span></span></td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The accompanying notes are an integral part of these consolidated financial statements </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span id="RMA_004"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CSLM ACQUISITION CORP. </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED STATEMENTS OF CHANGES IN CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR THE YEAR ENDED DECEMBER 31, 2024 </b></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" id="xdx_303_114_z6ewRsenhCAf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Statement - Condensed Consolidated Interim Statements of Stockholders' Deficit"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4B2_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_custom--ClassATemporaryEquityMember_zStZgk8tMcxd" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4B0_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_us-gaap--StatementClassOfStockAxis_us-gaap--CommonClassAMember_zbnQplNCF213" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4BB_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_us-gaap--StatementClassOfStockAxis_us-gaap--CommonClassBMember_zdknpQgb9eQ" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4BE_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_zJtAY6voSBy1" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">Capital</p></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4BF_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsMember_zWmQRBVMLyHd" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0">Deficit</p></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4B9_zurYH6Aok174" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0">Deficit</p></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">Class A</p> <p style="margin-top: 0; margin-bottom: 0">Temporary Shares</p></td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">Class A</p> <p style="margin-top: 0; margin-bottom: 0">Ordinary Shares</p></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">Class B</p> <p style="margin-top: 0; margin-bottom: 0">Ordinary Shares</p></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center; font-weight: bold">Additional Paid-in</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center; font-weight: bold">Accumulated</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center; font-weight: bold">Total Shareholders’</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">Capital</p></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0">Deficit</p></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0">Deficit</p></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_436_c20240101__20241231_eus-gaap--StockholdersEquity_iS_zO42amwqqvC1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; font-weight: bold">Balance as of January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--SharesOutstanding_iS_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zerh30J6lLNg" style="width: 4%; text-align: right" title="Balance, shares">4,772,187</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 4%; font-weight: bold; text-align: right">51,976,918</td><td style="border-right: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_986_eus-gaap--SharesOutstanding_iS_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_znXj4bKHMibb" style="width: 4%; font-weight: bold; text-align: right" title="Balance, shares">4,743,749</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 4%; font-weight: bold; text-align: right">474</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharesOutstanding_iS_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zqDuiWYUfsci" style="width: 4%; font-weight: bold; text-align: right" title="Balance, shares">1</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 4%; font-weight: bold; text-align: right">0</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 4%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> <span style="-sec-ix-hidden: xdx2ixbrl4872">—</span></b></span></td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right">(8,318,211</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right">(8,317,737</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_401_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodValue_zAFvlQ4uVFVj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Redemption of Class A ordinary shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodShares_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zm7eW4vdXJDh" style="text-align: right" title="Redemption of Class A ordinary shares , shares">(3,399,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(38,596,223</td><td style="border-right: Black 1pt solid; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodShares_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zkt1e6W4kLMj" style="text-align: right" title="Redemption of Class A ordinary shares , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4891">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4883">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodShares_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zF0nxwarKgkd" style="text-align: right" title="Redemption of Class A ordinary shares , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4893">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">          <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4884">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4885">—</span> </span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4886">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4887">—</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--AdjustmentToAdditionalCapitalWaiverOfAdministrativeServiceFees_zDJizwBr5Dul" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sponsor waiver of administrative services fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  <span style="-sec-ix-hidden: xdx2ixbrl4895">—</span></span></td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4896">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4897">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4899">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_zCxA1Sav2cKl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Remeasurement of Class A ordinary shares subject to redemption</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zgM92JiNTlz5" style="text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4909">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,672,507</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zpmXomls17Oe" style="text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4911">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4903">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zLi3bBQNWKL2" style="text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4913">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4904">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(120,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,552,507</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,672,507</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_zWoJsppXPhp7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Net income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  <span style="-sec-ix-hidden: xdx2ixbrl4915">—</span></span></td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4916">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4917">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4918">—</span> </span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">172,315</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">172,315</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_439_c20240101__20241231_eus-gaap--StockholdersEquity_iE_zmkWGHB9V4n9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold">Balance – December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--SharesOutstanding_iE_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_znctXfk08edi" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,372,687</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,053,202</td><td style="border-right: Black 1pt solid; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_983_eus-gaap--SharesOutstanding_iE_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHlveTwSU37a" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Balance, shares">4,743,749</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">474</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_eus-gaap--SharesOutstanding_iE_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z9uaFpbWNuA1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Balance, shares">1</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> <span style="-sec-ix-hidden: xdx2ixbrl4925">—</span></b></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(10,698,403</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(10,697,929</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR THE YEAR ENDED DECEMBER 31, 2023 </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class A</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Temporary Shares</b></span></p></td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class A</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary Shares</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class B</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary Shares</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Additional Paid-in</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accumulated</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Shareholders’</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount</b></span></td><td style="border-right: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deficit</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deficit</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td></tr> <tr id="xdx_43D_c20230101__20231231_eus-gaap--StockholdersEquity_iS_zTf4HLZE3vli" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance as of January 1, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_986_eus-gaap--SharesOutstanding_iS_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zlaKZqF7Mlgi" style="font: bold 10pt Times New Roman, Times, Serif; width: 4%; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,975,000</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">194,767,885</span></td><td style="border-right: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_981_eus-gaap--SharesOutstanding_iS_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zkWRnnPd1vTd" style="font: bold 10pt Times New Roman, Times, Serif; width: 4%; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl4944">—</span></b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> $</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl4936">—</span></b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_983_eus-gaap--SharesOutstanding_iS_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zlFnKVh9Xy4h" style="font: bold 10pt Times New Roman, Times, Serif; width: 4%; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,743,750</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">474</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> $</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl4938">—</span></b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,489,773</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,489,299</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_43D_c20230101__20231231_eus-gaap--StockholdersEquity_iS_z2wJAPINgkLf" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98C_eus-gaap--SharesOutstanding_iS_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_z8BosqtE3XHg" style="font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,975,000</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">194,767,885</span></td><td style="border-right: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98A_eus-gaap--SharesOutstanding_iS_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zZjX4yU7sxcj" style="font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl4957">—</span></b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> $</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl4949">—</span></b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_984_eus-gaap--SharesOutstanding_iS_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zlQeEAR9Susd" style="font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,743,750</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">474</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> $</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl4951">—</span></b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,489,773</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,489,299</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_401_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodValue_zHuGGmiYCZ0a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption of Class A ordinary shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98C_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodShares_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zaUJMnCO7Fpe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14,202,813</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(149,486,187</span></td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98C_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodShares_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z4Ac5dHPiX33" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4970">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4962">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98D_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodShares_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zTIl8Pi4h1D4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4972">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4963">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4964">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4965">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">       <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4966">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_znnwWZov0TA6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion of Sponsor Class B ordinary shares to Class A ordinary shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4974">—</span></span></td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_986_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zzchzQycoy6d" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Conversion of Sponsor Class B ordinary shares to Class A ordinary shares , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,743,749</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">474</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98C_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z4NmgdV8FbM7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Conversion of Sponsor Class B ordinary shares to Class A ordinary shares , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,743,749</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(474</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4977">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4978">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4979">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_ecustom--AdjustmentToAdditionalCapitalWaiverOfAdministrativeServiceFees_z5pKq7wyMWmk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor waiver of administrative services fees</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4985">—</span></span></td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4986">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4987">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">240,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4989">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">240,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_408_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_z35pIxS19azi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remeasurement of Class A ordinary shares subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_983_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_z2kpobJZHFY5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4999">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,695,220</span></td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_986_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zXWVeIBheQp1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl5001">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4993">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98F_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zN0SqLADeSWe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl5003">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl4994">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(240,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,455,220</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,695,220</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_zDLvjyLhjFfb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl5005">—</span></span></td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl5006">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl5007">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl5008">—</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,626,782</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,626,782</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_43A_c20230101__20231231_eus-gaap--StockholdersEquity_iE_zmxGfqF0u8C3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance – December 31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98B_eus-gaap--SharesOutstanding_iE_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_z1XFFOjqh5yb" style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,772,187</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,976,918</span></td><td style="border-right: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_988_eus-gaap--SharesOutstanding_iE_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zCtPWJsojVTj" style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,743,749</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">474</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98F_eus-gaap--SharesOutstanding_iE_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zmwx6lSyj5Ol" style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5015">—</span></b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,318,211</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,317,737</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_434_c20230101__20231231_eus-gaap--StockholdersEquity_iE_zZv91Qs60lL5" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_983_eus-gaap--SharesOutstanding_iE_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zjinwoVwICG3" style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,772,187</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,976,918</span></td><td style="border-right: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98D_eus-gaap--SharesOutstanding_iE_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zNQPqRZhs0oe" style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,743,749</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">474</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_987_eus-gaap--SharesOutstanding_iE_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zfXZRN0e5k1i" style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5028">—</span></b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,318,211</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,317,737</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The accompanying notes are an integral part of these consolidated financial statements </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span id="RMA_005"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CSLM ACQUISITION CORP. </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED STATEMENTS OF CASH FLOWS </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_308_112_zoKq7U3e4ga6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Statement - Condensed Consolidated Interim Statements of Cash Flows"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20240101__20241231_z0hOTl2bEeWa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20230101__20231231_ziQJlmTTZUlk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended<br/> December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_zf5HTvs27HB" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Cash Flows from Operating Activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--NetIncomeLoss_i01_z21RJ3L3Frhc" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Net income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">172,315</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,626,782</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B_znghvgZoTLS" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjustments to reconcile net income to net cash provided by operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--GainLossOnMarketableSecurities_iN_di_zjqXmWKzPZE7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Realized gains on marketable securities held in Trust Account</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl5047">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,538,270</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--AccruedDividendsOnMarketableSecuritiesHeldInTrustAccount_i02N_di_zCmNTa3mHL3d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued dividends on marketable securities held in Trust Account</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170,488</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(230,530</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OtherNoncashExpense_i02_zP1yEWASYwQi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sponsor waiver of administrative services fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">240,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zkFSBNz1SSYj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Changes in current assets and current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInPrepaidExpense_i03N_di_zxfg6dGrFsie" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,178</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">478,996</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_zYcIHXEHII04" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,831</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,164</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncreaseDecreaseInAccruedLiabilities_i03_zW7pgOROPiWa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">496,785</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">163,864</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--IncreaseDecreaseInAccruedOfferingCosts_i03N_di_z8gsQKlO3BZf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued offering costs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5068">—</span></b></span></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(279,678</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--IncreaseDecreaseInInterestPayableNet_i03_z012CjVJe5jk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued interest – related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,342</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,288</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--IncreaseDecreaseInDueFromRelatedPartiesCurrent_i03N_di_z2I3HLMP6Fa2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Due from related party</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5074">—</span></b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,387</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_z3hsdPAaFMJb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net cash provided by operating activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,267,939</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,610,229</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_ziDm4aebuVs6" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Cash Flows from Investing Activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PaymentsToAcquireMarketableSecurities_i01N_di_z25vRDohVUKc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Purchase of treasury and other marketable securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,842,995</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(396,313,420</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--ProceedsFromSaleAndMaturityOfMarketableSecurities_i01_zL2LfAVehlZ9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Proceeds from redemption of treasury securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38,596,223</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">541,873,187</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_zdylZF02bn28" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net cash provided by investing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">35,753,228</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">145,559,767</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zHoqApo00Q56" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Cash Flows from Financing Activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ProceedsFromRepaymentsOfRelatedPartyDebt_i01_zIqVfREGrLt1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Proceeds from promissory note – related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,520,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,230,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PaymentsForRepurchaseOfCommonStock_i01N_di_zmSGalwrX0Rb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Payment of redemptions to Class A ordinary shareholders</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(38,596,223</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(149,486,187</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_zAgIbnyZQPfj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net cash used in financing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(37,076,223</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(148,256,187</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_zCv8utmKGita" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net Change in Cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(55,056</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(86,191</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zBbUzZRRsRUc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Cash – Beginning</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">138,283</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">224,474</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zTXV0GlCXSU5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Cash-Ending</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">83,227</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">138,283</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_iB_zlou4rfjeSNe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Supplemental Disclosure of Non-cash Financing Activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--RemeasurementOfClassOrdinarySharesSubjectToPossibleRedemption_i01_zCRuRheUjQzf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Remeasurement of Class A ordinary shares subject to possible redemption</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,672,507</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,695,220</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--ReserveForCreditLosses_i01_zN4elF57fWzh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Reserve for credit losses</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">505,000</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="text-align: left">$</td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5120">—</span></b></span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--SponsorCapitalContributionForWaiverOfAdministrativeServicesFees_i01_zyjBkHfK4nZc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sponsor capital contribution for waiver of administrative services fees</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">120,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">240,000</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The accompanying notes are an integral part of these consolidated financial statements </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_04E_c20240101__20241231_zX4u4GWEexxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span id="RMA_006"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CSLM ACQUISITION CORP. </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 19214201 693420 122211 901955 1897500 4743750 1184000 408639 8800000 884000 3000000 300000000 2200000 9400000 11000000.0 740000 8048770 8048770 29610 0.6580 45000 200000 83227 138283 6670 15848 31849 31849 505000 16053202 51976918 16174948 52162898 16174948 52162898 330180 132349 968615 471830 2750000 1230000 129630 28288 6641250 6641250 10819675 8503717 10819675 8503717 0.0001 0.0001 500000000 500000000 1372687 4772187 16053202 51976918 0.0001 0.0001 5000000 5000000 0 0 0 0 0.0001 0.0001 500000000 500000000 4743749 4743749 4743749 4743749 1372687 4772187 474 474 0.0001 0.0001 50000000 50000000 1 1 1 1 0 0 0 0 -10698403 -8318211 -10697929 -8317737 16174948 52162898 214185 477750 1253545 644515 170745 256333 120000 240000 101343 28288 374 1552 1860192 1648438 -1860192 -1648438 2538270 2032507 3736950 505000 505000 2032507 6275220 172315 4626782 3527561 3527561 12826933 12826933 0.47 0.47 0.42 0.42 4743749 4743749 2222414 2222414 -0.31 -0.31 -0.28 -0.28 1 1 2521336 2521336 -0.31 -0.31 -0.06 -0.06 4772187 51976918 4743749 474 1 0 -8318211 -8317737 -3399500 -38596223 120000 120000 2672507 -120000 -2552507 -2672507 172315 172315 1372687 16053202 4743749 474 1 0 -10698403 -10697929 18975000 194767885 4743750 474 -6489773 -6489299 18975000 194767885 4743750 474 -6489773 -6489299 -14202813 -149486187 4743749 474 -4743749 -474 240000 240000 6695220 -240000 -6455220 -6695220 4626782 4626782 4772187 51976918 4743749 474 1 0 -8318211 -8317737 4772187 51976918 4743749 474 1 0 -8318211 -8317737 172315 4626782 2538270 -170488 230530 120000 240000 -9178 -478996 197831 124164 496785 163864 279678 101342 28288 3387 1267939 2610229 2842995 396313420 38596223 541873187 35753228 145559767 1520000 1230000 38596223 149486187 -37076223 -148256187 -55056 -86191 138283 224474 83227 138283 2672507 6695220 505000 120000 240000 <p id="xdx_80D_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zoHrMLKbzKc5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 — <span>ORGANIZATION AND BUSINESS BACKGROUND</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_820_zOnpZvOS7x12" style="display: none">Organization</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Organization and General </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSLM ACQUISITION CORP. (the “Company” or “CSLM”) company incorporated in the Cayman Islands as an exempted company on April 13, 2021. The Company was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the “Business Combination”). We intend to effectuate our initial Business Combination using cash from the proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, our capital stock, debt or a combination of cash, stock and debt. The Company’s financial statements include CSLM Merger Sub, Inc. and CSLM Holdings, Inc., both wholly-owned subsidiaries of CSLM Acquisition Corp. and are presented on a consolidated basis (the “Financial Statements”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is not limited to a particular industry or geographic location for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, the Company had not commenced any operations. All activity from April 13, 2021 (inception) through December 31, 2024 relates to the Company’s formation, the initial public offering (“Initial Public Offering” or “IPO”), which is described below, and pursuit of a business combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of dividend and interest income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 13, 2023, the Company submitted a certificate of incorporation of name change to the Cayman Islands Registry of Companies to change our name from “Consilium Acquisition Corp I, LTD.” to “CSLM Acquisition Corp.”. The name change of the Company to CSLM Acquisition Corp. was effected on Nasdaq at the open of trading on July 18, 2023 and continued trading under the same ticker symbol “CSLM”. The name change does not affect the rights of the Company’s securities holders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 18, 2022, the Company consummated its Initial Public Offering of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220118__20220118__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zfu40gq6tIH6" title="Stock issued during period shares new issues">18,975,000</span> units (the “Units”), including the issuance of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220118__20220118__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_ze1mhpfBUptg" title="Stock issued during period shares new issues">2,475,000</span> Units as a result of the underwriter’s exercise of its over-allotment option. Each Unit consists of <span id="xdx_90C_eus-gaap--SharesIssued_iI_dc_c20220118__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zBur7l69IeQg" title="Shares issued">one</span> Class A ordinary share of the Company, par value $<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220118__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z1KM40TBOV4l" title="Common stock, par value">0.0001</span> per share (an “Ordinary Share”), one right to acquire one-tenth of an Ordinary Share, and one-half of one redeemable warrant of the Company. Each whole warrant entitles the holder thereof to purchase <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_dc_c20220118__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zXcBDUhejiQh" title="Class of warrant">one</span> Ordinary Share for $<span id="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_c20220118_zvIcKu0DIX0f" title="Shares issued price per share">11.50</span> per share, subject to adjustment. The Units were sold at a price of $<span id="xdx_900_eus-gaap--SaleOfStockPricePerShare_iI_c20220118_z2DDvzeOgX06" title="Sale of share price">10.00</span> per Unit, generating gross proceeds to the Company of $<span id="xdx_90F_eus-gaap--ProceedsFromOtherEquity_c20220118__20220118_zNbddOplDUVb" title="Gross proceeds">189,750,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially concurrently with the closing of the Initial Public Offering, the Company completed the private sale of <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220118__20220118__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zl24n71FNN2f" title="Stock issued during period shares new issues">7,942,500</span> private placement warrants (the “Private Placement Warrants”) at a purchase price of $<span id="xdx_909_eus-gaap--SharesIssuedPricePerShare_iI_c20220118__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zzBTaUvaM97e" title="Shares issued price per share">1.00</span> per Private Placement Warrant, to the Company’s sponsor, CSLM Acquisition Sponsor I, LLC (the “Sponsor”), generating gross proceeds to the Company of $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20220118__20220118__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zgp8Panbuyjk" title="Issuance of private placement">7,942,500</span>. The Private Placement Warrants are identical to the warrants sold as part of the Units in the Initial Public Offering except that, so long as they are held by the Sponsor or its permitted transferees: (1) they will not be redeemable by the Company (except in certain redemption scenarios when the price per Ordinary Share equals or exceeds $<span id="xdx_90E_eus-gaap--SharePrice_iI_c20220118_zPmdDyKru863" title="Share price">10.00</span> (as adjusted)); (2) they (including the Ordinary Shares issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by the Sponsor until 30 days after the completion of the Company’s initial business combination; (3) they may be exercised by the holders on a cashless basis; and (4) they (including the Ordinary Shares issuable upon exercise of these warrants) are entitled to registration rights.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A total of $<span id="xdx_902_eus-gaap--PaymentsForDeposits_c20220118__20220118_zvCSEqlqaw83" title="Payments for deposits">2,250,000</span> was deposited to the Company’s operating account and a total of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220118__20220118_zp6gicRR6WHf" title="Gross proceeds">191,647,500</span>, comprised of a portion of proceeds from the IPO and the sale of the Private Placement Warrants, was placed in a U.S.-based trust account at JP Morgan Chase Bank, N.A., maintained by Continental Stock Transfer &amp; Trust Company, acting as trustee. Except with respect to interest earned on the funds held in the trust account that may be released to the Company to pay its taxes, if any, the funds held in the trust account will not be released from the trust account until the earliest to occur of: (1) the Company’s completion of an initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with its initial business combination or to redeem 100% of the Company’s public shares if the Company does not complete its initial business combination by October 13, 2024 after depositing $<span id="xdx_905_eus-gaap--Deposits_iI_c20220118_zZbFzQ4PiVn8" title="Deposits">70,000</span> into the Trust Account for each one month Extension or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity; and (3) the redemption of the Company’s public shares if the Company has not completed its initial business combination by October 18, 2024 from the closing of the IPO, subject to applicable law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 13, 2023 as approved by its shareholders at the Special Meeting, the Company and its trustee, Continental Stock Transfer &amp; Trust Company amended (the “Amendment”) the Investment Management Trust Agreement, dated as of January 12, 2022 (the “Trust Agreement”) in order to allow the Company to extend the time to complete a business combination by fifteen (15) additional one (1) month periods until, October 18, 2024 (the “Termination Date”) by depositing into the Trust Account $<span id="xdx_902_eus-gaap--AssetsHeldInTrust_iI_c20230713_zxVYE9RK2IQ8" title="Asset, held in trust">70,000</span> for each one-month extension. At the Special Meeting, the shareholders of the Company approved a special resolution to the Articles of Association to extend the time to consummate a business combination until October 18, 2024 and the Amendment in accordance with the Company’s Amended and Restated Memorandum of Association and Articles of Association (the “Articles of Association”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the shareholders’ vote at the Special Meeting, <span id="xdx_90C_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20230711__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHiiZljmF0De" title="Aggregate value">14,202,813</span> Class A shares were tendered for redemption. Shareholders validly redeemed their shares for $<span id="xdx_90D_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20230711__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zjM6FqY6hHri" title="Temporary equity, aggregate amount of redemption requirement">149,486,187</span>, or approximately $<span id="xdx_900_eus-gaap--TemporaryEquityRedemptionPricePerShare_iI_c20230711__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zKpCzrYXJ5eg" title="Temporary equity, redemption price per share">10.53</span> per class A share. The trustee processed the redemptions on July 11, 2023 and distributed amounts from the Trust Account to the redeeming shareholders on July 26, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately after the Special Meeting, the Company extended the time to complete the business combination by one (1) month to August 18, 2023, and deposited the sum of $<span id="xdx_901_eus-gaap--PaymentsToAcquireRestrictedInvestments_c20230818__20230818_zuvDIy4m1656" title="Payments to acquire restricted investments">70,000</span> into the Trust Account in accordance with the terms of the Trust Agreement. As of December 31, 2024, the Company has exercised thirteen (13) of the fifteen (15) additional one-month extension periods, depositing an aggregate of $<span id="xdx_908_eus-gaap--PaymentsToAcquireOtherInvestments_c20230818__20230818_zywZXrpf0wpc" title="Payments to acquire other investments">910,000</span> into the Trust Account to extend the time to complete the business combination to August 18, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 18, 2024, as approved by its shareholders at the annual general meeting held on August 18, 2024 (the “Annual Meeting”), the Company and its trustee, Continental Stock Transfer &amp; Trust Company, amended the Investment Management Trust Agreement dated January 12, 2022, as amended on July 13, 2023, in order to allow the Company to extend the time to complete a business combination on a month-to-month basis, until July 18, 2025 (the “Extended Termination Date” or the “Extended Combination Period”) by placing $<span id="xdx_90B_eus-gaap--PaymentsToAcquireInvestments_c20240818__20240818_zNk89StGBR5h" title="Payments to acquire investments">30,000</span> into the Company’s Trust Account. As of December 31, 2024, the Company has exercised five (5) additional one-month extension periods, depositing an aggregate of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20241231_zfmUtH5R6CK7" title="Face amount">150,000</span> into the Trust Account to extend the time to complete the business combination to January 18, 2025. On January 16, 2025, the Company deposited $<span id="xdx_90D_eus-gaap--PaymentsToAcquireRestrictedInvestments_c20250116__20250116_zc5CxCKhGE84" title="Payments to acquire restricted investments">30,000</span> into the Company’s trust account to further extend the amount of time it has available to complete a business combination to February 18, 2025. 2025 (see Note 10). On February 18, 2025, the Company deposited $<span id="xdx_904_eus-gaap--PaymentsToAcquireRestrictedInvestments_c20250218__20250218_zOM9gDacwNll" title="Payments to acquire restricted investments">30,000</span> into the Company’s trust account to further extend the amount of time it has available to complete a business combination to March 18, 2025 (see Note 10). On March 14, 2025, the Company deposited $<span id="xdx_900_eus-gaap--PaymentsToAcquireRestrictedInvestments_c20250314__20250314_zbOKvMLlDyid" title="Payments to acquire restricted investments">30,000</span> into the Company’s trust account to further extend the amount of time it has available to complete a business combination to April 18, 2025 (see Note 10).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Merger Agreement </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 22, 2024, the Company entered into a Merger Agreement, by and among the Company, CSLM Merger Sub Inc. (“Merger Sub”), and Fusemachines Inc., a Delaware corporation (“Fusemachines”) (as it may be amended and/or restated from time to time, the “Merger Agreement”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions thereof, Merger Sub will merge with and into Fusemachines, after which Fusemachines will be the surviving corporation and a wholly owned subsidiary of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 27, 2024, the Company entered into an amendment to the Merger Agreement (the “Merger Agreement Amendment”) whereby the Company will continue out of the Cayman Islands and into the State of Delaware to re-domicile and become a newly formed Delaware corporation by means of a merger with the Company, pursuant to the Cayman Islands Companies law and the applicable provisions of the Delaware General Corporation Law, with such newly formed Delaware corporation becoming the surviving corporation in the merger. In addition the Merger Agreement Amendment includes a provision that increases the amount the Company may borrow from the Sponsor from $<span id="xdx_90A_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20240827__srt--RangeAxis__srt--MinimumMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zLLcE0bpD7c5" title="Line of credit facility">2,000,000</span> to $<span id="xdx_907_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20240827__srt--RangeAxis__srt--MaximumMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_z2P1qFDAie53" title="Line of credit facility">2,750,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, the Company issued a third amended and restated promissory note (the “3rd A&amp;R WC Promissory Note”) pursuant to which the Company may borrow up to an aggregate principal amount of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_c20250204__us-gaap--DebtInstrumentAxis__custom--ThirdAmendedAndRestatedPromissoryNoteMember_zzydEEoAfVuk" title="Face amount">3,000,000</span>. The 3rd A&amp;R Promissory Note additionally includes a conversion feature whereby, notwithstanding the foregoing in the event of the Business Combination, the outstanding balance may be repaid at the Sponsor’s discretion, in cash or $<span id="xdx_90D_eus-gaap--DebtInstrumentPeriodicPaymentInterest_c20250204__20250204_zburbavkGtC1" title="Debt instrument periodic payment interest">1,491,000</span> of the principal and accrued and unpaid interest shall be converted into the Company’s Class A ordinary shares at a share price of four dollars ($<span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20250204__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zmN3QpjXox38" title="Price per share">4.00</span>), the balance of which shall be payable in cash at the closing of the Business Combination (see Note 10). On May 23, 2025, CSLM amended the 3rd A&amp;R Note solely to increase the amount the Company may borrow from $<span id="xdx_90F_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20250523__srt--RangeAxis__srt--MinimumMember_z8R6dXqcP385" title="Line of credit">3,000,000</span> to $<span id="xdx_907_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20250523__srt--RangeAxis__srt--MaximumMember_zvmMtrdwEp5e" title="Line of credit">4,000,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, Fusemachines, the Company, and CSLM Merger Sub, Inc. entered into the second amendment to the Merger Agreement (the “2nd Amendment”) which amends the Merger Agreement dated January 22, 2024 and the Merger Agreement Amendment dated August 27, 2024 (together, the “Original Merger Agreement”). The 2nd Amendment (a) amends the definition of the “PIPE Investment Amount” to mean the sum of (i) $<span id="xdx_908_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20250204__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember_zHbwM2i9ieGg" title="Line of credit facility">8,840,000</span>, and (ii) the Contingent PIPE Investment Amount, if any; and (b) removes the delay fees incurred in connection with delivery of Fusemachines’ financial statements (see Note 10).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the 2nd Amendment, an affiliate (the “Sponsor Affiliate”) of the Sponsor, provided financing to Fusemachines in the amount of $<span id="xdx_901_eus-gaap--NotesIssued1_c20240125__20240125__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember_zVgDqQO660Ld" title="Notes issued">2,160,000</span>, in exchange for a new convertible note which note shall convert into shares of common stock of Fusemachines at a price of $<span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20240125__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember_zILixc2nS1u" title="Price per share">0.44</span> per share (a) automatically at the time of the Business Combination, or (b) on July 12, 2025 at the option of the holder, if not, then payable in cash (the “Escrow Note”). The funds from the Escrow Note shall be put in an escrow account held at Continental Stock Transfer and Trust Company, CSLM’s transfer agent (“CST”) pursuant to an escrow agreement among CSLM, the Sponsor Affiliate, Fusemachines and CST (the “Escrow Agreement”) and shall be released to the Surviving Corporation upon the consummation of the Business Combination. In addition, the maturity dates on the two promissory notes issued by Fuse to the Sponsor Affiliate on January 25, 2024 in the amounts of $<span id="xdx_907_eus-gaap--OtherNotesPayable_iI_pn5n6_c20240125__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember_zT3WhbpIrn6c" title="Other notes payable">4.5</span> million and $<span id="xdx_90F_eus-gaap--OtherNotesPayable_iI_pn6n6_c20240125__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember_z2svliAvb6kl" title="Other notes payable">2</span> million, were extended to July 12, 2025 (see Note 10).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, in connection with the 2nd Amendment, the parties to that certain Subscription Agreement dated January 25, 2024 among Fusemachines, the Company, the Sponsor and an affiliate of the Sponsor (the “Subscription Agreement”), entered into an amendment to the Subscription Agreement to revise the PIPE Investment Amount to $<span id="xdx_908_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20250204__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zfTAjpwrZgRa" title="Line of credit facility">8,840,000</span> (the “Subscription Agreement Amendment”) (see Note 10).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks and Uncertainties </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Results of operations and the Company’s ability to complete an initial Business Combination may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond its control. The business could be impacted by, among other things, downturns in the financial markets or in economic conditions, inflation, increases in interest rates, adverse developments affecting the financial services industry, and geopolitical instability, such as the military conflict in the Ukraine and the middle east.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any of the foregoing consequences, including those we cannot yet predict, may cause our business, financial condition, results of operations and the price of our ordinary shares to be adversely affected. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going Concern Consideration </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024 and 2023, the Company had $<span id="xdx_90E_eus-gaap--Cash_iI_c20241231_zIMpEVJLsrn9" title="Cash">83,227</span> and $<span id="xdx_909_eus-gaap--Cash_iI_c20231231_zZeSSgxMUcO1" title="Cash">138,283</span> in cash, respectively, and working capital deficit of $<span id="xdx_90B_ecustom--WorkingCapitalDeficit_iI_c20241231_zSjQQW1WGs37" title="Working capital deficit">4,056,679</span> and $<span id="xdx_90B_ecustom--WorkingCapitalDeficit_iI_c20231231_zxtSfwnvQTYg" title="Working capital deficit">1,676,487</span>, respectively, excluding Marketing Securities held in the Trust Account and the Deferred Underwriter Fee liability. The Company has incurred losses from operations and has an accumulated deficit of $<span id="xdx_905_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20241231_zNXHlXttFiD1" title="Accumulated deficit">10,698,403</span> as of December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s liquidity needs through December 31, 2024 had been satisfied through a payment from the Sponsor of $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zjZLIld6zdL3" title="Stock issued during period, value, issued for services">25,000</span> for Class B ordinary shares, par value $<span id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z0OhXw2pfgM7" title="Common stock, par value">0.0001</span> per share (“Class B ordinary shares” and shares thereof, “founder shares”), the Initial Public Offering and the sale of the private placement warrants (see Note 3 and Note 4). Additionally, the Company drew on an unsecured promissory note to pay certain offering costs and an unsecured promissory note bearing interest at <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_uPure_c20241231_zIXU0FMt0Ewe" title="Interest rate">4.75</span>% per annum for working capital needs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period within one year after the date that the consolidated financial statements are issued. Management plans to address this uncertainty through related party loans from the Sponsor, an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates (“Working Capital Loans”) (see Note 5) and effecting a Business Combination. However, there is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful or successful within the Combination Period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Financial Statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 18975000 2475000 1 0.0001 1 11.50 10.00 189750000 7942500 1.00 7942500 10.00 2250000 191647500 70000 70000 14202813 149486187 10.53 70000 910000 30000 150000 30000 30000 30000 2000000 2750000 3000000 1491000 4.00 3000000 4000000 8840000 2160000 0.44 4500000 2000000 8840000 83227 138283 4056679 1676487 -10698403 25000 0.0001 4.75 <p id="xdx_800_eus-gaap--SignificantAccountingPoliciesTextBlock_zZA0699XWoqg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2 — <span><span>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_825_zzR5GH55Ypb6" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Significant Accounting Policies</span></p> <p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zZENapeKJaGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis of Presentation </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--EmergingGrowthCompanyPolicyTextBlock_zYgsUekJkFV4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Emerging Growth Company </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s consolidated financial statements with another public company, which is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--UseOfEstimates_zW1YRuhqMK4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_845_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_z9teJX2tshgj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash and Cash Equivalents </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--MarketableSecuritiesPolicy_zg26bBKMIQ4l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Marketable Securities Held in Trust Account </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the Initial Public Offering on January 18, 2022, an amount of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220118__20220118_z0IGyGB8ra6h" title="Gross proceeds">191,647,500</span> from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants were placed in the Trust Account and may be invested only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Trust Account is intended as a holding place for funds pending the earliest to occur of: (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete the initial Business Combination within 12 months from the closing of the Initial Public Offering or (B) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity; or (iii) absent an initial Business Combination within 12 months from the closing of the Initial Public Offering, the return of the funds held in the Trust Account to the public shareholders as part of redemption of the public shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--EarningsPerSharePolicyTextBlock_z0Zyg5y5egC1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net Income (Loss) Per Ordinary Share </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated statements of operations include a presentation of income (loss) per Class A redeemable ordinary shares and income (loss) per non-redeemable Class A and Class B ordinary shares following the two-class method of income per common stock. In order to determine the net income (loss) attributable to both the Class A redeemable ordinary shares and non-redeemable Class A and Class B ordinary shares, the Company first considered the total income (loss) allocable to both sets of stock. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the Class A ordinary shares subject to possible redemption was treated as dividends paid to the public shareholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using the total number of shares outstanding for each share class at each respective period, before and after redemptions and conversions, for the years ended December 31, 2024 and 2023, reflective of the respective participation rights.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zVys2GBkuJO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the year ended December 31, 2024 (in dollars, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span id="xdx_8BD_zssyNnpOAmYa" style="display: none">SCHEDULE OF NET INCOME LOSS ORDINARY SHARE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zTYd9b7nu738" style="text-align: center; font-weight: bold">For the Year Ended</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">December 31, 2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_zfuVidOPHtV4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">172,315</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_zfvCPl5yAjTe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Remeasurement of Class A redeemable shares to redemption value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,672,507</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zrZC9BZJBtld" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Net loss including remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,500,192</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zHSrLSCizgGe" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_ztBoURAFhOSe" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zWgnOcatU7Xh" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="10" style="text-align: center; font-weight: bold">For the Year Ended</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">December 31, 2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class A Redeemable</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class A Non-Redeemable</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class B Non-Redeemable</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--TemporaryEquitySharesOutstanding_iE_ze2595kuvUf5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1,372,687</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,743,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zeJcpzJzwFy7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net loss including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,010,596</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,489,596</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zslxNOeAzdK3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deemed dividend for remeasurement of temporary equity to redemption value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,672,507</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b> <b><span style="-sec-ix-hidden: xdx2ixbrl5254">—</span> </b></span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b> <b><span style="-sec-ix-hidden: xdx2ixbrl5255">—</span> </b></span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zG2ZDMisNCTf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total net income (loss) allocated by class</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,661,911</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,489,596</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_znX6vye5wyoc" title="Weighted-average shares outstanding, basic"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zjXj3AhFpRS8" title="Weighted-average shares outstanding, diluted">3,527,561</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zW4IB1RCmJTa" title="Weighted-average shares outstanding, basic"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_z0ISsxmozdt4" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zjYX1cUUMLOc" title="Weighted-average shares outstanding, basic"><span id="xdx_90D_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zsDxfhYi3t49" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90C_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zxb6HMoHuYk6" title="Basic net loss per share"><span id="xdx_909_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_z08YYUmvm1Cd" title="Diluted net loss per share">0.47</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zuh9Piw3f5Xa" title="Basic net loss per share"><span id="xdx_90C_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_z7vIIHfDeXk" title="Diluted net loss per share">(0.31</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zpmcUfoKj8tl" title="Basic net loss per share"><span id="xdx_90D_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zPJSxbCtA6q5" title="Diluted net loss per share">(0.31</span></span></td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the year ended December 31, 2023 (in dollars, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left; font-weight: bold"> </td> <td colspan="2" id="xdx_492_20230101__20231231_ziByy0pY9Idi" style="text-align: center; font-weight: bold">For the Year Ended</td><td style="text-align: left; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">December 31, 2023</td><td style="text-align: left; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_z9Us7yCpjbo6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,626,782</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_zvzqowQ3RXna" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Remeasurement of Class A redeemable shares to redemption value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,695,220</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_z5QEmPDvYohl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Net loss including remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,068,438</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zOPJfRe92OTi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zRLAow1YlRb5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zWJtZteJ45ml" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Year Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A Non-Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B Non-Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--TemporaryEquitySharesOutstanding_iE_zC58UWFZEWNe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,772,187</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,743,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zoB5Zg5nPRe3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net loss including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,293,986</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(617,240</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(157,212</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zLKf9uYfJ645" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">6,695,220</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5300">—</span></b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5301">—</span></b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zilPTP6z7Gp6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total net income (loss) allocated by class</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,401,234</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(617,240</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(157,212</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zvfz3sKgHDD9" title="Weighted-average shares outstanding, basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zmwkMvSmqYY5" title="Weighted-average shares outstanding, diluted">12,826,933</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zA5xN4kgNb3l" title="Weighted-average shares outstanding, basic"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zRGOu88Jjqgd" title="Weighted-average shares outstanding, diluted">2,222,414</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zQ6WgQaITOj1" title="Weighted-average shares outstanding, basic"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zhdFH2Oci5gk" title="Weighted-average shares outstanding, diluted">2,521,336</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zAuwK4TVw1S1" title="Basic net loss per share"><span id="xdx_90D_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zv2osjmXX5Hi" title="Diluted net loss per share">0.42</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_903_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zlQ9zMJtq9k6" title="Basic net loss per share"><span id="xdx_90A_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zX8ebGdEHAf8" title="Diluted net loss per share">(0.28</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zeVbtYqvVCvk" title="Basic net loss per share"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zQ4apKaHruh5" title="Diluted net loss per share">(0.06</span></span></td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8A0_z3pH1tupNtB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_84D_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zxX6AtW7nF4h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair Value of Financial Instruments </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 820, Fair Value Measurement, defines fair value as the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value measurements are classified on a three-tier hierarchy as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as calculations derived from valuation techniques in which one or more significant inputs or significant value drivers are observable. </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In many cases, if a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy described above, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of the Company’s assets and liabilities, which qualify as financial instruments approximates the carrying amounts represented in the consolidated balance sheets, primarily due to its short-term nature.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--DerivativesPolicyTextBlock_zWz4LrzIefA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Derivative Financial Instruments </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--WarrantsAndRightsPolicyTextBlock_zl9sxsM2WOvg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants and Rights </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for the public and private warrants and rights as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in FASB ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). Pursuant to the Company’s evaluation, the Company concluded that the public and private warrants and rights do not meet the criteria to be accounted for as liability under ASC 480. The Company further evaluated the public and private warrants and rights under “ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity” (“ASC 815-40”) and concluded that the public warrants, private placement warrants and rights are indexed to the Company’s own stock and meet the criteria to be classified in shareholders’ deficit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--StockholdersEquityPolicyTextBlock_zYYATqVVuz88" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ordinary Shares Subject to Possible Redemption </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. In connection with the shareholders’ vote at the Special meeting of shareholders held by the Company on June 29, 2023, <span id="xdx_903_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20230629__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z5KLfSWMedyk" title="Aggregate value">14,202,813</span> Class A ordinary shares were tendered for redemption for an aggregate value of $<span id="xdx_90B_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20230629__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zR0jZByIIvN7" title="Aggregate value of redemption">149,486,187</span> and distributed from the Trust Account on July 26, 2023. In connection with the shareholders’ vote at the Annual Meeting of the shareholders held by the Company on August 18, 2024, <span id="xdx_90A_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20240818__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zP6xxwLwC1x1" title="Aggregate value">3,399,500</span> Class A ordinary shares were tenderd for redemption at an aggregate value of $<span id="xdx_90C_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20240818__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zpbXgYVGZ4ld" title="Aggregate value of redemption">38,596,223</span> and distributed from the Trust Account on August 21, 2024. Accordingly, at December 31, 2024, <span id="xdx_908_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20241231_zH9W5edXPzF7" title="Aggregate value">1,372,687</span> shares of Class A ordinary shares subject to possible redemption is presented, at redemption value equal to the amount held in the Trust Account, as temporary equity, outside of the shareholders’ deficit section of the Company’s consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The proceeds of the offering were allocated to the Class A ordinary shares and the Public Warrants and Rights based on their relative fair values. The Company recognizes changes in redemption value of Class A ordinary shares subject to possible redemption immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional capital, in accumulated deficit. For the year ended December 31, 2024 and 2023, the Company has recorded remeasurements of $<span id="xdx_90E_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_iN_di_c20240101__20241231_zIf4SppZdfr8" title="Remeasurement of temporary equity to redemption value">2,672,507</span> and $<span id="xdx_908_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_iN_di_c20230101__20231231_zb9jWauDUVZ3" title="Remeasurement of temporary equity to redemption value">6,695,220</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_84D_eus-gaap--IncomeTaxPolicyTextBlock_zs54s0fgnwpc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Taxes </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for income taxes in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under the asset and liability, method as required by this accounting standard, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to the period when assets are realized or liability is settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in the operation of statement in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than <span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20240101__20241231_z1gCfdVxxxWg" title="Effective income tax rate">50</span>% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. There were <span id="xdx_90E_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20241231_zKEFrWIzxawb" title="Unrecognized tax benefits"><span id="xdx_900_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20231231_zl0XdvNSgrAc" title="Unrecognized tax benefits">no</span></span> unrecognized tax benefits as of December 31, 2024 and 2023. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. <span id="xdx_902_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_iI_do_c20241231_zdPN96vwAVri" title="Unrecognized tax benefits and penalties"><span id="xdx_906_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_iI_do_c20231231_zK3obmYFtGek" title="Unrecognized tax benefits and penalties">No</span></span> amounts were accrued for the payment of interest and penalties as of December 31, 2024 and 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--CovenantFeesPolicyTextBlock_zwn4HdWopEyb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Covenant Fees </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Merger Agreement, Fusemachines is covenanted to deliver to the Company its audited financial statements for the twelve month periods ended December 31, 2023 and 2022 (the “Fusemachines Audited Financial Statements”) for inclusion in the registration statement on Form S-4 to be filed by the Company in connection with the Business Combination (the “Registration Statement”), and that such Fusemachines Audited Financial Statements have been prepared in conformity with U.S. GAAP applied on a consistent basis and in accordance with the requirements of the Public Company Accounting Oversight Board for public companies. Fusemachines had covenanted to provide the Fusemachines Audited Financial Statements no later than February 29, 2024, or incur delay fees in the amount equal to $<span id="xdx_907_eus-gaap--PaymentsForFees_c20240101__20241231__us-gaap--AwardTypeAxis__custom--FirstOneMonthMember_zpbg24gXXRb1" title="Delay fees">35,000</span> for the first one-month delay to March 31, 2024 (pro-rated for a partial month), $<span id="xdx_900_eus-gaap--PaymentsForFees_c20240101__20241231__us-gaap--AwardTypeAxis__custom--SecondOneMonthMember_z6riqladJvmc" title="Delay fees">50,000</span> for the second one-month delay to April 30, 2024 and thereafter $<span id="xdx_902_eus-gaap--PaymentsForFees_c20240101__20241231__us-gaap--AwardTypeAxis__custom--EachSubsequentOneMonthMember_zn6ET3W7toEd" title="Delay fees">70,000</span> for each subsequent one-month delay (pro-rated for any partial month). Fusemachines provided the Fusemachines Audited Financial Statements to the Company in September 2024. As such, the Company recorded $<span id="xdx_909_eus-gaap--OtherReceivables_iI_c20241231_zUZjlwn1GYD9" title="Other receivable">505,000</span> of convenant fees as other income in the consolidated statements of operations for the year ended December 31, 2024, and as an other receivable on the condensed consolidated balance sheets as of December 31, 2024. Collection of the covenant fees is not probable as of December 31, 2024. As such, the Company established a reserve for credit losses against the other receivable. The Company recorded $<span id="xdx_907_eus-gaap--ProvisionForOtherLosses_c20240101__20241231_zALg695Ut6K6" title="Provision for other credit losses">505,000</span> to credit losses as other expense on the condensed consolidated statements of operations for the year ended December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_84D_ecustom--RelatedPartyPolicyTextBlock_zXmnqD2ckkZ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related Parties </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zvga1vyZN5ci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration of Credit Risk </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed Federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. As of December 31, 2024 and 2023, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zqXuDVkzsOaf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent Accounting Pronouncements </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2023, the FASB issued Accounting Standard Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard was effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted this ASU for the annual period ended December 31, 2024 and applied the provisions retrospectively to each period presented in the financial statements. Adoption of the new standard did not have a material impact on our financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. ASU 2023-09 will become effective for annual periods beginning after December 15, 2024. The Company is still reviewing the impact of ASU 2023-09.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on the results of operations, financial condition, or cash flows, based on the current information.</span></p> <p id="xdx_85F_zXsU7Ov08zLi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zZENapeKJaGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis of Presentation </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--EmergingGrowthCompanyPolicyTextBlock_zYgsUekJkFV4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Emerging Growth Company </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s consolidated financial statements with another public company, which is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--UseOfEstimates_zW1YRuhqMK4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_845_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_z9teJX2tshgj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash and Cash Equivalents </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--MarketableSecuritiesPolicy_zg26bBKMIQ4l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Marketable Securities Held in Trust Account </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the Initial Public Offering on January 18, 2022, an amount of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220118__20220118_z0IGyGB8ra6h" title="Gross proceeds">191,647,500</span> from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants were placed in the Trust Account and may be invested only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Trust Account is intended as a holding place for funds pending the earliest to occur of: (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete the initial Business Combination within 12 months from the closing of the Initial Public Offering or (B) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity; or (iii) absent an initial Business Combination within 12 months from the closing of the Initial Public Offering, the return of the funds held in the Trust Account to the public shareholders as part of redemption of the public shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 191647500 <p id="xdx_84A_eus-gaap--EarningsPerSharePolicyTextBlock_z0Zyg5y5egC1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net Income (Loss) Per Ordinary Share </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated statements of operations include a presentation of income (loss) per Class A redeemable ordinary shares and income (loss) per non-redeemable Class A and Class B ordinary shares following the two-class method of income per common stock. In order to determine the net income (loss) attributable to both the Class A redeemable ordinary shares and non-redeemable Class A and Class B ordinary shares, the Company first considered the total income (loss) allocable to both sets of stock. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the Class A ordinary shares subject to possible redemption was treated as dividends paid to the public shareholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using the total number of shares outstanding for each share class at each respective period, before and after redemptions and conversions, for the years ended December 31, 2024 and 2023, reflective of the respective participation rights.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zVys2GBkuJO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the year ended December 31, 2024 (in dollars, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span id="xdx_8BD_zssyNnpOAmYa" style="display: none">SCHEDULE OF NET INCOME LOSS ORDINARY SHARE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zTYd9b7nu738" style="text-align: center; font-weight: bold">For the Year Ended</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">December 31, 2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_zfuVidOPHtV4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">172,315</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_zfvCPl5yAjTe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Remeasurement of Class A redeemable shares to redemption value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,672,507</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zrZC9BZJBtld" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Net loss including remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,500,192</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zHSrLSCizgGe" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_ztBoURAFhOSe" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zWgnOcatU7Xh" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="10" style="text-align: center; font-weight: bold">For the Year Ended</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">December 31, 2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class A Redeemable</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class A Non-Redeemable</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class B Non-Redeemable</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--TemporaryEquitySharesOutstanding_iE_ze2595kuvUf5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1,372,687</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,743,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zeJcpzJzwFy7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net loss including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,010,596</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,489,596</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zslxNOeAzdK3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deemed dividend for remeasurement of temporary equity to redemption value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,672,507</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b> <b><span style="-sec-ix-hidden: xdx2ixbrl5254">—</span> </b></span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b> <b><span style="-sec-ix-hidden: xdx2ixbrl5255">—</span> </b></span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zG2ZDMisNCTf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total net income (loss) allocated by class</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,661,911</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,489,596</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_znX6vye5wyoc" title="Weighted-average shares outstanding, basic"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zjXj3AhFpRS8" title="Weighted-average shares outstanding, diluted">3,527,561</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zW4IB1RCmJTa" title="Weighted-average shares outstanding, basic"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_z0ISsxmozdt4" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zjYX1cUUMLOc" title="Weighted-average shares outstanding, basic"><span id="xdx_90D_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zsDxfhYi3t49" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90C_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zxb6HMoHuYk6" title="Basic net loss per share"><span id="xdx_909_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_z08YYUmvm1Cd" title="Diluted net loss per share">0.47</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zuh9Piw3f5Xa" title="Basic net loss per share"><span id="xdx_90C_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_z7vIIHfDeXk" title="Diluted net loss per share">(0.31</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zpmcUfoKj8tl" title="Basic net loss per share"><span id="xdx_90D_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zPJSxbCtA6q5" title="Diluted net loss per share">(0.31</span></span></td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the year ended December 31, 2023 (in dollars, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left; font-weight: bold"> </td> <td colspan="2" id="xdx_492_20230101__20231231_ziByy0pY9Idi" style="text-align: center; font-weight: bold">For the Year Ended</td><td style="text-align: left; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">December 31, 2023</td><td style="text-align: left; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_z9Us7yCpjbo6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,626,782</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_zvzqowQ3RXna" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Remeasurement of Class A redeemable shares to redemption value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,695,220</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_z5QEmPDvYohl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Net loss including remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,068,438</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zOPJfRe92OTi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zRLAow1YlRb5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zWJtZteJ45ml" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Year Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A Non-Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B Non-Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--TemporaryEquitySharesOutstanding_iE_zC58UWFZEWNe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,772,187</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,743,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zoB5Zg5nPRe3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net loss including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,293,986</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(617,240</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(157,212</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zLKf9uYfJ645" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">6,695,220</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5300">—</span></b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5301">—</span></b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zilPTP6z7Gp6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total net income (loss) allocated by class</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,401,234</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(617,240</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(157,212</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zvfz3sKgHDD9" title="Weighted-average shares outstanding, basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zmwkMvSmqYY5" title="Weighted-average shares outstanding, diluted">12,826,933</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zA5xN4kgNb3l" title="Weighted-average shares outstanding, basic"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zRGOu88Jjqgd" title="Weighted-average shares outstanding, diluted">2,222,414</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zQ6WgQaITOj1" title="Weighted-average shares outstanding, basic"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zhdFH2Oci5gk" title="Weighted-average shares outstanding, diluted">2,521,336</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zAuwK4TVw1S1" title="Basic net loss per share"><span id="xdx_90D_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zv2osjmXX5Hi" title="Diluted net loss per share">0.42</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_903_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zlQ9zMJtq9k6" title="Basic net loss per share"><span id="xdx_90A_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zX8ebGdEHAf8" title="Diluted net loss per share">(0.28</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zeVbtYqvVCvk" title="Basic net loss per share"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zQ4apKaHruh5" title="Diluted net loss per share">(0.06</span></span></td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8A0_z3pH1tupNtB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_89B_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zVys2GBkuJO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the year ended December 31, 2024 (in dollars, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span id="xdx_8BD_zssyNnpOAmYa" style="display: none">SCHEDULE OF NET INCOME LOSS ORDINARY SHARE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zTYd9b7nu738" style="text-align: center; font-weight: bold">For the Year Ended</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">December 31, 2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_zfuVidOPHtV4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">172,315</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_zfvCPl5yAjTe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Remeasurement of Class A redeemable shares to redemption value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,672,507</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zrZC9BZJBtld" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Net loss including remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,500,192</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zHSrLSCizgGe" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_ztBoURAFhOSe" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zWgnOcatU7Xh" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="10" style="text-align: center; font-weight: bold">For the Year Ended</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">December 31, 2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class A Redeemable</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class A Non-Redeemable</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class B Non-Redeemable</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--TemporaryEquitySharesOutstanding_iE_ze2595kuvUf5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1,372,687</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,743,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zeJcpzJzwFy7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net loss including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,010,596</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,489,596</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zslxNOeAzdK3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deemed dividend for remeasurement of temporary equity to redemption value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,672,507</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b> <b><span style="-sec-ix-hidden: xdx2ixbrl5254">—</span> </b></span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b> <b><span style="-sec-ix-hidden: xdx2ixbrl5255">—</span> </b></span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zG2ZDMisNCTf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total net income (loss) allocated by class</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,661,911</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,489,596</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_znX6vye5wyoc" title="Weighted-average shares outstanding, basic"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zjXj3AhFpRS8" title="Weighted-average shares outstanding, diluted">3,527,561</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zW4IB1RCmJTa" title="Weighted-average shares outstanding, basic"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_z0ISsxmozdt4" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zjYX1cUUMLOc" title="Weighted-average shares outstanding, basic"><span id="xdx_90D_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zsDxfhYi3t49" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90C_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zxb6HMoHuYk6" title="Basic net loss per share"><span id="xdx_909_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_z08YYUmvm1Cd" title="Diluted net loss per share">0.47</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zuh9Piw3f5Xa" title="Basic net loss per share"><span id="xdx_90C_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_z7vIIHfDeXk" title="Diluted net loss per share">(0.31</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zpmcUfoKj8tl" title="Basic net loss per share"><span id="xdx_90D_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zPJSxbCtA6q5" title="Diluted net loss per share">(0.31</span></span></td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the year ended December 31, 2023 (in dollars, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left; font-weight: bold"> </td> <td colspan="2" id="xdx_492_20230101__20231231_ziByy0pY9Idi" style="text-align: center; font-weight: bold">For the Year Ended</td><td style="text-align: left; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">December 31, 2023</td><td style="text-align: left; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_z9Us7yCpjbo6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,626,782</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_zvzqowQ3RXna" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Remeasurement of Class A redeemable shares to redemption value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,695,220</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_z5QEmPDvYohl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Net loss including remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,068,438</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zOPJfRe92OTi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zRLAow1YlRb5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zWJtZteJ45ml" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Year Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A Non-Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B Non-Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--TemporaryEquitySharesOutstanding_iE_zC58UWFZEWNe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,772,187</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,743,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zoB5Zg5nPRe3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net loss including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,293,986</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(617,240</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(157,212</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zLKf9uYfJ645" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">6,695,220</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5300">—</span></b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5301">—</span></b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zilPTP6z7Gp6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total net income (loss) allocated by class</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,401,234</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(617,240</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(157,212</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zvfz3sKgHDD9" title="Weighted-average shares outstanding, basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zmwkMvSmqYY5" title="Weighted-average shares outstanding, diluted">12,826,933</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zA5xN4kgNb3l" title="Weighted-average shares outstanding, basic"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zRGOu88Jjqgd" title="Weighted-average shares outstanding, diluted">2,222,414</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zQ6WgQaITOj1" title="Weighted-average shares outstanding, basic"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zhdFH2Oci5gk" title="Weighted-average shares outstanding, diluted">2,521,336</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zAuwK4TVw1S1" title="Basic net loss per share"><span id="xdx_90D_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zv2osjmXX5Hi" title="Diluted net loss per share">0.42</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_903_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zlQ9zMJtq9k6" title="Basic net loss per share"><span id="xdx_90A_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zX8ebGdEHAf8" title="Diluted net loss per share">(0.28</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zeVbtYqvVCvk" title="Basic net loss per share"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zQ4apKaHruh5" title="Diluted net loss per share">(0.06</span></span></td><td style="text-align: left">)</td></tr> </table> 172315 -2672507 -2500192 1372687 4743749 1 -1010596 -1489596 -0 2672507 1661911 -1489596 -0 3527561 3527561 4743749 4743749 1 1 0.47 0.47 -0.31 -0.31 -0.31 -0.31 4626782 -6695220 -2068438 4772187 4743749 1 -1293986 -617240 -157212 6695220 5401234 -617240 -157212 12826933 12826933 2222414 2222414 2521336 2521336 0.42 0.42 -0.28 -0.28 -0.06 -0.06 <p id="xdx_84D_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zxX6AtW7nF4h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair Value of Financial Instruments </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 820, Fair Value Measurement, defines fair value as the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value measurements are classified on a three-tier hierarchy as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as calculations derived from valuation techniques in which one or more significant inputs or significant value drivers are observable. </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In many cases, if a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy described above, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of the Company’s assets and liabilities, which qualify as financial instruments approximates the carrying amounts represented in the consolidated balance sheets, primarily due to its short-term nature.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--DerivativesPolicyTextBlock_zWz4LrzIefA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Derivative Financial Instruments </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--WarrantsAndRightsPolicyTextBlock_zl9sxsM2WOvg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants and Rights </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for the public and private warrants and rights as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in FASB ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). Pursuant to the Company’s evaluation, the Company concluded that the public and private warrants and rights do not meet the criteria to be accounted for as liability under ASC 480. The Company further evaluated the public and private warrants and rights under “ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity” (“ASC 815-40”) and concluded that the public warrants, private placement warrants and rights are indexed to the Company’s own stock and meet the criteria to be classified in shareholders’ deficit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--StockholdersEquityPolicyTextBlock_zYYATqVVuz88" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ordinary Shares Subject to Possible Redemption </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. In connection with the shareholders’ vote at the Special meeting of shareholders held by the Company on June 29, 2023, <span id="xdx_903_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20230629__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z5KLfSWMedyk" title="Aggregate value">14,202,813</span> Class A ordinary shares were tendered for redemption for an aggregate value of $<span id="xdx_90B_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20230629__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zR0jZByIIvN7" title="Aggregate value of redemption">149,486,187</span> and distributed from the Trust Account on July 26, 2023. In connection with the shareholders’ vote at the Annual Meeting of the shareholders held by the Company on August 18, 2024, <span id="xdx_90A_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20240818__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zP6xxwLwC1x1" title="Aggregate value">3,399,500</span> Class A ordinary shares were tenderd for redemption at an aggregate value of $<span id="xdx_90C_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20240818__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zpbXgYVGZ4ld" title="Aggregate value of redemption">38,596,223</span> and distributed from the Trust Account on August 21, 2024. Accordingly, at December 31, 2024, <span id="xdx_908_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20241231_zH9W5edXPzF7" title="Aggregate value">1,372,687</span> shares of Class A ordinary shares subject to possible redemption is presented, at redemption value equal to the amount held in the Trust Account, as temporary equity, outside of the shareholders’ deficit section of the Company’s consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The proceeds of the offering were allocated to the Class A ordinary shares and the Public Warrants and Rights based on their relative fair values. The Company recognizes changes in redemption value of Class A ordinary shares subject to possible redemption immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional capital, in accumulated deficit. For the year ended December 31, 2024 and 2023, the Company has recorded remeasurements of $<span id="xdx_90E_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_iN_di_c20240101__20241231_zIf4SppZdfr8" title="Remeasurement of temporary equity to redemption value">2,672,507</span> and $<span id="xdx_908_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_iN_di_c20230101__20231231_zb9jWauDUVZ3" title="Remeasurement of temporary equity to redemption value">6,695,220</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> 14202813 149486187 3399500 38596223 1372687 -2672507 -6695220 <p id="xdx_84D_eus-gaap--IncomeTaxPolicyTextBlock_zs54s0fgnwpc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Taxes </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for income taxes in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under the asset and liability, method as required by this accounting standard, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to the period when assets are realized or liability is settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in the operation of statement in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than <span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20240101__20241231_z1gCfdVxxxWg" title="Effective income tax rate">50</span>% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. There were <span id="xdx_90E_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20241231_zKEFrWIzxawb" title="Unrecognized tax benefits"><span id="xdx_900_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20231231_zl0XdvNSgrAc" title="Unrecognized tax benefits">no</span></span> unrecognized tax benefits as of December 31, 2024 and 2023. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. <span id="xdx_902_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_iI_do_c20241231_zdPN96vwAVri" title="Unrecognized tax benefits and penalties"><span id="xdx_906_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_iI_do_c20231231_zK3obmYFtGek" title="Unrecognized tax benefits and penalties">No</span></span> amounts were accrued for the payment of interest and penalties as of December 31, 2024 and 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.50 0 0 0 0 <p id="xdx_847_ecustom--CovenantFeesPolicyTextBlock_zwn4HdWopEyb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Covenant Fees </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Merger Agreement, Fusemachines is covenanted to deliver to the Company its audited financial statements for the twelve month periods ended December 31, 2023 and 2022 (the “Fusemachines Audited Financial Statements”) for inclusion in the registration statement on Form S-4 to be filed by the Company in connection with the Business Combination (the “Registration Statement”), and that such Fusemachines Audited Financial Statements have been prepared in conformity with U.S. GAAP applied on a consistent basis and in accordance with the requirements of the Public Company Accounting Oversight Board for public companies. Fusemachines had covenanted to provide the Fusemachines Audited Financial Statements no later than February 29, 2024, or incur delay fees in the amount equal to $<span id="xdx_907_eus-gaap--PaymentsForFees_c20240101__20241231__us-gaap--AwardTypeAxis__custom--FirstOneMonthMember_zpbg24gXXRb1" title="Delay fees">35,000</span> for the first one-month delay to March 31, 2024 (pro-rated for a partial month), $<span id="xdx_900_eus-gaap--PaymentsForFees_c20240101__20241231__us-gaap--AwardTypeAxis__custom--SecondOneMonthMember_z6riqladJvmc" title="Delay fees">50,000</span> for the second one-month delay to April 30, 2024 and thereafter $<span id="xdx_902_eus-gaap--PaymentsForFees_c20240101__20241231__us-gaap--AwardTypeAxis__custom--EachSubsequentOneMonthMember_zn6ET3W7toEd" title="Delay fees">70,000</span> for each subsequent one-month delay (pro-rated for any partial month). Fusemachines provided the Fusemachines Audited Financial Statements to the Company in September 2024. As such, the Company recorded $<span id="xdx_909_eus-gaap--OtherReceivables_iI_c20241231_zUZjlwn1GYD9" title="Other receivable">505,000</span> of convenant fees as other income in the consolidated statements of operations for the year ended December 31, 2024, and as an other receivable on the condensed consolidated balance sheets as of December 31, 2024. Collection of the covenant fees is not probable as of December 31, 2024. As such, the Company established a reserve for credit losses against the other receivable. The Company recorded $<span id="xdx_907_eus-gaap--ProvisionForOtherLosses_c20240101__20241231_zALg695Ut6K6" title="Provision for other credit losses">505,000</span> to credit losses as other expense on the condensed consolidated statements of operations for the year ended December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 35000 50000 70000 505000 505000 <p id="xdx_84D_ecustom--RelatedPartyPolicyTextBlock_zXmnqD2ckkZ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related Parties </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zvga1vyZN5ci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration of Credit Risk </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed Federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. As of December 31, 2024 and 2023, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zqXuDVkzsOaf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent Accounting Pronouncements </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2023, the FASB issued Accounting Standard Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard was effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted this ASU for the annual period ended December 31, 2024 and applied the provisions retrospectively to each period presented in the financial statements. Adoption of the new standard did not have a material impact on our financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. ASU 2023-09 will become effective for annual periods beginning after December 15, 2024. The Company is still reviewing the impact of ASU 2023-09.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on the results of operations, financial condition, or cash flows, based on the current information.</span></p> <p id="xdx_804_ecustom--InitialPublicOfferingTextBlock_zdSvHAJdRZSg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 3 — <span id="xdx_820_zvJ0cwTQ7yXg">INITIAL PUBLIC OFFERING</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Initial Public Offering, the Company sold <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240101__20241231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z0iN1OL42YS1" title="Stock issued during period, shares">18,975,000</span> Units at a price of $<span id="xdx_90F_eus-gaap--SharesIssuedPricePerShare_iI_c20241231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zynKjXUQyl1" title="Share price">10.00</span> per Unit. Each Unit consists of one share of Class A ordinary shares, one right and one-half of one warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A ordinary shares at a price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20241231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zd8df3fu0Vig" title="Exercise price">11.50</span> per share, subject to adjustment (see Note 6).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An aggregate of $<span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_iI_c20241231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--InvestmentTypeAxis__us-gaap--USTreasuryAndGovernmentMember_zwP44EHbyu19" title="Share price">10.10</span> per Unit sold in the Initial Public Offering was held in the Trust Account and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 18975000 10.00 11.50 10.10 <p id="xdx_808_ecustom--PrivatePlacementDisclosureTextBlock_zd4RzQWNu9Xe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 4 — <span id="xdx_821_zFpWZFdheDri">PRIVATE PLACEMENT</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into an agreement with the Sponsor pursuant to which the Sponsor purchased an aggregate of <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20240101__20241231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_ze04EANJmBaa" title="Aggregate share">7,942,500</span> Private Placement Warrants at a price of $<span id="xdx_90B_eus-gaap--SaleOfStockPricePerShare_iI_c20241231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zJEaAORXUvq8" title="Price per share">1.00</span> per Private Placement Warrant, generating proceeds of $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20240101__20241231_z1aqy2YUvqfc" title="Issuance of private placement">7,942,500</span> in the aggregate in a private placement that occurred substantially concurrently with the closing of the Initial Public Offering. Each Private Placement Warrant is exercisable to purchase <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_dc_c20241231_zpWbFXOkGjr3" title="Warrants share">one</span> share of ordinary shares at an exercise price of $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20241231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zKTVE2dXLOj5" title="Exercise price">11.50</span> per share, subject to adjustment (see Note 6). A portion of the proceeds from the Private Placement Warrants will be added to the proceeds from the Initial Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Placement Warrants will expire worthless.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 7942500 1.00 7942500 1 11.50 <p id="xdx_80D_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zIVHboE2kocg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 5 — <span>RELATED PARTY TRANSACTIONS</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_82A_z4DTOKYPTikb" style="display: none">Related Parties</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Founder Shares </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2021, the Sponsor purchased <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210701__20210731__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember_zdasgN08npUl" title="Stock issued during period, shares">4,743,750</span> shares of the Company’s Class B ordinary shares (the “Founder Shares”) for an aggregate purchase price of $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20210701__20210731__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember_zUZ1uygIqAud" title="Stock issued during period, shares">25,000</span>. The Founder Shares included an aggregate of up to <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20210701__20210731__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember_zvKgUaVfOVv4" title="Forfieture shares">618,750</span> shares subject to forfeiture by the Sponsor to the extent that the underwriter’s overallotment was not exercised in full or in part, so that the number of Founder Shares collectively represented approximately 20% of the Company’s issued and outstanding shares after the Initial Public Offering. The underwriter’s overallotment option was exercised in full at the date of the Initial Public Offering. In August 2021, the Sponsor transferred <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210801__20210831__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember_zOrgnf1J4QZ7" title="Stock issued during period, shares">50,000</span> founder shares to each of the Company’s independent director nominees. The Company will account for the transfer of founder shares under ASC 718-10-15-4 and record a compensation expense upon completion of a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor has agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier of (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $<span id="xdx_90A_eus-gaap--SharePrice_iI_c20210831__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember_zKAHa9GZtM2e" title="Share price">12.00</span> per share (as adjusted for share capitalization, share subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Administrative Services Agreement </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into a support services agreement, commencing on the effective date of the initial public offering, pursuant to which the Company will pay the Sponsor a total of $<span id="xdx_90B_eus-gaap--PaymentsForRepurchaseOfInitialPublicOffering_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--AdministrativeServicesAgreementMember_zhLL2cVIISu6" title="Initial public offerings">10,000</span> per month for office space, administrative and support services. The Sponsor has waived all payments under the support services agreement. The Company has recorded the waived payments since the Initial Public Offering as capital contributions from the Sponsor, and has recorded $<span id="xdx_90E_eus-gaap--ProceedsFromContributedCapital_c20240101__20241231_zXuAsmnxsMOk" title="Capital contributions">120,000</span> and $<span id="xdx_903_eus-gaap--ProceedsFromContributedCapital_c20230101__20231231_zGPil9gXmeh" title="Capital contributions">240,000</span> to the consolidated statements of operations for the year ended December 31, 2024 and 2023, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Promissory Note — Related Party </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2021, the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_c20210731_zpXzq2gHIgv9" title="Aggregate principal amount">300,000</span>. On January 18, 2022, the Company repaid $<span id="xdx_903_eus-gaap--RepaymentsOfRelatedPartyDebt_c20220118__20220118_z6VqfGAJKo68" title="Repayments of related party debt">206,313</span> for amounts outstanding under the Promissory Note balance, resulting in an overpayment of $<span id="xdx_905_eus-gaap--OtherReceivables_iI_c20220118_z3CzfDXxVAz7" title="Other receivables">25,000</span>. The Company also made payments related to Sponsor invoices. These items are recorded within due from related party on the consolidated balance sheets as of December 31, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2023, the Sponsor issued an unsecured promissory note to the Company (the “WC Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20230228__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zqNmNfcAzqui" title="Aggregate principal amount">1,500,000</span>. The WC Promissory Note bears interest at a rate of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20230228__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zkF5INiwLuUd" title="Interest rate">4.75</span>% per annum and is payable on the earlier of the date by which the</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company has to complete a business combination or the effective date of a business combination. On January 18, 2024, the Company issued an amended and restated promissory note (the “A&amp;R WC Promissory Note”) to the Sponsor to increase the total borrowing base from $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_c20240118__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__srt--RangeAxis__srt--MinimumMember_zrlH02mmM9R6" title="Aggregate principal amount">1,500,000</span> to $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_c20240118__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__srt--RangeAxis__srt--MaximumMember_zXjToymKOae1" title="Aggregate principal amount">2,000,000</span>. The A&amp;R WC Promissory Note does not amend any other existing terms. On August 19, 2024, the Company issued a second amended and restated promissory note (the “2nd A&amp;R WC Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_c20240819__us-gaap--DebtInstrumentAxis__custom--SecondAmendedAndRestatedPromissoryNoteMember_zMw3GGrfmKv2" title="Aggregate principal amount">2,750,000</span>. The 2nd A&amp;R Promissory Note does not amend any other existing terms. As of December 31, 2024 and 2023, the Company drew an aggregate of $<span id="xdx_906_eus-gaap--OtherBorrowings_iI_c20241231_zakmv9eTsZOe" title="Other borrowings">2,750,000</span> and $<span id="xdx_903_eus-gaap--OtherBorrowings_iI_c20231231_zaftFo2YF9Ha" title="Other borrowings">1,230,000</span>, respectively, and has accrued $<span id="xdx_900_eus-gaap--DepositLiabilitiesAccruedInterest_iI_c20241231_zNbOEqwH5ws7" title="Deposit liabilities accrued interest">129,630</span> and $<span id="xdx_90E_eus-gaap--DepositLiabilitiesAccruedInterest_iI_c20231231_zeElV1Hw3to2" title="Deposit liabilities accrued interest">28,288</span> of interest on principal amounts outstanding, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, the Company issued a third amended and restated promissory note (the “3rd A&amp;R WC Promissory Note”) pursuant to which the Company may borrow up to an aggregate principal amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20250204__us-gaap--DebtInstrumentAxis__custom--ThirdAmendedAndRestatedPromissoryNoteMember_zJL1QBmog5cf" title="Aggregate principal amount">3,000,000</span>. The 3rd A&amp;R Promissory Note additionally includes a conversion feature whereby, notwithstanding the foregoing in the event of the Business Combination, the outstanding balance may be repaid at the Sponsor’s discretion, in cash or $<span id="xdx_907_eus-gaap--DebtInstrumentPeriodicPaymentInterest_c20250204__20250204_zqzRVrNtejAc" title="Debt instrument periodic payment interest">1,491,000</span> of the principal and accrued and unpaid interest shall be converted into the Company’s Class A ordinary shares at a share price of four dollars ($<span id="xdx_90E_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20250204__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zEdK00zegbeb" title="Price per share">4.00</span>), the balance of which shall be payable in cash at the closing of the Business Combination (see Note 10).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related Party Loans </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $<span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent_iI_c20241231_zXOdygsmNZmb" title="Debt amount">2,000,000</span> of such Working Capital Loans may be convertible into warrants, at a price of $<span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20241231_zWGJnA51rGk4" title="Debt instrument, convertible, conversion price">1.00</span> per warrant, of the post Business Combination entity. If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The warrants would be identical to the Private Placement Warrants. As of December 31, 2024 and 2023, <span id="xdx_90E_ecustom--WorkingCapitalLoans_iI_do_c20241231_zNloqpB2yWm5" title="Working capital loans"><span id="xdx_90B_ecustom--WorkingCapitalLoans_iI_do_c20231231_zCuFK9HanSFf" title="Working capital loans">no</span></span> Working Capital Loans were outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 4743750 25000 618750 50000 12.00 10000 120000 240000 300000 206313 25000 1500000 0.0475 1500000 2000000 2750000 2750000 1230000 129630 28288 3000000 1491000 4.00 2000000 1.00 0 0 <p id="xdx_808_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zcZBIU18cTfj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 6 — <span>SHAREHOLDERS’ DEFICIT</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_823_z0ybMo6Lgx8l" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholders’ Deficit</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preference Shares — The Company is authorized to issue <span id="xdx_90C_eus-gaap--PreferredStockSharesAuthorized_iI_c20241231_zcf1dhxLqwsi" title="Preferred stock, shares authorized"><span id="xdx_906_eus-gaap--PreferredStockSharesAuthorized_iI_c20231231_zHBRQbun8Dfi" title="Preferred stock, shares authorized">5,000,000</span></span> shares of preference shares with a par value of $<span id="xdx_901_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20241231_zLB4a882Pmca" title="Preferred stock, par value"><span id="xdx_90F_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20231231_zQ7EeMFeZQ4b" title="Preferred stock, par value">0.0001</span></span> per share with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors. At December 31, 2024 and 2023, there were <span id="xdx_906_eus-gaap--PreferredStockSharesIssued_iI_do_c20241231_zNaahOvhrww7" title="Preferred stock, shares issued"><span id="xdx_905_eus-gaap--PreferredStockSharesIssued_iI_do_c20231231_zi6837NZIvbd" title="Preferred stock, shares issued"><span id="xdx_900_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20241231_z9YLCn8aIBO2" title="Preferred stock, shares outstanding"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20231231_zQVSKrFAzsCl" title="Preferred stock, shares outstanding">no</span></span></span></span> shares of preference shares issued or outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A Ordinary shares — The Company is authorized to issue <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zAMZOWnruwfa" title="Common stock, shares authorized"><span id="xdx_90E_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z9hpus2VtlSc" title="Common stock, shares authorized">500,000,000</span></span> Class A ordinary shares with a par value of $<span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ztJK1wx45Shh" title="Common stock, par value"><span id="xdx_90A_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zMFnCWuOevsc" title="Common stock, par value">0.0001</span></span> per share. <span id="xdx_90D_eus-gaap--CommonStockVotingRights_c20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zRMKNbf4aj51" title="Common stock voting rights">Holders of Class A ordinary shares are entitled to one vote for each share.</span> In connection with the shareholders’ vote at the Special meeting of shareholders held by the Company on June 29, 2023, <span id="xdx_902_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20230629__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zg55ayltbeEf" title="Temporary equity, shares outstanding">14,202,813</span> redeemable Class A ordinary shares were tendered for redemption for an aggregate value of $<span id="xdx_90E_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20230629__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zbVLVhh3rQBb" title="Temporary equity, aggregate amount of redemption requirement">149,486,187</span> and distributed from the Trust Account on July 26, 2023. On July 13, 2023, the Company issued <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230713__20230713__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zRhIBAPKHAZ1" title="Stock issued during period, shares">4,743,749</span> shares of its non-redeemable Class A ordinary shares to the Sponsor upon the conversion of an equal number of Class B ordinary shares. The non-redeemable Class A ordinary shares are the same as the Class B ordinary shares in that they do not have redemption rights and are not entitled to proceeds from liquidation from the Trust Account if the Company does not consummate a business combination. However, unlike the Class B ordinary shares, the non-redeemable Class A ordinary shares do not have voting rights to appoint or remove directors of the Company. In connection with the shareholders’ vote at the Annual Meeting of shareholders held by the Company on August 18, 2024, <span id="xdx_904_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20240818__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zgzmJnMcWb29" title="Temporary equity, shares outstanding">3,399,500</span> redeemable Class A ordinary shares were tendered for redemption for an aggregate value of $<span id="xdx_902_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20240818__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zwTSxVVnY4p4" title="Temporary equity, aggregate amount of redemption requirement">38,596,223</span> and distributed rom the Trust Account on August 21, 2024. Accordingly, at December 31, 2024 and 2023, there were <span id="xdx_904_eus-gaap--TemporaryEquitySharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassANonRedeemableMember_zCn5hlMeR40d" title="Ordinary shares issued subject to possible redemption"><span id="xdx_90A_eus-gaap--TemporaryEquitySharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--ClassANonRedeemableMember_zJVqPQXB9nVa" title="Ordinary shares issued subject to possible redemption">4,743,749</span></span> non-redeemable Class A ordinary shares issued and outstanding, excluding <span id="xdx_90C_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--StatementEquityComponentsAxis__custom--SubjectToPossibleRedemptionClassAOrdinarySharesMember_znWk4nZdaVQ7" title="Temporary equity, shares outstanding">1,372,687</span> and <span id="xdx_90B_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--StatementEquityComponentsAxis__custom--SubjectToPossibleRedemptionClassAOrdinarySharesMember_zHC7wx3OZPb8" title="Temporary equity, shares outstanding">4,772,187</span> redeemable Class A ordinary shares issued and outstanding subject to possible redemption, at redemption value, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class B Ordinary shares — The Company is authorized to issue <span id="xdx_908_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zbmA44iQkbfa" title="Common stock, shares authorized"><span id="xdx_905_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zep1l2BGj79a" title="Common stock, shares authorized">50,000,000</span></span> shares of Class B ordinary shares with a par value of $<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zPDw5NeGT3uh" title="Common stock, par value"><span id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zJjrb5xArM64" title="Common stock, par value">0.0001</span></span> per share. On July 13, 2023, the Company issued <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230713__20230713__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zlIktkSAptuf" title="Stock issued during period, shares">4,743,749</span> shares of its non-redeemable Class A ordinary shares to the Sponsor upon the conversion of an equal number of Class B ordinary shares. At December 31, 2024 and 2023, there was one (<span id="xdx_90B_eus-gaap--CommonStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zHY2ILoQXBO7" title="Common stock, shares issued"><span id="xdx_90D_eus-gaap--CommonStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_ze0XfUxT5Fsg" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zZVIqWSVszGi" title="Common stock, shares outstanding"><span id="xdx_906_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z6OHh0N6l5Rg" title="Common stock, shares outstanding">1</span></span></span></span>) share of Class B ordinary shares issued and outstanding, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required by law, holders of our Founder Shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote. However, prior to the consummation of the Business Combination, holders of the Class B ordinary shares will have the right to elect all of the Company’s directors and may remove members of the board of directors for any reason.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The shares of Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which shares of Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding shares of Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all shares of Class B ordinary shares will equal, in the aggregate, on an as-converted basis, <span id="xdx_90D_eus-gaap--CommonStockConversionBasis_c20240101__20241231_z3RiKRdLZUw" title="Common stock, conversion basis">20</span>% of the sum of the total number of all shares of ordinary shares outstanding upon the completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination and excluding any private placement warrants issued to our sponsor, its affiliates or any member of our management team upon conversion of working capital loans.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights — Except in cases where the Company is not the surviving company in a Business Combination, each holder of a right will automatically receive one-tenth (1/10) of one Class A ordinary share upon consummation of a Business Combination, even if the holder of a right converted all shares held by him, her or it in connection with a Business Combination or an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect to its pre-business combination activities. In the event that the Company will not be the surviving company upon completion of a Business Combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of a share underlying each right upon consummation of the Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of the Cayman Islands law. As a result, the holders of the rights must hold rights in multiples of 10 in order to receive shares for all of the holders’ rights upon closing of a Business Combination. If the Company is unable to complete an initial Business Combination within the Combination Period and the Company redeems the Public Shares for the funds held in the Trust Account, holders of rights will not receive any of such funds for their rights and the rights will expire worthless.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants — Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. Accordingly, unless a unit holder purchases at least two units, they will not be able to receive or trade a whole warrant. The Public Warrants will become exercisable on the later of (a) 12 months from the closing of the Initial Public Offering and (b) 30 days after the completion of a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No Public Warrant will be exercisable, and the Company will not be obligated to issue any Class A ordinary shares upon exercise of a Public Warrant unless the share of Class A ordinary shares issuable upon such Public Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the public warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the public warrants expire or are redeemed, as specified in the public warrant agreement; provided that if the Class A ordinary shares is at the time of any exercise of a public warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their public warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but it will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the public warrants is not effective by the 60th business day after the closing of a Business Combination, public warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise public warrants on a “cashless basis” in accordance with Section 3(a) (9) of the Securities Act or another exemption, but the Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption of warrants when the price per Class A ordinary shares equals or exceeds $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zDkPZz6I7URc" title="Warrants per shares">18.00</span>. Once the public warrants become exercisable, the Company may redeem the Public Warrants:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in whole and not in part; </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at a price of $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zDxu2kHqgJgl" title="Warrants per shares">0.01</span> per warrant; </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon not less than 30 days’ prior written notice of redemption to each warrant holder; and </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, and only if, the closing price of the Class A ordinary shares equals or exceeds $<span id="xdx_90D_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zdXYiw61kNZ9" title="Price per share">18.00</span> per share for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders. </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If and when the Public Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $<span id="xdx_905_eus-gaap--BusinessAcquisitionSharePrice_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--BusinessAcquisitionAxis__custom--BusinessCombinationMember_zFjzxpf8yya2" title="Effective issued price per share">9.20</span> per share of Class A ordinary shares (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than <span id="xdx_90F_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_pid_dp_uPure_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--BusinessAcquisitionAxis__custom--BusinessCombinationMember_zRev2gGA6ti" title="Percentage of gross proceeds">60</span>% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241231_zxTCpyY3bXjd" title="Warrant exercise price">9.20</span> per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to <span id="xdx_905_ecustom--MarketValuePercentage_iI_pid_dp_uPure_c20241231_zLzUFMMhDHe4" title="Market value percentage">115</span>% of the higher of the Market Value and the Newly Issued Price and the $<span id="xdx_903_eus-gaap--DebtInstrumentConvertibleStockPriceTrigger_pid_c20240101__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zBeKpiBMzLV4" title="Warrant exercise price">18.00</span> per share redemption trigger price will be adjusted (to the nearest cent) to be equal to <span id="xdx_90E_ecustom--MarketValuePercentage_iI_pid_dp_uPure_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zMAiNmA6sTfe" title="Market value percentage">180</span>% of the higher of the Market Value and the Newly Issued Price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Private Placement Warrants are identical to the Public Warrants included in the Units being sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants are not transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 5000000 5000000 0.0001 0.0001 0 0 0 0 500000000 500000000 0.0001 0.0001 Holders of Class A ordinary shares are entitled to one vote for each share. 14202813 149486187 4743749 3399500 38596223 4743749 4743749 1372687 4772187 50000000 50000000 0.0001 0.0001 4743749 1 1 1 1 20 18.00 0.01 18.00 9.20 0.60 9.20 1.15 18.00 1.80 <p id="xdx_809_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zkeqX5093hH5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 7 — <span>COMMITMENTS AND CONTINGENCIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_825_znPOwUHp5RA5" style="display: none">Commitments and Contingencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Registration and Shareholder Rights</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The holders of the Founder Shares, Private Placement Warrants, and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Initial Public Offering, requiring the Company to register such securities for resale. The holders will have the right to require us to register for resale these securities pursuant to a shelf registration under Rule 415 under the Securities Act. The holders of a majority of these securities will also be entitled to make up to three demands, plus short form registration demands, that we register such securities. In addition, the holders will be entitled to certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Underwriting Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company granted the underwriter a <span id="xdx_90D_ecustom--UnderwritersOptionDay_dtD_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zJ15zeMJRLd2" title="Underwriters option day">45</span>-day option from the date of the Initial Public Offering to purchase up to <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240101__20241231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_z22brLdn8kmi" title="Number of shares issued">2,475,000</span> additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discount. The underwriters exercised the over-allotment option in full on January 18, 2022, the date of the Initial Public Offering. The underwriter was entitled to a cash underwriting discount of $<span id="xdx_906_ecustom--CashUnderwritingDiscountPerUnit_iI_pid_c20241231__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zlKuqEzdvve7" title="Cash underwriting discount per unit">0.20</span> per Unit, or $<span id="xdx_903_eus-gaap--PaymentsForUnderwritingExpense_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zxmJO4GRAmMd" title="Payments for underwriting expense">3,795,000</span> in the aggregate, which was paid upon the closing of the Initial Public Offering. In addition, the underwriter is entitled to a deferred fee of $<span id="xdx_908_ecustom--DeferredFeePerUnit_iI_pid_c20241231__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zWhflQ7vYe4i" title="Deferred fee per unit">0.35</span> per Unit, or $<span id="xdx_90D_eus-gaap--DeferredCompensationLiabilityClassifiedNoncurrent_iI_c20241231__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zOdZmlvjRfva" title="Deferred compensation liability">6,641,250</span> in the aggregate. The deferred fee is payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 28, 2023, the Company and the underwriter entered into an agreement under which (i) the Sponsor will transfer <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20231128__20231128__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zF9pyesXNje7" title="Sale of stock, number of shares issued in transaction">426,000</span> Class A ordinary shares held by the Sponsor to the underwriter upon the closing of the Company’s initial business combination and (ii) the underwriter will waive the deferred underwriter fee payable and any deferred underwriting commissions payable pursuant to the underwriter agreement dated April 22, 2021. For avoidance of doubt, the agreement applies only if the initial Business Combination is consummated, and the transfer of shares is effective and completed. Except as specifically amended in the agreement, all terms of the underwriting agreement dated April 22, 2021 shall remain in full force and effect.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Founder Transaction Bonus Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The founder and Chief Executive Officer of Fusemachines (the “Executive”) is <span id="xdx_906_eus-gaap--DeferredCompensationArrangementWithIndividualDescription_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--FounderTransactionBonusAgreementMember__srt--TitleOfIndividualAxis__custom--FounderAndChiefExecutiveOfficerMember_zUAAueKHS9ii" title="Deferred compensation arrangement with individual, description">eligible to receive a transaction bonus in cash equal to the lesser of (i) 20% of each dollar of Parent closing cash in excess of $1,000,000, and (ii) $1,000,000 at the time of the closing of the business combination</span> (the “Closing”). The Founder Transaction Bonus Agreement is subject to (i) the Executive actively supporting and working towards the completion of all of the requirements necessary to consummate the transactions contemplated by the Merger Agreement, as reasonably determined by the Company and Parent, prior to the Closing, (ii) the Executive continuing to be employed in good standing by the Company from the date hereof through the Closing, and (iii) the Closing of the Merger. If all of the foregoing conditions are satisfied, the Founder Transaction Bonus Agreement amount shall be paid to the Executive concurrently with the Closing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial Services Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--IntercompanyAgreementsDescription_pid_c20250101__20250930__us-gaap--TypeOfArrangementAxis__custom--FinancialServicesAgreementMember_zicgvZmgqdUc" title="Intra-entity agreement, description">The Sponsor entered into a financial services agreement (the “Financial Services Agreement”) with a service provider (the “Broker-Dealer”) for a period of twelve (12) months commencing October 13, 2022, to provide broker-dealer services.</span> In accordance with the Financial Services Agreement, the Broker-Dealer will be paid a fee in the form of <span id="xdx_905_ecustom--NumberOfSharesIssuedAsManagementFeePaid_pid_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--FinancialServicesAgreementMember_zltLn2MLjTL4" title="Number of shares issued">125,000</span> shares of common stock in the surviving entity of the proposed business combination with Fusemachines. Compensation due to the Broker-Dealer is in scope of ASC 718 Compensation — Stock Compensation (“ASC 718”) and SAB Topic 5T. The consummation of the initial business combination is considered a performance condition under ASC 718 and stock based compensation should not be recognized until the performance condition is considered probable. As business combinations are not considered probable until consummated, the Company will not recognize compensation costs related to the Consulting Services Agreements until the consummation of the initial business combination. The unrecognized stock-based compensation expense related to the Consulting Agreements was $<span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--FinancialServicesAgreementMember_zQNFQE6ihaJe" title="Share based payment"><span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--FinancialServicesAgreementMember_zXBHrGqsFiP8" title="Share based payment">533,750</span></span> as of December 31, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consulting Agreements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor entered into consulting services agreements (the “Consulting Services Agreements”) with a service provider (the “Consultant”) on April 10, 2023 and September 5, 2023 to provide consulting, advisory and related services to the Sponsor and to the Company on behalf of the Sponsor. In accordance with the Consulting Services Agreements, the Consultant will purchase and the Sponsor will sell <span id="xdx_90C_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230410__20230410__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingServicesAgreementsMember_zOslKinfv5kg" title="Sale of stock, number of shares issued in transaction">75,000</span> and <span id="xdx_90E_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20230905__20230905__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingServicesAgreementsMember_zA23xZYL7tIf" title="Sale of stock, number of shares issued in transaction">100,000</span> shares (<span id="xdx_905_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230410__20230905__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingServicesAgreementsMember_zAZU2JN55LYf" title="Sale of stock, number of shares issued in transaction">175,000</span> in the aggregate) of its Class B ordinary shares of the Company at a price of $<span id="xdx_908_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20230905__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingServicesAgreementsMember_zd8PiRo0Te32" title="Sale of stock, price per share">0.006</span> per share in return for such services. The Consulting Services Agreements are contingent upon the consummation of the initial business combination. Compensation due to the Consultant is in scope of ASC 718 Compensation — Stock Compensation (“ASC 718”) and SAB Topic 5T. The consummation of the initial business combination is considered a performance condition under ASC 718 and stock based compensation should not be recognized until the performance condition is considered probable. As business combinations are not considered probable until consummated, the Company will not recognize compensation costs related to the Consulting Services Agreements until the consummation of the initial business combination. The unrecognized stock-based compensation expense related to the Consulting Agreements was $<span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--ConsultingServicesAgreementsMember_z3FHMMK6JNJk" title="Share based payment"><span id="xdx_905_eus-gaap--AllocatedShareBasedCompensationExpense_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--ConsultingServicesAgreementsMember_zNogigyt0JPg" title="Share based payment">819,950</span></span> as of December 31, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital Markets Advisory Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into a capital markets advisory agreement (the “Advisory Agreement”) with a service provider (the “Advisor”) on June 21, 2024 to provide capital markets advisory services to the Company. In accordance with the Advisory Agreement, the Advisor will be paid an advisory fee comprised of $<span id="xdx_901_ecustom--AdvisoryFeePaidInCash_c20240621__20240621__us-gaap--TypeOfArrangementAxis__custom--CapitalMarketsAdvisoryAgreementMember_zaZKrXeEYKL1" title="Advisory fee paid in cash">100,000</span> in cash and <span id="xdx_908_ecustom--AdvisoryPaidInShareForPostBusinessCombination_c20240621__20240621__us-gaap--TypeOfArrangementAxis__custom--CapitalMarketsAdvisoryAgreementMember_zxMEtt6xaxpg" title="Advisory fee paid in cash">75,000</span> common shares of the post initial business combination entity (the “Advisory Fee”). The Advisory agreement is contingent upon consummation of the initial business combination. The cash compensation due to the Advisor is in scope of ASC 450 Contingencies (“ASC 450”) and the share based compensation due to the Advisor is in scope of ASC 718. The consummation of the initial business combination is considered a loss contingency under ASC 450 and is considered a performance condition under ASC 718 and </span>the Advisory Fee should not be recognized until considered probable. As business combinations are not considered probable until consummated, the Company will not recognize compensation costs related to the Advisory Fee until the consummation of the initial business combination. The unrecognized stock-based compensation expense related to the Advisory Agreement was $<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--CapitalMarketsAdvisoryAgreementMember_zbAUPJ7ACfTl" title="Share based payment">607,500</span> and $<span id="xdx_904_eus-gaap--AllocatedShareBasedCompensationExpense_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--CapitalMarketsAdvisoryAgreementMember_z8lCImdjoWOk" title="Share based payment">0</span> as of December 31, 2024 and 2023, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> P45D 2475000 0.20 3795000 0.35 6641250 426000 eligible to receive a transaction bonus in cash equal to the lesser of (i) 20% of each dollar of Parent closing cash in excess of $1,000,000, and (ii) $1,000,000 at the time of the closing of the business combination The Sponsor entered into a financial services agreement (the “Financial Services Agreement”) with a service provider (the “Broker-Dealer”) for a period of twelve (12) months commencing October 13, 2022, to provide broker-dealer services. 125000 533750 533750 75000 100000 175000 0.006 819950 819950 100000 75000 607500 0 <p id="xdx_804_eus-gaap--FairValueDisclosuresTextBlock_zwyxdE2B8jtf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 8 — <span>FAIR VALUE MEASUREMENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_823_zIdQJNBIxJAl" style="display: none">Fair Value Measurements</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At December 31, 2024 and 2023, the Company’s marketable securities held in the Trust Account were valued at $<span id="xdx_90F_eus-gaap--MarketableSecuritiesCurrent_iI_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zh5dJ7pTXli1" title="Marketable securities held in Trust Account">16,053,202</span> and $<span id="xdx_90A_eus-gaap--MarketableSecuritiesCurrent_iI_c20231231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zjOR89vH10Fj" title="Marketable securities held in Trust Account">51,976,918</span>, respectively. The marketable securities held in the Trust Account must be recorded on the balance sheet at fair value and are subject to re-measurement at each balance sheet date. With each re- measurement, the valuations will be adjusted to fair value, with the change in fair value recognized in the Company’s consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the fair value information, as of December 31, 2024 and 2023, of the Company’s financial assets that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company’s marketable securities held in the Trust Account are based on dividend and interest income and market fluctuations in the value of invested marketable securities, which are considered observable. The fair value of the marketable securities held in trust is classified within Level 1 of the fair value hierarchy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zTSTRxDZR2C7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value on a recurring basis:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zbLy9sSWCISh">SUMMARY OF FAIR VALUE HIERARCHY THE COMPANY’S ASSETS AND LIABILITIES</span> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4BC_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel1Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zJRB3kSQvgBd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 1)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4BC_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel2Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zUpcueHJirnf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 2)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4BA_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zINKUKvhUefk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 3)</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">As of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43F_c20241231_eus-gaap--AssetsHeldInTrustNoncurrent_iI_zSqgGxgY9Va1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify">Treasury Trust Funds held in Trust Account</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">16,053,202</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5600">—</span></b></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5601">—</span></b></span></td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">As of December 31, 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_436_c20231231_eus-gaap--AssetsHeldInTrustNoncurrent_iI_zP0aM2DPBhQl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Treasury Trust Funds held in Trust Account</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">51,976,918</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5604">—</span></b></span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5605">—</span></b></span></td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zE3z0g8ke7I6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 16053202 51976918 <p id="xdx_894_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zTSTRxDZR2C7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value on a recurring basis:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zbLy9sSWCISh">SUMMARY OF FAIR VALUE HIERARCHY THE COMPANY’S ASSETS AND LIABILITIES</span> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4BC_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel1Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zJRB3kSQvgBd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 1)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4BC_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel2Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zUpcueHJirnf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 2)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4BA_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zINKUKvhUefk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 3)</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">As of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43F_c20241231_eus-gaap--AssetsHeldInTrustNoncurrent_iI_zSqgGxgY9Va1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify">Treasury Trust Funds held in Trust Account</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">16,053,202</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5600">—</span></b></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5601">—</span></b></span></td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">As of December 31, 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_436_c20231231_eus-gaap--AssetsHeldInTrustNoncurrent_iI_zP0aM2DPBhQl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Treasury Trust Funds held in Trust Account</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">51,976,918</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5604">—</span></b></span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl5605">—</span></b></span></td><td style="font-weight: bold; text-align: left"> </td></tr> </table> 16053202 51976918 <p id="xdx_806_eus-gaap--SegmentReportingDisclosureTextBlock_z6BfyXgUHLD5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 9 — <span id="xdx_827_zeJAmCeJUt12">SEGMENT INFORMATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s CODM has been identified as the Chief Executive Officer, who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that there is only one reportable segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the statements of operations as net income or loss. The CODM uses net income or loss to manage the business and forecasts to ensure enough capital is available to complete a business combination or similar transaction within the business combination period. The CODM also reviews significant expenses, which are consistent with those reported on the statements of operations, to manage, maintain, and </span>enforce contractual agreements to ensure costs are aligned with agreements and the budget. The measure of segment assets is reported on the balance sheets as total assets. All segment items included in net income or loss are reported on the statements of operations and described within their respective disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_802_eus-gaap--SubsequentEventsTextBlock_zme3NwAyw0Pf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 10 — <span>SUBSEQUENT EVENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_829_zG0WR3yE59p3" style="display: none">Subsequent Events</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 16, 2025, the Company deposited $<span id="xdx_909_eus-gaap--PaymentsToAcquireRestrictedInvestments_c20250116__20250116__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zG29i5kZdmDk" title="Payments to acquire restricted investments">30,000</span> into the Company’s trust account in order to further extend the amount of time it has available to complete a business combination to February 18, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, the Company issued a third amended and restated promissory note (the “3rd A&amp;R WC Promissory Note”) pursuant to which the Company may borrow up to an aggregate principal amount of $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_c20250204__us-gaap--DebtInstrumentAxis__custom--ThirdAmendedAndRestatedPromissoryNoteMember_zIPkoF3nZywf">3,000,000</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The 3rd A&amp;R Promissory Note additionally includes a conversion feature whereby, notwithstanding the foregoing in the event of the Business Combination, the outstanding balance may be repaid at the Sponsor’s discretion, in cash or $<span id="xdx_907_eus-gaap--DebtInstrumentPeriodicPaymentInterest_c20250204__20250204_zEhSi35ORgEb">1,491,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the principal and accrued and unpaid interest shall be converted in to the Company’s Class A ordinary shares at a share price of four dollars ($<span id="xdx_90E_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20250204__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zvjcJPqVVcy1">4.00</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">), the balance of which shall be payable in cash at the closing of the Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, Fusemachines, the Company, and CSLM Merger Sub, Inc. entered into the 2nd Amendment which amends the Original Merger Agreement. The 2nd Amendment (a) amends the definition of the “PIPE Investment Amount” to mean the sum of (i) $<span id="xdx_908_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20250204__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember_zJ6sY2HvLUv5" title="Line of credit facility">8,840,000</span>, and (ii) the Contingent PIPE Investment Amount, if any; and (b) removes the delay fees incurred in connection with delivery of Fusemachines’ financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the 2nd Amendment, the Sponsor Affiliate, provided financing to Fusemachines in the amount of $<span id="xdx_901_eus-gaap--NotesIssued1_c20240125__20240125__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember_znUVTunCiEok" title="Notes issued">2,160,000</span>, in exchange for the Escrow Note. The funds from the Escrow Note shall be put in an escrow account held at CST pursuant to the Escrow Agreement and shall be released to the Surviving Corporation upon the consummation of the Business Combination. In addition, the maturity dates on the two promissory notes issued by Fuse to the Sponsor Affiliate on January 25, 2024 in the amounts of $<span id="xdx_907_eus-gaap--OtherNotesPayable_iI_pn5n6_c20240125__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember_zcKtw6faFsd2" title="Other notes payable">4.5</span> million and $<span id="xdx_90F_eus-gaap--OtherNotesPayable_iI_pn6n6_c20240125__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember_znQteiCEi2I5" title="Other notes payable">2 </span>million, were extended to <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_c20240125__20240125__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember_zgyYUDaRjomd" title="Maturity date">July 12, 2025</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, in connection with the 2nd Amendment, the parties to the Subscription Agreement, entered into an the Subscription Agreement Amendment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 18, 2025, the Company deposited $<span id="xdx_90F_eus-gaap--PaymentsToAcquireRestrictedInvestments_c20250218__20250218__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zW39vPAoy3y3" title="Payments to acquire restricted investments">30,000</span> into the Company’s trust account in order to further extend the amount of time it has available to complete a business combination to March 18, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 14, 2025, the Company deposited $<span id="xdx_90B_eus-gaap--PaymentsToAcquireRestrictedInvestments_c20250314__20250314__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zrMpDQqEWIF3" title="Payments to acquire restricted investments">30,000</span> into the Company’s trust account to further extend the amount of time it has available to complete a business combination to April 18, 2025 (see Note 9).<br/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CSLM ACQUISITION CORP.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="jw_001"></span><b>CONDENSED CONSOLIDATED BALANCE SHEETS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_303_111_zf95xe4vwiQd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Statement - Condensed Consolidated Interim Balance Sheets"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250930_zo7lgJiTyQ2a" style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30,</b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(unaudited)</b></span></p></td><td style="padding-bottom: 1pt; font-size: 12pt"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20241231_zKom2X41Q412" style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt; font-size: 12pt"> </td></tr> <tr id="xdx_403_eus-gaap--AssetsAbstract_iB_ztKjBAA4Sinh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AssetsCurrentAbstract_i01B_zhQWEFjh1FF7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Cash_i02I_zmpcaEBleWw1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 62%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">9,284</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">83,227</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PrepaidExpenseCurrent_i02I_zHazmmCXLkbd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Prepaid expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,484</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,670</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherReceivablesNetCurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z1BUs0Sg4wj8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Due from related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,546</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,849</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherReceivablesNetCurrent_i02I_zSOhfnjXvSQe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Other receivable, net of reserve for credit losses of $<span id="xdx_904_eus-gaap--AllowanceForDoubtfulOtherReceivablesCurrent_iI_c20250930_zsNU86uvmXVg" title="Net of reserve for credit losses">0</span> and $<span id="xdx_90A_eus-gaap--AllowanceForDoubtfulOtherReceivablesCurrent_iI_c20241231_z8A5GaajzUt" title="Net of reserve for credit losses">505,000</span> as of September 30, 2025 and December 31, 2024, respectively</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5645">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5646">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OtherReceivablesNetCurrent_i02I_zLDShfI2LOPg" style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other receivable</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--MarketableSecuritiesCurrent_i02I_zWbdp45Jfjng" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Marketable securities held in trust account</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,289,337</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16,053,202</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AssetsCurrent_i01TI_zx71H92x9cM2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,352,651</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16,174,948</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Assets_i01TI_zqgNWwEq8Nxa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,352,651</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,174,948</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_z14KPLUGwDyb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LiabilitiesCurrentAbstract_i01B_zV4i7yIXNZpd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccountsPayableCurrent_i02I_zrGhyCl9kfMl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accounts payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">351,472</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">330,180</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccruedLiabilitiesCurrent_i02I_zkk6FQAS2sK4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,941,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">968,615</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NotesPayableCurrent_i02I_zsqWTqaTniSb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Promissory note - related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,665,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,750,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InterestPayableCurrent_i02I_zgXr7PZidhFa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accrued interest - related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">242,207</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">129,630</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--ForwardPurchaseAgreementPrepaymentPayable_i02I_z8t51rypcvr2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Forward purchase agreement prepayment payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,005,073</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5683">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--ForwardPurchaseAgreementLiability_i02I_z6VAGuCtJQ85" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Forward purchase agreement liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,842,073</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5686">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ShareRedemptionsPayable_i02I_z3MFvuFkEOdg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Share redemptions payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,222,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5689">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredCompensationLiabilityCurrent_i02I_zuaIRkEJPz" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Deferred underwriting commissions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,641,250</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,641,250</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LiabilitiesCurrent_i02TI_z5osDk4XE4I1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">43,910,706</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,819,675</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--Liabilities_i01TI_z1RtcKwTKp1g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">43,910,706</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,819,675</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--CommitmentsAndContingencies_i01I_zQPqF0oTq6m9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Commitments and Contingencies (Note 7)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl5700">-</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl5701">-</span></span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iI_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zOgxr5emgONi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Class A ordinary shares, $<span id="xdx_90C_eus-gaap--TemporaryEquityParOrStatedValuePerShare_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHXHvFCMiRZ9" title="Temporary equity, par value"><span id="xdx_901_eus-gaap--TemporaryEquityParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zaGyTBx1tM48" title="Temporary equity, par value">0.0001</span></span> par value; <span id="xdx_901_eus-gaap--TemporaryEquitySharesAuthorized_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zRtUkDoQs1Rg" title="Temporary equity, shares authorized"><span id="xdx_90B_eus-gaap--TemporaryEquitySharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z7jvfACZHCMf" title="Temporary equity, shares authorized">500,000,000</span></span> shares authorized, <span id="xdx_90E_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zEgVYKDa2TD1" title="Temporary equity, shares outstanding">901,955</span> and <span id="xdx_902_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zO8UrBAsQAl4" title="Temporary equity, shares outstanding">1,372,687</span> shares subject to redemption as of September 30, 2025 and December 31, 2024, respectively</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,066,706</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,053,202</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Shareholders’ Deficit:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PreferredStockValue_i02I_hus-gaap--StatementClassOfStockAxis__custom--SeriesCOnePreferredStockMember_zZMEOixysrGe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Preference shares, $<span id="xdx_90A_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z50jJ8nYRxoe" title="Preferred stock, par value"><span id="xdx_903_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zaZbERrGe8Zf" title="Preferred stock, par value">0.0001</span></span> par value; <span id="xdx_909_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z1PKMNXVniv5" title="Preferred stock, shares authorized"><span id="xdx_903_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zZ5Q5rpiNh59" title="Preferred stock, shares authorized">5,000,000</span></span> shares authorized; <span id="xdx_903_eus-gaap--PreferredStockSharesIssued_iI_dn_c20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zNctQCyfDev2" title="Preferred stock, shares issued"><span id="xdx_901_eus-gaap--PreferredStockSharesIssued_iI_dn_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zqbZv3GspME" title="Preferred stock, shares issued"><span id="xdx_901_eus-gaap--PreferredStockSharesOutstanding_iI_dn_c20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zdurCUE0QBG5" title="Preferred stock, shares outstanding"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_iI_dn_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zWoECiS0Ir47" title="Preferred stock, shares outstanding">none</span></span></span></span> issued and outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5718">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5719">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CommonStockValue_i02I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zZQgxSwBiCU2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Class A ordinary shares, $<span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zqbskfwhp8mh" title="Common stock, par value"><span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zZL3Vh3uayd4" title="Common stock, par value">0.0001</span></span> par value; <span id="xdx_902_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zGwqZupJz65j" title="Common stock, shares authorized"><span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zgJUY4rfJD24" title="Common stock, shares authorized">500,000,000</span></span> shares authorized; <span id="xdx_903_eus-gaap--CommonStockSharesIssued_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zXVlUDAXqfIa" title="Common stock, shares issued"><span id="xdx_90F_eus-gaap--CommonStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zYv1Qtt2mCrk" title="Common stock, shares issued"><span id="xdx_90F_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zTOm9o2Ovew3" title="Common stock, shares outstanding"><span id="xdx_902_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zx78eQReX7kc" title="Common stock, shares outstanding">4,743,749</span></span></span></span> issued and outstanding, excluding <span id="xdx_90E_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z1PslXXRD9S2" title="Temporary equity, shares outstanding">901,955</span> and <span id="xdx_907_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zyHkCPJeHquh" title="Temporary equity, shares outstanding">1,372,687</span> shares subject to possible redemption as of September 30, 2025 and December 31, 2024, respectively</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">474</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">474</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CommonStockValue_i02I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zLkR79vJ7OO6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Class B ordinary shares, $<span id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zZpSfNemPC2k" title="Common stock, par value"><span id="xdx_908_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z75YBJC0sJv8" title="Common stock, par value">0.0001</span></span> par value; <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zHaLBeQpqTAd" title="Common stock, shares authorized"><span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zBlpaLJZQtyd" title="Common stock, shares authorized">50,000,000</span></span> shares authorized; <span id="xdx_909_eus-gaap--CommonStockSharesIssued_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zEVFDbvwvKBb" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zsndgbFJF312" title="Common stock, shares issued"><span id="xdx_909_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zDW2DJFF0lR2" title="Common stock, shares outstanding"><span id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zWQqXITh9lf9" title="Common stock, shares outstanding">1</span></span></span></span> share issued and outstanding as of September 30, 2025 and December 31, 2024, respectively</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CommonStockValue_i02I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zagtJ0K5KYRi" style="display: none; vertical-align: bottom; background-color: White"> <td>Common stock value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--StockholdersEquityNoteSubscriptionsReceivable_i02NI_di_zXfEpkP5yTOd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Share subscription receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,005,073</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5783">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AdditionalPaidInCapital_i02I_zcLpHttMV2Di" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,262,193</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5786">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_zWV6o4gQprBa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accumulated deficit</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(32,882,355</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(10,698,403</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--StockholdersEquity_i01TI_zyxij6Li9EMl" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Shareholders’ Deficit</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(42,624,761</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(10,697,929</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_zLRmTVEVbLOc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,352,651</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,174,948</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>CSLM ACQUISITION CORP.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span id="jw_002"></span><b>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(unaudited)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_30F_113_zy4EVVStQit1" style="font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Statement - Condensed Consolidated Interim Statements of Operations and Comprehensive Loss"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250701__20250930_zCqTdmS6OKv4" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20240701__20240930_zl4W0kC3u5V6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20250930_zyuKkLjIzZi8" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20240930_zlatUfH75zxf" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>For the Three Months Ended</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>September 30,</b></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>For the Nine Months Ended</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>September 30,</b></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_40D_eus-gaap--PolicyholderBenefitsAndClaimsIncurredNet_i01_zaeMUAN2O00g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left">Insurance expense</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right">45,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right">50,072</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right">135,522</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right">164,185</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DuesAndSubscriptions_i01_z3bRqJukbzSd" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Dues and subscriptions</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">130,793</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">73,370</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">199,785</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">140,971</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--GeneralAndAdministrativeExpense_i01_z7DfH3RF3EAj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Administrative expenses - related party</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">30,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">30,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">90,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">90,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--ProfessionalFees_i01_z2hPf5CiNmGe" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Legal and accounting expenses</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">884,768</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">432,298</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,376,774</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">946,736</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--SellingGeneralAndAdministrativeExpense_i01_zT6Stvmfggb2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Interest, general and administrative expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">42,098</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">27,287</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">112,606</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">69,615</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingExpenses_i01T_z5Gc8HNlmMW" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Operating expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,132,659</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">613,027</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,914,687</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,411,507</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingIncomeLoss_iT_z1buqAmECII3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Loss from operations</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(1,132,659</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(613,027</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(1,914,687</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(1,411,507</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_zhQJF3VQQB9e" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other (loss) income:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--GainsLossesOnExtinguishmentOfDebt_i01_zJC0ZF9m7vGc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Loss on extinguishment of debt</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5837">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5838">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,822,844</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5840">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InterestExpenseNonoperating_i01N_di_zuLdK8AP0NJg" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Financing expense</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(17,573,073</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5843">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(17,573,073</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5845">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ChangeInFairValueOfFpaLiability_i01N_di_z1y74ltEcrS7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Change in fair value of forward purchase agreement liability</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,269,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5848">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,269,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5850">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--InvestmentIncomeDividend_i01_z8B15sBqxlog" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Dividends on marketable securities held in Trust Account</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">134,827</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">480,118</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">473,930</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,849,140</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--CovenantFees_i01_zbIXRieybHJb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Covenant fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5857">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">210,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5859">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">435,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ProvisionForOtherCreditLosses_i01N_di_zQn9xETjn61h" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Credit losses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5862">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(210,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5864">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(435,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--NonoperatingIncomeExpense_iT_zQ1E7b3MoKWg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total other income (loss), net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(18,707,246</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">480,118</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(20,190,987</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,849,140</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_iT_zW4fM6O4bOG5" style="vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net (loss) income</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(19,839,905</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(132,909</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(22,105,674</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">437,633</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_907_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zLNcuDQ1Y5Qi" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90E_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zeufpjvHJBO3" title="Diluted weighted average shares outstanding">983,565</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zvVt4BCri78f" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zZwh6uYCkDej" title="Diluted weighted average shares outstanding">3,220,241</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zVwgbV8qGK7h" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zmWfqtNQGUgj" title="Diluted weighted average shares outstanding">1,241,554</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zs2XSy5BJ19a" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zKlPVh1umiI" title="Diluted weighted average shares outstanding">4,251,096</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Basic and diluted net (loss) income per share, Class A ordinary shares stock subject to redemption</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_906_eus-gaap--EarningsPerShareBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zVJR6Ea4RFOi" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_905_eus-gaap--EarningsPerShareDiluted_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_z2fn5I3jRZv1" title="Diluted net (loss) income per share">(3.29</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90E_eus-gaap--EarningsPerShareBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zYGQh78rAbul" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_905_eus-gaap--EarningsPerShareDiluted_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zrGs6Gwhc9nl" title="Diluted net (loss) income per share">0.10</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_904_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zSxUcqfjwTLe" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_908_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_z6RC2QOXFWE7" title="Diluted net (loss) income per share">(3.23</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_906_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zioFBOqjB762" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90E_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_z5Lz00czGFW2" title="Diluted net (loss) income per share">0.36</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Basic and diluted weighted average shares outstanding, non-redeemable Class A ordinary shares</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_907_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zxNywkVdGzZ9" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90E_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zi6n5zKUH4w" title="Diluted weighted average shares outstanding">4,743,749</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_z4B1ANYCB3Y" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90B_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zrYpyYRTc4mg" title="Diluted weighted average shares outstanding">4,743,749</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_901_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zSqxTQfBaZ18" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_906_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zE5N3yut0F4d" title="Diluted weighted average shares outstanding">4,743,749</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_905_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zx717t4Ov5Kk" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90B_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zTZuHMrHQqC5" title="Diluted weighted average shares outstanding">4,743,749</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Basic and diluted net loss per share, non-redeemable Class A ordinary shares</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_909_eus-gaap--EarningsPerShareBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_z3WAM2lZDwj" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90A_eus-gaap--EarningsPerShareDiluted_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zg2w7kL6WuAd" title="Diluted net (loss) income per share">(3.50</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90B_eus-gaap--EarningsPerShareBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zWD99g2IfdI7" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90C_eus-gaap--EarningsPerShareDiluted_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_z7bL5EI4PNsg" title="Diluted net (loss) income per share">(0.10</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90D_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zp3k3l4iqTCf" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_909_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zElNLnunBuHb" title="Diluted net (loss) income per share">(3.82</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_907_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zJRuCPfaFIGa" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_900_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAOrdinarySharesMember_zhh6CIA1T7F2" title="Diluted net (loss) income per share">(0.23</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Basic and diluted weighted average shares outstanding, non-redeemable Class B ordinary shares</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zLzpSxPV4ZR8" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zjQy5zV1tx7e" title="Diluted weighted average shares outstanding">1</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zn1TvIkZmIlf" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90B_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zmBdVl4p1ey4" title="Diluted weighted average shares outstanding">1</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_909_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_z912JJybGSp5" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_904_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zml9D09YVFD8" title="Diluted weighted average shares outstanding">1</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_909_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zdrSSIL8OEnl" title="Basic weighted average shares outstanding"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_909_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zVcbF3Rlngs5" title="Diluted weighted average shares outstanding">1</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Basic and diluted net loss per share, non-redeemable Class B ordinary shares</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90B_eus-gaap--EarningsPerShareBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zJk4x7BnvPY" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90F_eus-gaap--EarningsPerShareDiluted_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zMXQpLvHPnD7" title="Diluted net (loss) income per share">(3.50</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_902_eus-gaap--EarningsPerShareBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zvjfpAVLctj6" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zM8iKi4Z7iql" title="Diluted net (loss) income per share">(0.10</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_907_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zbFut0p9w5u2" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_904_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zRlpVa683OR7" title="Diluted net (loss) income per share">(3.82</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_90F_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zqFzkRkm9mkh" title="Basic net (loss) income per share"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uZGVuc2VkIENvbnNvbGlkYXRlZCBJbnRlcmltIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__" id="xdx_908_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBOrdinarySharesMember_zTA9iRHb54b" title="Diluted net (loss) income per share">(0.23</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Webdings; font-size: 10pt"><b></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSLM ACQUISITION CORP.</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="jw_003"></span>CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CLASS A ORDINARY SHARES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(unaudited)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" id="xdx_303_114_zpP2R315YNn8" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Statement - Condensed Consolidated Interim Statements of Stockholders' Deficit"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td> <td style="display: none; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Shares</td> <td style="display: none; font-weight: bold"> </td> <td style="display: none; font-weight: bold"> </td> <td colspan="2" id="xdx_4B2_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_custom--ClassATemporaryEquityMember_zwGYhY6Hxyed" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Amount</td> <td style="display: none; font-weight: bold"> </td> <td style="border-left: Black 1pt solid; display: none; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Shares</td> <td style="display: none; font-weight: bold"> </td> <td style="display: none; font-weight: bold"> </td> <td colspan="2" id="xdx_4B0_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_us-gaap--StatementClassOfStockAxis_us-gaap--CommonClassAMember_zsD4gROfNNXl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Amount</td> <td style="display: none; font-weight: bold"> </td> <td style="display: none; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Shares</td> <td style="display: none; font-weight: bold"> </td> <td style="display: none; font-weight: bold"> </td> <td colspan="2" id="xdx_4BB_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_us-gaap--StatementClassOfStockAxis_us-gaap--CommonClassBMember_zOOpCogTFA4l" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Amount</td> <td style="display: none; font-weight: bold"> </td> <td style="display: none; font-weight: bold"> </td> <td colspan="2" id="xdx_4B5_us-gaap--StatementEquityComponentsAxis_custom--ShareSubscriptionReceivableMember_zWd4UxMpY8Q5" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Receivable</td> <td style="display: none; font-weight: bold"> </td> <td style="display: none; font-weight: bold"> </td> <td colspan="2" id="xdx_4BE_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_z7uFeY8K4Dpe" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Capital</td> <td style="display: none; font-weight: bold"> </td> <td style="display: none; font-weight: bold"> </td> <td colspan="2" id="xdx_4BF_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsMember_zzWfZhKZJeY1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Deficit</td> <td style="display: none; font-weight: bold"> </td> <td style="display: none; font-weight: bold"> </td> <td colspan="2" id="xdx_4B9_zwt7iVkYSMIe" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Deficit</td> <td style="display: none; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> <p style="margin-top: 0; margin-bottom: 0">Class A</p> <p style="margin-top: 0; margin-bottom: 0">Temporary Equity</p></td> <td style="font-weight: bold"> </td> <td style="border-left: Black 1pt solid; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> <p style="margin-top: 0; margin-bottom: 0">Class A</p> <p style="margin-top: 0; margin-bottom: 0">Ordinary Shares</p></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> <p style="margin-top: 0; margin-bottom: 0">Class B</p> <p style="margin-top: 0; margin-bottom: 0">Ordinary Shares</p></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Share Subscription</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Additional Paid-in</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Accumulated</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Shareholders’</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td> <td style="font-weight: bold"> </td> <td style="border-left: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Receivable</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Capital</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Deficit</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Deficit</td> <td style="font-weight: bold"> </td></tr> <tr id="xdx_43D_c20250101__20250331_eus-gaap--StockholdersEquity_iS_zNTrbpJPczae" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; width: 40%">Balance as of January 1, 2025</td> <td style="font-weight: bold; width: 1%"> </td> <td style="font-weight: bold; width: 1%; text-align: left"> </td> <td id="xdx_983_eus-gaap--SharesOutstanding_iS_pid_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zfVNpD3vsIA8" style="font-weight: bold; width: 3%; text-align: right" title="Balance, shares">1,372,687</td> <td style="font-weight: bold; width: 1%; text-align: left"> </td> <td style="font-weight: bold; width: 1%"> </td> <td style="font-weight: bold; width: 1%; text-align: left">$</td> <td style="font-weight: bold; width: 3%; text-align: right">16,053,202</td> <td style="font-weight: bold; width: 1%; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-weight: bold; width: 1%"> </td> <td style="font-weight: bold; width: 1%; text-align: left"> </td> <td id="xdx_989_eus-gaap--SharesOutstanding_iS_pid_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zjgRQhgYJwB6" style="font-weight: bold; width: 3%; text-align: right" title="Balance, shares">4,743,749</td> <td style="font-weight: bold; width: 1%; text-align: left"> </td> <td style="font-weight: bold; width: 1%"> </td> <td style="font-weight: bold; width: 1%; text-align: left">$</td> <td style="font-weight: bold; width: 3%; text-align: right">474</td> <td style="font-weight: bold; width: 1%; text-align: left"> </td> <td style="font-weight: bold; width: 1%"> </td> <td style="font-weight: bold; width: 1%; text-align: left"> </td> <td id="xdx_98B_eus-gaap--SharesOutstanding_iS_pid_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_ziMOzQNc4YDb" style="font-weight: bold; width: 3%; text-align: right" title="Balance, shares">1</td> <td style="font-weight: bold; width: 1%; text-align: left"> </td> <td style="font-weight: bold; width: 1%"> </td> <td style="font-weight: bold; width: 1%; text-align: left">$</td> <td style="font-weight: bold; width: 3%; text-align: right">0</td> <td style="font-weight: bold; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5976">-</span></td> <td style="width: 1%; text-align: left"> </td> <td style="font-weight: bold; width: 1%"> </td> <td style="font-weight: bold; width: 1%; text-align: left">$</td> <td style="font-weight: bold; width: 3%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5977">-</span></td> <td style="font-weight: bold; width: 1%; text-align: left"> </td> <td style="font-weight: bold; width: 1%"> </td> <td style="font-weight: bold; width: 1%; text-align: left">$</td> <td style="font-weight: bold; width: 3%; text-align: right">(10,698,403</td> <td style="font-weight: bold; width: 1%; text-align: left">)</td> <td style="font-weight: bold; width: 1%"> </td> <td style="font-weight: bold; width: 1%; text-align: left">$</td> <td style="font-weight: bold; width: 3%; text-align: right">(10,697,929</td> <td style="font-weight: bold; width: 1%; text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--AdjustmentsToAdditionalPaidInCapitalSubstantialPremiumOnPromissoryNoteIssuance_z6grkEL81mK4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Substantial premium on promissory note issuance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5987">-</span></td> <td style="text-align: left"> </td> <td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5988">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5989">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5990">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,822,844</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5992">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,822,844</td> <td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--AdjustmentToAdditionalCapitalWaiverOfAdministrativeServiceFees_zBPeajjUr1Sk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sponsor waiver of administrative services fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5995">-</span></td> <td style="text-align: left"> </td> <td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5996">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5997">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5998">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">30,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6000">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">30,000</td> <td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_zpTaqyzzlUYd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Remeasurement of Class A ordinary shares subject to redemption</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zAdbMhOO0Fo5" style="text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="-sec-ix-hidden: xdx2ixbrl6011">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">258,558</td> <td style="text-align: left"> </td> <td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHea55dsvgTj" style="text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="-sec-ix-hidden: xdx2ixbrl6013">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6004">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z2AQpeVwkJ63" style="text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="-sec-ix-hidden: xdx2ixbrl6015">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6005">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6006">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(180,280</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(78,278</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(258,558</td> <td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_zcEIUXTT0T02" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6017">-</span></td> <td style="text-align: left"> </td> <td style="border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6018">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6019">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6020">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6021">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(2,061,897</td> <td style="text-align: left">)</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(2,061,897</td> <td style="text-align: left">)</td></tr> <tr id="xdx_439_c20250401__20250630_eus-gaap--StockholdersEquity_iS_zIbMRkGE9G8j" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Balance as of March 31, 2025 (unaudited)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td id="xdx_98E_eus-gaap--SharesOutstanding_iS_pid_c20250401__20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zWqSNqsIM6na" style="font-weight: bold; text-align: right" title="Balance, shares">1,372,687</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">16,311,760</td> <td style="font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td id="xdx_98D_eus-gaap--SharesOutstanding_iS_pid_c20250401__20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zYsoOqO1vyp6" style="font-weight: bold; text-align: right" title="Balance, shares">4,743,749</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">474</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td id="xdx_980_eus-gaap--SharesOutstanding_iS_pid_c20250401__20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z1HWfXlvWOXh" style="font-weight: bold; text-align: right" title="Balance, shares">1</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right">0</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6028">-</span></td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">1,672,564</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(12,838,578</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(11,165,540</td> <td style="font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_401_ecustom--AdjustmentToAdditionalCapitalWaiverOfAdministrativeServiceFees_zzlt7obBfkZb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sponsor waiver of administrative services fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6039">-</span></td> <td style="text-align: left"> </td> <td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6040">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6041">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6042">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">30,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6044">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">30,000</td> <td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_zSuTnehFuUUa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Remeasurement of Class A ordinary shares subject to redemption</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20250401__20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_z6LqMdnX3ssf" style="text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="-sec-ix-hidden: xdx2ixbrl6055">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">260,544</td> <td style="text-align: left"> </td> <td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20250401__20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zvlafSwMxgXd" style="text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="-sec-ix-hidden: xdx2ixbrl6057">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6048">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20250401__20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zhGftbomM8T2" style="text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="-sec-ix-hidden: xdx2ixbrl6059">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6049">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6050">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(260,544</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6052">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(260,544</td> <td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_zEF6Sqd6JCJ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6061">-</span></td> <td style="text-align: left"> </td> <td style="border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6062">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6063">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6064">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6065">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(203,872</td> <td style="text-align: left">)</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(203,872</td> <td style="text-align: left">)</td></tr> <tr id="xdx_43E_c20250701__20250930_eus-gaap--StockholdersEquity_iS_zKgJAmzqTUEj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Balance as of June 30, 2025 (unaudited)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td id="xdx_98D_eus-gaap--SharesOutstanding_iS_pid_c20250701__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zjlPvXoSUOd8" style="font-weight: bold; text-align: right" title="Balance, shares">1,372,687</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">16,572,304</td> <td style="font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td id="xdx_985_eus-gaap--SharesOutstanding_iS_pid_c20250701__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zjh50xHxybbf" style="font-weight: bold; text-align: right" title="Balance, shares">4,743,749</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">474</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td id="xdx_980_eus-gaap--SharesOutstanding_iS_pid_c20250701__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zWJXrgvyCPJe" style="font-weight: bold; text-align: right" title="Balance, shares">1</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">0</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6072">-</span></td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">1,442,020</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(13,042,450</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(11,599,956</td> <td style="font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_409_ecustom--AdjustmentsToAdditionalPaidInCapitalForwardPurchaseAgreement_zQBAO7ooefk4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Forward purchase agreement</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6083">-</span></td> <td style="text-align: left"> </td> <td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6084">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6085">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(11,005,073</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6087">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6088">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(11,005,073</td> <td style="text-align: left">)</td></tr> <tr id="xdx_401_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodValue_zZhlBPKnDT17" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Redemption of Class A ordinary shares</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodShares_pid_c20250701__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zRbpKp4MlVyj" style="text-align: right" title="Redemption of Class A ordinary shares , shares">(470,732</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(5,715,425</td> <td style="text-align: left">)</td> <td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td> <td id="xdx_981_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodShares_pid_c20250701__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zoS3crlOw6n3" style="text-align: right" title="Redemption of Class A ordinary shares , shares"><span style="-sec-ix-hidden: xdx2ixbrl6101">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6092">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodShares_pid_c20250701__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z4YD6T3AB6F1" style="text-align: right" title="Redemption of Class A ordinary shares , shares"><span style="-sec-ix-hidden: xdx2ixbrl6103">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6093">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6094">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6095">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6096">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6097">-</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AdjustmentToAdditionalCapitalWaiverOfAdministrativeServiceFees_zkM5YZdbFrC9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sponsor waiver of administrative services fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6105">-</span></td> <td style="text-align: left"> </td> <td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6106">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6107">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6108">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">30,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6110">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">30,000</td> <td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_zq6n8NLI14Ag" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Remeasurement of Class A ordinary shares subject to redemption</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20250701__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zlBzqbDbxqvi" style="text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="-sec-ix-hidden: xdx2ixbrl6121">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">209,827</td> <td style="text-align: left"> </td> <td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td> <td id="xdx_98E_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20250701__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zEfQIs1me4Gf" style="text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="-sec-ix-hidden: xdx2ixbrl6123">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6114">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20250701__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zqIxnKmm8tr4" style="text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="-sec-ix-hidden: xdx2ixbrl6125">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6115">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6116">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(209,827</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6118">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(209,827</td> <td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_zNV8aieYduqg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6127">-</span></td> <td style="text-align: left"> </td> <td style="border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6128">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6129">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6130">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6131">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(19,839,905</td> <td style="text-align: left">)</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(19,839,905</td> <td style="text-align: left">)</td></tr> <tr id="xdx_43C_c20250701__20250930_eus-gaap--StockholdersEquity_iE_zVx5leycJMT5" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold">Balance as of September 30, 2025 (unaudited)</td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> </td> <td id="xdx_986_eus-gaap--SharesOutstanding_iE_pid_c20250701__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_z0tw5Cr7vqFa" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Balance, shares">901,955</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,066,706</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> </td> <td id="xdx_98A_eus-gaap--SharesOutstanding_iE_pid_c20250701__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z53xye2dypvf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Balance, shares">4,743,749</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">474</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> </td> <td id="xdx_987_eus-gaap--SharesOutstanding_iE_pid_c20250701__20250930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z1USMMSSIYd7" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Balance, shares">1</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(11,005,073</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,262,193</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(32,882,355</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(42,624,761</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="margin: 0"> </p> <p style="text-align: center; margin-top: 0; margin-bottom: 0"><b>FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024</b></p> <p style="text-align: center; margin-top: 0; margin-bottom: 0"><b> </b></p> <table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Class A</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Temporary Equity</b></p></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Class A</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Ordinary Shares</b></p></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Class B</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Ordinary Shares</b></p></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Share Subscription</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Additional Paid-in</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Accumulated</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Shareholders’</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Shares</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Amount</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="border-left: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Shares</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Receivable</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Shares</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Amount</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Receivable</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Capital</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Deficit</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Deficit</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_435_c20240101__20240331_eus-gaap--StockholdersEquity_iS_zLzVe3RKNvm4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 9pt Times New Roman, Times, Serif; width: 40%">Balance as of January 1, 2024</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--SharesOutstanding_iS_pid_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_z22mfQZ2GqM1" style="font: bold 9pt Times New Roman, Times, Serif; width: 3%; text-align: right" title="Balance, shares">4,772,187</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 3%; text-align: right">51,976,918</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="border-left: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--SharesOutstanding_iS_pid_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zVjpLUjJdtP7" style="font: bold 9pt Times New Roman, Times, Serif; width: 3%; text-align: right" title="Balance, shares">4,743,749</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 3%; text-align: right">474</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--SharesOutstanding_iS_pid_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zr5PLW5hLj08" style="font: bold 9pt Times New Roman, Times, Serif; width: 3%; text-align: right" title="Balance, shares">1</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 3%; text-align: right">0</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 9pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6152">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6153">-</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 3%; text-align: right">(8,318,211</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 3%; text-align: right">(8,317,737</td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td></tr> <tr id="xdx_401_ecustom--AdjustmentToAdditionalCapitalWaiverOfAdministrativeServiceFees_zbXLZSLNQrlf" style="vertical-align: bottom; background-color: White"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">Sponsor waiver of administrative services fees</td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6163">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6164">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6165">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6166">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">30,000</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6168">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">30,000</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_zoCPF9zYb0rc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">Remeasurement of Class A ordinary shares subject to redemption</td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zYDJMmQqV9o3" style="font: 9pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="-sec-ix-hidden: xdx2ixbrl6179">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">889,342</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zZOqRcAZuMOc" style="font: 9pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6181">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6172">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z9k5PDmH2efc" style="font: 9pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6183">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6173">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6174">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(30,000</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(859,342</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(889,342</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_zfwXSCp4d4D3" style="vertical-align: bottom; background-color: White"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net income</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6185">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6186">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6187">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6188">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6189">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">148,092</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">148,092</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_433_c20240401__20240630_eus-gaap--StockholdersEquity_iS_zaDgKO8kmEfl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 9pt Times New Roman, Times, Serif">Balance as of March  31, 2024 (unaudited)</td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--SharesOutstanding_iS_pid_c20240401__20240630__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zWy5kmacZxCf" style="font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">4,772,187</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">52,866,260</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-left: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--SharesOutstanding_iS_pid_c20240401__20240630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zmSwgNxtJcsb" style="font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">4,743,749</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">474</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--SharesOutstanding_iS_pid_c20240401__20240630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zk9VcKBKKo5l" style="font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">1</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6196">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b><span style="-sec-ix-hidden: xdx2ixbrl6197">-</span></b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">(9,029,461</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">(9,028,987</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_401_ecustom--AdjustmentToAdditionalCapitalWaiverOfAdministrativeServiceFees_zPzT6fMMwFA1" style="vertical-align: bottom; background-color: White"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">Sponsor waiver of administrative services fees</td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6207">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6208">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6209">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6210">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">30,000</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6212">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">30,000</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_zdVmq3VVWBIh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">Remeasurement of Class A ordinary shares subject to redemption</td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20240401__20240630__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zYgrStxeBZO7" style="font: 9pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="-sec-ix-hidden: xdx2ixbrl6223">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">899,680</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td><td id="xdx_981_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20240401__20240630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ziS4noaeL6Of" style="font: 9pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="-sec-ix-hidden: xdx2ixbrl6225">-</span></td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6216">-</span></td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td><td id="xdx_98A_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20240401__20240630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zFgIwYQNEtP9" style="font: 9pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="-sec-ix-hidden: xdx2ixbrl6227">-</span></td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6217">-</span></td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6218">-</span></td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(30,000</td><td style="font: 9pt Times New Roman, Times, Serif">)</td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(869,680</td><td style="font: 9pt Times New Roman, Times, Serif">)</td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(899,680)</td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_z5QAYLYjNZW1" style="vertical-align: bottom; background-color: White"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net income</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6229">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"> </td><td style="border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6230">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6231">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6232">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6233">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">422,450</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">422,450</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"> </td></tr> <tr id="xdx_435_c20240701__20240930_eus-gaap--StockholdersEquity_iS_zLN9uKevZbtk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 9pt Times New Roman, Times, Serif">Balance as of June 30, 2024 (unaudited)</td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--SharesOutstanding_iS_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zox0PAdnG7Z7" style="font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">4,772,187</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">53,765,940</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-left: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--SharesOutstanding_iS_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zG04JlW7XLa9" style="font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">4,743,749</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">474</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--SharesOutstanding_iS_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zLZ5UvwM6Xsi" style="font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">1</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6240">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6241">-</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">(9,476,691</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">(9,476,217</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_43B_c20240701__20240930_eus-gaap--StockholdersEquity_iS_zq4UFdmLq6Ol" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 9pt Times New Roman, Times, Serif">Balance</td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--SharesOutstanding_iS_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_z06eLJPQUbT1" style="font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">4,772,187</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">53,765,940</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-left: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--SharesOutstanding_iS_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z5DEQHke8HDa" style="font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">4,743,749</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">474</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--SharesOutstanding_iS_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zSELTYzpQxMg" style="font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">1</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6254">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6255">-</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">(9,476,691</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: bold 9pt Times New Roman, Times, Serif"> </td> <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right">(9,476,217</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_401_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodValue_z2L86oh0RNQ3" style="vertical-align: bottom; background-color: White"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">Redemption of Class A ordinary shares</td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_981_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodShares_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_ztsreF9fu15k" style="font: 9pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares , shares">(3,399,500</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(38,596,223</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98F_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodShares_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJCQ2azlZfA2" style="font: 9pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6275">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6266">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_ecustom--StockRedeemedRedemptionOfOrdinarySharesDuringPeriodShares_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zzGE3I3TEjr1" style="font: 9pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6277">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6267">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6268">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6269">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6270">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6271">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--AdjustmentToAdditionalCapitalWaiverOfAdministrativeServiceFees_zD6HM1sE4C8j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">Sponsor waiver of administrative services fees</td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6279">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6280">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6281">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6282">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">30,000</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6284">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">30,000</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_zsjwZiyVG67h" style="vertical-align: bottom; background-color: White"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">Remeasurement of Class A ordinary shares subject to redemption</td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zyupAgQFTt09" style="font: 9pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6295">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">610,118</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zhOvgw4mwPF7" style="font: 9pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6297">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6288">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zt2wCzgH42Z5" style="font: 9pt Times New Roman, Times, Serif; text-align: right" title="Redemption of Class A ordinary shares subject to redemption , shares"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6299">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6289">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6290">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(30,000</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(580,118</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(610,118</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_zNcNjycux98g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net loss</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6301">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6302">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6303">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6304">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6305">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(132,909</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(132,909</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--NetIncomeLoss_zlvuZ2ncVDS1" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net (loss) income</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6309">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6310">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6311">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6312">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl6313">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(132,909</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(132,909</td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_431_c20240701__20240930_eus-gaap--StockholdersEquity_iE_zYWTxxZFBTxh" style="vertical-align: bottom; background-color: White"> <td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Balance as of September 30, 2024 (unaudited)</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--SharesOutstanding_iE_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_zYqjnybCibE7" style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">1,372,687</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">15,779,835</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-left: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--SharesOutstanding_iE_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJjFXyaNrZP" style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">4,743,749</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">474</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--SharesOutstanding_iE_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zRy77vCQo2vj" style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">1</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6320">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6321">-</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(10,189,718</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(10,189,244</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_438_c20240701__20240930_eus-gaap--StockholdersEquity_iE_zQnASvWWxCj2" style="display: none; vertical-align: bottom; background-color: White"> <td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Balance</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--SharesOutstanding_iE_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassATemporaryEquityMember_z9gCd1m5Hgvc" style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">1,372,687</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">15,779,835</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="border-left: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharesOutstanding_iE_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z6iJSgg6ySef" style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">4,743,749</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">474</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--SharesOutstanding_iE_pid_c20240701__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z1JrlSeOHE0g" style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right" title="Balance, shares">1</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6334">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6335">-</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(10,189,718</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(10,189,244</td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; text-indent: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CSLM ACQUISITION CORP.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="jw_004"></span>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(unaudited)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_302_112_z7UHbaPsxTpi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Statement - Condensed Consolidated Interim Statements of Cash Flows"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250101__20250930_z5Su3KDUZs66" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_498_20240101__20240930_zNF1zofOTRS9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Nine Months Ended<br/> September 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_zvOswAocNV2k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Cash Flows from Operating Activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_i01_z5CXabBo9ldd" style="vertical-align: bottom; background-color: White"> <td style="width: 62%; text-align: left">Net (loss) income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">(22,105,674</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">437,633</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B_zsguircSJNq8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjustments to reconcile net income to net cash used in operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--GainsLossesOnExtinguishmentOfDebt_i02N_di_zwO1YySITp3e" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Loss on extinguishment of debt</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,822,844</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6355">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--FinancingExpense_i02_zO7l9ZD2ezi2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Financing expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,573,073</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6358">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DerivativeGainLossOnDerivativeNet_i02N_di_z2bK8pq4DGqi" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Change in fair value of FPA liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,269,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6361">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--AccruedDividendsOnMarketableSecuritiesHeldInTrustAccount_i02N_di_zYhkke5hfubc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accrued dividends on marketable securities held in Trust Account</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,247</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165,645</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherNoncashExpense_i02_zjy1DQyhOTq2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Sponsor waiver of administrative services fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zPNlbd1PXTH4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Changes in current assets and current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--IncreaseDecreaseInPrepaidExpense_i03N_di_z0FsyAzTfAQ2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Prepaid expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14,814</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,754</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_z4BQJol0Thif" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,292</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,110</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInAccruedLiabilities_i03_zyBlEDbZchzj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">972,385</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">371,606</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--IncreaseDecreaseInInterestPayableNet_i03_zJDvNZ4Vs3m6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accrued interest - related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">112,577</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69,615</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInDueFromRelatedPartiesCurrent_i03N_di_zEH5vAPr0r22" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Due from related party</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(697</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6385">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_z00czWCFqvKl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; font-weight: bold; text-align: left">Net cash (used in) provided by operating activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(240,767</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,353,855</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zboMv9GZ25u9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Cash Flows from Investing Activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PaymentsToAcquireMarketableSecurities_i01N_di_zgDLnwkCgqY1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Purchase of treasury and other marketable securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(748,176</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,564,785</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--ProceedsFromSaleAndMaturityOfMarketableSecurities_i01_zmKYfO2rdM34" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Proceeds from redemption of treasury and other marketable securities</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,492,794</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38,596,223</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_z4crYAWTrJN7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; font-weight: bold; text-align: left">Net cash used in investing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,744,618</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">36,031,438</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_z58hXQjd9jse" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Cash Flows from Financing Activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PaymentsForRepurchaseOfCommonStock_i01N_di_zUX0vo9SsHoa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Payment of redemptions to Class A ordinary shareholders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,492,794</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(38,596,223</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--ProceedsFromRepaymentsOfRelatedPartyDebt_i01_z4TQq9417Gd7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Proceeds from promissory note - related party</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">915,000</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,120,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_zmVdIyfgAIc2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; font-weight: bold; text-align: left">Net cash provided by financing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(3,577,794</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(37,476,223</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_zEVXO20D73g8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net Change in Cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(73,943</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(90,930</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zEAM4S41yD23" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Cash - Beginning of the period</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">83,227</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">138,283</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zfS1KKx2zrkk" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Cash - End of the period</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,284</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">47,353</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_iB_zFAdZ5zjihnc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Supplemental Disclosure of Non-cash Financing Activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--RemeasurementOfClassOrdinarySharesSubjectToPossibleRedemption_i01_z2fY0y61Kycg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Remeasurement of Class A ordinary shares subject to possible redemption</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">728,929</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,399,140</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--SubstantialPremiumsOnPromissoryNoteIssuance_i01_zwkyerJQ4iMl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Substantial premium on promissory note issuance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,822,844</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6430">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--SharesRedemptionsPayable_i01_zrhCWA2BcRCd" style="vertical-align: bottom; background-color: White"> <td>Share redemptions payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,222,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6433">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--SharesSubscriptionReceivable_i01_zRUtq3CjwYCc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Share subscription receivable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,005,073</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6436">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--PrepaymentsPayable_i01_zdTY2eUuQr6l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forward purchase agreement prepayment payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,005,073</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6439">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--InitialFairValueOfLiability_i01_zauTczu2CNS3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Initial fair value of forward purchase agreement liability</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">17,573,073</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6442">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--ReserveForCreditLosses_i01_z9oGqz4YZ2xh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Reserve for credit losses</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6444">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">435,000</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p id="xdx_045_c20250101__20250930_zmSiVMzFic85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CSLM ACQUISITION CORP.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="jw_005"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(unaudited)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 30000 3000000 1491000 4.00 8840000 2160000 4500000 2000000 2025-07-12 30000 30000 9284 83227 21484 6670 32546 31849 0 505000 12289337 16053202 12352651 16174948 12352651 16174948 351472 330180 1941000 968615 3665000 2750000 242207 129630 11005073 18842073 1222631 6641250 6641250 43910706 10819675 43910706 10819675 0.0001 0.0001 500000000 500000000 901955 1372687 11066706 16053202 0.0001 0.0001 5000000 5000000 0 0 0 0 0.0001 0.0001 500000000 500000000 4743749 4743749 4743749 4743749 901955 1372687 474 474 0.0001 0.0001 50000000 50000000 1 1 1 1 0 0 0 0 11005073 1262193 -32882355 -10698403 -42624761 -10697929 12352651 16174948 45000 50072 135522 164185 130793 73370 199785 140971 30000 30000 90000 90000 884768 432298 1376774 946736 42098 27287 112606 69615 1132659 613027 1914687 1411507 -1132659 -613027 -1914687 -1411507 -1822844 17573073 17573073 1269000 1269000 134827 480118 473930 1849140 210000 435000 210000 435000 -18707246 480118 -20190987 1849140 -19839905 -132909 -22105674 437633 983565 983565 3220241 3220241 1241554 1241554 4251096 4251096 -3.29 -3.29 0.10 0.10 -3.23 -3.23 0.36 0.36 4743749 4743749 4743749 4743749 4743749 4743749 4743749 4743749 -3.50 -3.50 -0.10 -0.10 -3.82 -3.82 -0.23 -0.23 1 1 1 1 1 1 1 1 -3.50 -3.50 -0.10 -0.10 -3.82 -3.82 -0.23 -0.23 1372687 16053202 4743749 474 1 0 -10698403 -10697929 1822844 1822844 30000 30000 258558 -180280 -78278 -258558 -2061897 -2061897 1372687 16311760 4743749 474 1 0 1672564 -12838578 -11165540 30000 30000 260544 -260544 -260544 -203872 -203872 1372687 16572304 4743749 474 1 0 1442020 -13042450 -11599956 -11005073 -11005073 -470732 -5715425 30000 30000 209827 -209827 -209827 -19839905 -19839905 901955 11066706 4743749 474 1 0 -11005073 1262193 -32882355 -42624761 4772187 51976918 4743749 474 1 0 -8318211 -8317737 30000 30000 889342 -30000 -859342 -889342 148092 148092 4772187 52866260 4743749 474 1 0 -9029461 -9028987 30000 30000 899680 -30000 -869680 -899680 422450 422450 4772187 53765940 4743749 474 1 0 -9476691 -9476217 4772187 53765940 4743749 474 1 0 -9476691 -9476217 -3399500 -38596223 30000 30000 610118 -30000 -580118 -610118 -132909 -132909 -132909 -132909 1372687 15779835 4743749 474 1 0 -10189718 -10189244 1372687 15779835 4743749 474 1 0 -10189718 -10189244 -22105674 437633 -1822844 17573073 -1269000 -19247 -165645 90000 90000 14814 12754 21292 232110 972385 371606 112577 69615 697 -240767 1353855 748176 2564785 4492794 38596223 3744618 36031438 4492794 38596223 915000 1120000 -3577794 -37476223 -73943 -90930 83227 138283 9284 47353 728929 2399140 1822844 1222631 11005073 11005073 17573073 435000 <p id="xdx_800_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_ztoY3yvF0P96" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 - <span>ORGANIZATION AND BUSINESS BACKGROUND</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_82A_znmnl8OBjEfd" style="display: none">Organization</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Organization and General</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSLM ACQUISITION CORP. (the “Company” or “CSLM”) is a blank check company incorporated in the Cayman Islands as an exempted company on April 13, 2021. The Company was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). We intend to effectuate our initial Business Combination using cash from the proceeds of the initial public offering and the sale of the private placement warrants, our capital stock, debt or a combination of cash, stock and debt. The Company’s unaudited condensed financial statements include CSLM Merger Sub, Inc. (“Merger Sub”) and CSLM Holdings, Inc. (“Pubco”), both wholly- owned subsidiaries of CSLM Acquisition Corp. and are presented on a consolidated basis (the “Financial Statements”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is not limited to a particular industry or geographic location for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2025, the Company had not commenced any operations. All activity from April 13, 2021 (inception) through September 30, 2025 relates to the Company’s formation, the initial public offering (“Initial Public Offering” or “IPO”), which is described below, and pursuit of a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of investment income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 13, 2023, the Company submitted a certificate of incorporation of name change to the Cayman Islands Registry of Companies to change our name from “Consilium Acquisition Corp I, LTD.” to “CSLM Acquisition Corp.”. The name change of the Company to CSLM Acquisition Corp. was effected on Nasdaq at the open of trading on July 18, 2023 and continued trading under the same ticker symbol “CSLM”. The name change does not affect the rights of the Company’s securities holders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 18, 2022, the Company consummated its Initial Public Offering of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220118__20220118__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z5XIDlskpYBj" title="Stock issued during period shares new issues">18,975,000</span> units (the “Units”), including the issuance of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220118__20220118__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zB6e7uaLggv9" title="Stock issued during period shares new issues">2,475,000</span> Units as a result of the underwriter’s exercise of its over-allotment option. Each Unit consists of <span id="xdx_90C_eus-gaap--SharesIssued_iI_dc_c20220118__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zbqnF7wWsVGl" title="Shares issued">one</span> Class A ordinary share of the Company, par value $<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220118__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zziNXjbZHXl3" title="Common stock, par value">0.0001</span> per share (an “Ordinary Share”), one right to acquire one-tenth of an Ordinary Share, and one-half of one redeemable warrant of the Company. Each whole warrant entitles the holder thereof to purchase <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_dc_c20220118__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_ztzr33xSirwj" title="Class of warrant">one</span> Ordinary Share for $<span id="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_c20220118_zUZFCI7ddpP8" title="Shares issued price per share">11.50</span> per share, subject to adjustment. The Units were sold at a price of $<span id="xdx_900_eus-gaap--SaleOfStockPricePerShare_iI_c20220118_zNnbdhGryZb4" title="Sale of share price">10.00</span> per Unit, generating gross proceeds to the Company of $<span id="xdx_90F_eus-gaap--ProceedsFromOtherEquity_c20220118__20220118_zfbguQysEI9a" title="Gross proceeds">189,750,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially concurrently with the closing of the Initial Public Offering, the Company completed the private sale of <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220118__20220118__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zpiuLTO6HuO5" title="Stock issued during period shares new issues">7,942,500</span> private placement warrants (the “Private Placement Warrants”) at a purchase price of $<span id="xdx_909_eus-gaap--SharesIssuedPricePerShare_iI_c20220118__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zpoxXqPGxgrf" title="Shares issued price per share">1.00</span> per Private Placement Warrant, to the Company’s sponsor, Consilium Acquisition Sponsor I, LLC (the “Sponsor”), generating gross proceeds to the Company of $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20220118__20220118__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zFBunXA32c7c" title="Issuance of private placement">7,942,500</span>. The Private Placement Warrants are identical to the warrants sold as part of the Units in the Initial Public Offering except that, so long as they are held by the Sponsor or its permitted transferees: (1) they will not be redeemable by the Company (except in certain redemption scenarios when the price per Ordinary Share equals or exceeds $<span id="xdx_90E_eus-gaap--SharePrice_iI_c20220118_zC9EVzCyZqLl" title="Share price">10.00</span> (as adjusted)); (2) they (including the Ordinary Shares issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by the Sponsor until 30 days after the completion of the Company’s initial business combination; (3) they may be exercised by the holders on a cashless basis; and (4) they (including the Ordinary Shares issuable upon exercise of these warrants) are entitled to registration</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">rights.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A total of $<span id="xdx_902_eus-gaap--PaymentsForDeposits_c20220118__20220118_zvK1pvHyAze1" title="Payments for deposits">2,250,000</span> was deposited to the Company’s operating account and a total of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220118__20220118_zbkjwEW6xEk8" title="Gross proceeds">191,647,500</span>, comprised of a portion of proceeds from the IPO and the sale of the Private Placement Warrants, was placed in a U.S.-based trust account at JP Morgan Chase Bank, N.A., maintained by Continental Stock Transfer &amp; Trust Company, acting as trustee (the “Trust Account”). Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the funds held in the Trust Account will not be released from the Trust Account until the earliest to occur of: (1) the Company’s completion of an initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with its initial business combination or to redeem 100% of the Company’s public shares if the Company does not complete its initial business combination by October 18, 2024 after depositing $<span id="xdx_905_eus-gaap--Deposits_iI_c20220118_zJ3k76fhqoFf" title="Deposits">70,000</span> into the Trust Account for each one month Extension or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity; and (3) the redemption of the Company’s public shares if the Company has not completed its initial business combination by October 18, 2024, subject to applicable law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 13, 2023 as approved by its shareholders at an extraordinary general meeting held on July 13, 2023 (the “Special Meeting”), The Company, and its trustee, Continental Stock Transfer &amp; Trust Company amended (the “Amendment”) the Investment Management Trust Agreement, dated as of January 12, 2022 (the “Trust Agreement”), by and between the Company and Continental Stock Transfer &amp; Trust Company (the “Trustee”) and the Company, in order to allow the Company to extend the time to complete a business combination by fifteen (15) additional one (1) month periods until, October 18, 2024 (the “Termination Date”) by depositing into the Trust Account $<span id="xdx_902_eus-gaap--AssetsHeldInTrust_iI_c20230713_zusPZ2LdtS5e" title="Asset, held in trust">70,000</span> for each one-month extension. At the Special Meeting, the shareholders of the Company approved a special resolution to the Articles of Association to extend the time to consummate a business combination until October 18, 2024 and the Amendment in accordance with the Company’s Amended and Restated Memorandum of Association and Articles of Association (the “Articles of Association”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the shareholders’ vote at the Special Meeting, <span id="xdx_90C_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20230711__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zPXgRkDY7C46" title="Aggregate value">14,202,813</span> Class A shares were tendered for redemption. Shareholders validly redeemed their Class A ordinary shares for $<span id="xdx_90D_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20230711__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3XjaiF9MwDc" title="Temporary equity, aggregate amount of redemption requirement">149,486,187</span>, or approximately $<span id="xdx_900_eus-gaap--TemporaryEquityRedemptionPricePerShare_iI_c20230711__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zj4PRlr3ZEud" title="Temporary equity, redemption price per share">10.53</span> per Class A ordinary share. The trustee processed the redemptions on July 11, 2023 and distributed amounts from the Trust Account to the redeeming shareholders on July 26, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately after the Special Meeting, the Company extended the time to complete the business combination by one (1) month to August 18, 2023, and deposited the sum of $<span id="xdx_901_eus-gaap--PaymentsToAcquireRestrictedInvestments_c20230818__20230818_ziC01nredse7" title="Payments to acquire restricted investments">70,000</span> into the Trust Account in accordance with the terms of the Trust Agreement. The Company has exercised thirteen (13) of the fifteen (15) additional one (1) month extension periods, depositing an aggregate of $<span id="xdx_908_eus-gaap--PaymentsToAcquireOtherInvestments_c20230818__20230818_zUxoOxjGgZH6" title="Payments to acquire other investments">910,000</span> into the Trust Account, to extend the time to complete the business combination to April 18, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 18, 2024, as approved by its shareholders at the annual general meeting held on August 18, 2024 (the “Annual Meeting”), the Company and its trustee, Continental Stock Transfer &amp; Trust Company, amended the Investment Management Trust Agreement dated January 12, 2022, as amended on July 13, 2023, in order to allow the Company to extend the time to complete a business combination on a month-to-month basis, until July 18, 2025 (the “Extended Termination Date” or the “Extended Combination Period”) by placing $<span id="xdx_90B_eus-gaap--PaymentsToAcquireInvestments_c20240818__20240818_zpjOymqwUqoc" title="Payments to acquire investments">30,000</span> into the Company’s Trust Account. The Company exercised eleven (11) additional one-month extension periods, depositing an aggregate of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20240818_z9v4ZySc4xAg" title="Face amount">330,000</span> into the Trust Account to extend the time to complete the business combination to July 18, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 14, 2025, the shareholders’ at the extraordinary meeting held on July 14, 2025 (the “Extraordinary Meeting”) approved an amendment to the Trust Agreement that allows the Company to extend the time to complete a business combination on a semi-month basis, until October 18, 2025 by placing into the Company’s trust account he lesser of $<span id="xdx_90B_eus-gaap--SaleOfStockPricePerShare_iI_c20250714__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zMqW1dJzatJa" title="Price per share">0.02</span> per non-redeemed Class A ordinary share, or $<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20250714__20250714__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zAijexAenAB7" title="Issuance of shares">15,000</span>. The Company exercised six (6) additional semi-monthly extension periods, depositing an aggregate of $<span id="xdx_90F_eus-gaap--PaymentsToAcquireOtherInvestments_c20250714__20250714_zhWufUCXyKz4" title="Payments to acquire other investments">75,000</span> into the Trust Account to extend the time to complete the business combination to October 18, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Extraordinary Meeting, <span id="xdx_90F_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20250101__20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zXPRyBNLUKd2" title="Issuance of shares redeemed">371,545</span> Class A shares were tendered for redemption. Shareholders validly redeemed their Class A ordinary shares for $<span id="xdx_90E_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_c20250101__20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zWV7rZ4UH0W1" title="Issuance of shares redeemed">4,492,794</span>, or approximately $<span id="xdx_906_eus-gaap--SaleOfStockPricePerShare_iI_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zlUlssuhv076" title="Price per share">12.10</span> per Class A ordinary share (see Note 10).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 28, 2025, the Company held a meeting (the “Approval Meeting”) to approve the Business Combination. At the Meeting, <span id="xdx_90D_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20250728__20250728__us-gaap--BusinessAcquisitionAxis__us-gaap--SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_zwiX2d0A2Fih" title="Issuance of business combinations">5,186,264</span> or <span id="xdx_900_ecustom--BusinessAcquisitionSharesPercentageAcquired_iI_pid_uPure_c20250728__us-gaap--BusinessAcquisitionAxis__us-gaap--SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_zxKbxpccJxSk" title="Business combinations interest rate">84.79</span>% of such Shares were represented in person or by proxy, and the Business Combination was approved. In connection with the Approval Meeting, <span id="xdx_909_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20250728__20250728__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zwdl8h2bJBJ1" title="Issuance of shares redeemed">99,187</span> Class A ordinary shares were tendered for redemption. Shareholders validly redeemed their Class A ordinary shares for $<span id="xdx_90C_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_c20250728__20250728__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zNqlP8TLvVBk" title="Issuance of shares redeemed value">1,222,631</span>, or approximately $<span id="xdx_907_eus-gaap--SharePrice_iI_c20250728__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zVXrmZsJ4pV4" title="Price per share">12.33</span> per Class A ordinary share. As a result, <span id="xdx_904_eus-gaap--SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfShares_iI_c20250728__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zR3F9uXhJqV" title="Issuance of shares">901,955</span> Class A ordinary shares subject to redemption remained outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 14, 2025, as approved by its shareholders at the extraordinary meeting held on October 14, 2025 (the “Final Extension Meeting”), the Company, and its trustee, Continental Stock Transfer &amp; Trust Company amended the Investment Management Trust Agreement, dated as of January 12, 2022, as amended (the “Trust Agreement”), in order to allow the Company to extend the time to complete a business combination on a semi-month basis, until December 18, 2025 (the “Termination Date”) by placing into the Company’s Trust Account the lesser of $<span id="xdx_90B_eus-gaap--SaleOfStockPricePerShare_iI_c20251014__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zcwaWzy35XM4" title="Price per share">0.02</span> per non-redeemed Class A Ordinary Share (as defined below), or $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20251014__20251014__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zf5LcKS7ouAi" title="Issuance of common stock">15,000</span>. At the Final Extension Meeting, the shareholders of the Company approved by a special resolution, to amend Trust Agreement to extend the time by which the Company has to consummate a business combination until December 18, 2025 in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, adopted by special resolution dated January 5, 2022, as amended. See Note 10.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Final Extension Meeting, on October 16, 2025, the Company deposited $<span id="xdx_90B_eus-gaap--PaymentsToAcquireRestrictedInvestments_c20251016__20251016__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z3nHDKfPasli" title="Payments to acquire restricted investments">15,000</span> into the Company’s Trust Account to extend the time it has to complete its business combination until November 3, 2025. The Company has until December 18, 2025 to complete its business combination depositing $<span id="xdx_907_eus-gaap--PaymentsToAcquireRestrictedInvestments_c20251218__20251218__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z8ZJh5T8hR1" title="Payments to acquire restricted investments">15,000</span> for each semi-month extension into the Trust Account. No Class A Shares were redeemed in connection with the Final Extension Meeting. See Note 10.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Merger Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 22, 2024, the Company entered into a Merger Agreement, by and among the Company, CSLM Merger Sub Inc., and Fusemachines Inc., a Delaware corporation (“Fusemachines”) (as it may be amended and/or restated from time to time, the “Merger Agreement”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions thereof, Merger Sub will merge with and into Fusemachines, after which Fusemachines will be the surviving corporation and a wholly owned subsidiary of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 27, 2024, the Company entered into an amendment to the Merger Agreement (the “Merger Agreement Amendment”) whereby the Company will continue out of the Cayman Islands and into the State of Delaware to re-domicile and become a newly formed Delaware corporation by means of a merger with the Company, pursuant to the Cayman Islands Companies law and the applicable provisions of the Delaware General Corporation Law, with such newly formed Delaware corporation becoming the surviving corporation in the merger. In addition the Merger Agreement Amendment includes a provision that increases the amount the Company may borrow from the Sponsor from $<span id="xdx_90A_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20240827__srt--RangeAxis__srt--MinimumMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zieAiPUtXni4" title="Line of credit facility">2,000,000</span> to $<span id="xdx_907_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20240827__srt--RangeAxis__srt--MaximumMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zZTODCfO7fj" title="Line of credit facility">2,750,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, the Company issued a third amended and restated promissory note (the “3rd A&amp;R WC Promissory Note”) pursuant to which the Company may borrow up to an aggregate principal amount of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_c20250204__us-gaap--DebtInstrumentAxis__custom--ThirdAmendedAndRestatedPromissoryNoteMember_zOSmSmx0DAvb" title="Face amount">3,000,000</span>. The 3rd A&amp;R Promissory Note additionally includes a conversion feature whereby, notwithstanding the foregoing in the event of the Business Combination, the outstanding balance may be repaid at the Sponsor’s discretion, in cash or $<span id="xdx_90D_eus-gaap--DebtInstrumentPeriodicPaymentInterest_c20250204__20250204_zBv25vs4ZRoa" title="Debt instrument periodic payment interest">1,491,000</span> of the principal and accrued and unpaid interest shall be converted into the Company’s Class A ordinary shares at a share price of four dollars ($<span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20250204__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zGCBzeJgvPAh" title="Price per share">4.00</span>), the balance of which shall be payable in cash at the closing of the Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, Fusemachines, the Company, and CSLM Merger Sub, Inc. entered into the second amendment to the Merger Agreement (the “2nd Amendment”) which amends the Merger Agreement dated January 22, 2024 and the Merger Agreement Amendment dated August 27, 2024 (together, the “Original Merger Agreement”). The 2nd Amendment (a) amends the definition of the “PIPE Investment Amount” to mean the sum of (i) $<span id="xdx_908_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20250204__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember_zNH0WnbhIV7e" title="Line of credit facility">8,840,000</span>, and (ii) the Contingent PIPE Investment Amount, if any; and (b) removes the delay fees incurred in connection with delivery of Fusemachines’ financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the 2nd Amendment, an affiliate (the “Sponsor Affiliate”) of the Sponsor, provided financing to Fusemachines in the amount of $<span id="xdx_901_eus-gaap--NotesIssued1_c20240125__20240125__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember_zzEgN3Yg1uAk" title="Notes issued">2,160,000</span>, in exchange for a new convertible note which note shall convert into shares of common stock of Fusemachines at a price of $<span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20240125__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember_z7uKIVfGo4T9" title="Price per share">0.44</span> per share (a) automatically at the time of the Business Combination, or (b) on July 12, 2025 at the option of the holder, if not, then payable in cash (the “Escrow Note”). The funds from the Escrow Note shall be put in an escrow account held at Continental Stock Transfer and Trust Company, CSLM’s transfer agent (“CST”) pursuant to an escrow agreement among CSLM, the Sponsor Affiliate, Fusemachines and CST (the “Escrow Agreement”) and shall be released to the Surviving Corporation upon the consummation of the Business Combination. In addition, the maturity dates on the two promissory notes issued by Fuse to the Sponsor Affiliate on January 25, 2024 in the amounts of $<span id="xdx_907_eus-gaap--OtherNotesPayable_iI_pn5n6_c20240125__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember_zbbgVzlyYTdh" title="Other notes payable">4.5</span> million and $<span id="xdx_90F_eus-gaap--OtherNotesPayable_iI_pn6n6_c20240125__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember_zLpMYrZIdx6l" title="Other notes payable">2</span> million, were extended to <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_c20240125__20240125__us-gaap--TypeOfArrangementAxis__custom--SecondAmendedMergerAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember_za1ZhVCG3sU6" title="Maturity date">July 12, 2025</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, in connection with the 2nd Amendment, the parties to that certain Subscription Agreement dated January 25, 2024 among Fusemachines, the Company, the Sponsor and an affiliate of the Sponsor (the “Subscription Agreement”), entered into an amendment to the Subscription Agreement to revise the PIPE Investment Amount to $<span id="xdx_908_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20250204__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_z7G8wXutxWOb" title="Line of credit facility">8,840,000</span> (the “Subscription Agreement Amendment”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 31, 2025, in connection with the Business Combination, CSLM, Pubco, and Fusemachines entered into a forward purchase agreement (the “Forward Purchase Agreement”) with each of Meteora Capital Partners, LP (“MCP”), Meteora Select Trading Opportunities Master, LP (“MSTO”) and Meteora Strategic Capital LLC (“MSC”) (with MCP, MSTO and MSC collectively as “Seller”) for an OTC Equity Prepaid Forward Transaction. For purposes of the Forward Purchase Agreement, “Counterparty” refers to CSLM prior to the consummation of the business combination and Holdco after the consummation of the Business Combination. The Forward Purchase Agreement provides that Seller shall be prepaid an aggregate cash amount (the “Prepayment Amount”) equal (x) to the product of (i) the number of shares as set forth in a pricing date notice and (ii) the approximate per share redemption price payable to redeeming shareholders in connection with the Business Combination pursuant to the Counterparty’s Amended and Restated Memorandum and Articles of Association) (the “Initial Price”). Counterparty will pay to the Seller the Prepayment Amount directly from the Trust Account no later than the earlier of (a) one business day after the closing date of the Business Combination and (b) the date any assets from the Trust Account are disbursed in connection with the Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seller in its sole discretion may request warrants of the Counterparty exercisable for shares in an amount equal to (i) the maximum number of shares less (ii) the number of shares specified in the pricing date notice (the “Shortfall Warrants,” and the shares underlying the Shortfall Warrants, the “Shortfall Warrant Shares”). The Shortfall Warrants shall have an exercise price equal to the reset price. The Form of Shortfall Warrant shall be agreed upon by the parties hereto within 45 days of the date of the Forward Purchase Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 22, 2025 (the “Closing Date”), the Business Combination was consummated whereby (a) Merger Sub merged with and into Fusemachines with Fusemachines as the surviving corporation and becoming a wholly-owned subsidiary of Pubco; (b) the issued and outstanding shares of Fusemachines were exchanged for $<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20251022__20251022__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zsvUOmi5PL4d" title="Issuance of share value">200,000,000</span> in the form of newly-issued shares of Pubco common stock valued at $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20251022__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z8NBslEBvX6k" title="Common stock, par value">10.00</span> per share (the “Aggregate Base Consideration”). On the Closing Date, (a) the shareholders of Fusemachines were issued an aggregate of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zrcH3nMJk4E5" title="Issuance of share value">19,214,201</span> shares of New Fusemachines Common Stock, an aggregate of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zgiomWlmukac" title="Issuance of exercise share">693,420</span> shares of New Fusemachines Common Stock were reserved for issuance upon the exercise of stock options, and an aggregate of <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesReverseStockSplits_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zjhF3MiteLFh" title="Issuance of reserve share">122,211</span> shares of New Fusemachines Common Stock were reserved for issuance upon the exercise of common stock warrants; (b) the public shareholders of CSLM received an aggregate of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesOther_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_znuVVtjptCv8" title="Issuance of shares">901,955</span> shares of New Fusemachines Common Stock, (c) all public rights were converted into <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zFiKtSKEhDch" title="Issuance of converted shares">1,897,500</span> shares of New Fusemachines Common Stock; (d) New Fusemachines issued an aggregate of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20251022__20251022__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zraHaRrymU7a" title="Issuance of share">4,743,750</span> shares of New Fusemachines Common Stock to private placement investors; (e) New Fusemachines issued an aggregate of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20251022__20251022__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z7inmthc7Cp3" title="Issuance of share">1,184,000</span> shares of New Fusemachines Common Stock, in connection with the PIPE Financing; and (f) the Sponsor Convertible Notes were exchanged for an aggregate of <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_c20251022__20251022__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zQazWarCKtb9" title="Issuance of share conversion of units">408,639</span> newly-issued shares of New Fusemachines Common Stock. See Note 10.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks and Uncertainties</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Results of operations and the Company’s ability to complete an Initial Business Combination may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond its control. The business could be impacted by, among other things, downturns in the financial markets or in economic conditions, inflation, increases in interest rates, adverse developments affecting the financial services industry, and geopolitical instability, such as the military conflict in the Ukraine and the middle east.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any of the foregoing consequences, including those we cannot yet predict, may cause our business, financial condition, results of operations and the price of our ordinary shares to be adversely affected. The Financial Statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going Concern Consideration</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2025 and December 31, 2024, the Company had $<span id="xdx_903_eus-gaap--Cash_iI_c20250930_zT8PsH6CsXmc" title="Cash">9,284</span> and $<span id="xdx_90E_eus-gaap--Cash_iI_c20241231_z7O28dDLZjKc" title="Cash">83,227</span> in cash, respectively, and a working capital deficit of $<span id="xdx_90F_ecustom--WorkingCapitalDeficit_iI_c20250930_zhoGUCFdJCNk" title="Working capital deficit">37,206,142</span> and $<span id="xdx_90B_ecustom--WorkingCapitalDeficit_iI_c20241231_z2rocXvrfpBi" title="Working capital deficit">4,056,679</span>, respectively, excluding Marketing Securities held in the Trust Account and the Deferred Underwriter Fee liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s liquidity needs through September 30, 2025 had been satisfied through a payment from the Sponsor of $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20250101__20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zbLRG1Ys5F76" title="Stock issued during period, value, issued for services">25,000</span> for Class B ordinary shares, par value $<span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zX7IWR7nsKU2" title="Common stock, par value">0.0001</span> per share (“Class B ordinary shares” and shares thereof, “founder shares”), the Initial Public Offering and the sale of the private placement warrants (see Note 3 and Note 4). Additionally, the Company drew on an unsecured promissory note to pay certain offering costs and an unsecured promissory note bearing interest at <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_uPure_c20250930_zTjjw083MLO3" title="Interest rate">4.75</span>% per annum for working capital needs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period within one year after the date that the Financial Statements are issued. Management plans to address this uncertainty through related party loans from the Sponsor, an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates (“Working Capital Loans”) (see Note 5) and effecting a Business Combination. However, there is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful or successful within the Combination Period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Financial Statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 18975000 2475000 1 0.0001 1 11.50 10.00 189750000 7942500 1.00 7942500 10.00 2250000 191647500 70000 70000 14202813 149486187 10.53 70000 910000 30000 330000 0.02 15000 75000 371545 4492794 12.10 5186264 84.79 99187 1222631 12.33 901955 0.02 15000 15000 15000 2000000 2750000 3000000 1491000 4.00 8840000 2160000 0.44 4500000 2000000 2025-07-12 8840000 200000000 10.00 19214201 693420 122211 901955 1897500 4743750 1184000 408639 9284 83227 37206142 4056679 25000 0.0001 4.75 <p id="xdx_800_eus-gaap--SignificantAccountingPoliciesTextBlock_zUxFK4ehUV58" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2 - <span>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_829_zut8bPOAUXv2">Summary of Significant Accounting Policies</span></span></span></p> <p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_znQSHAZmv9P6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis of Presentation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying Financial Statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair statement of the financial position, operating results and cash flows for the periods presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on April 11, 2025, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2024 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The interim results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any future interim periods</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--EmergingGrowthCompanyPolicyTextBlock_zlLpTiALSeC8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Emerging Growth Company</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company, which is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--UseOfEstimates_z1CWL6luzfmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zi532PGia0o5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash and Cash Equivalents</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--MarketableSecuritiesPolicy_zwwgD95Ncy3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Marketable Securities Held in Trust Account</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the Initial Public Offering on January 18, 2022, an amount of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220118__20220118_zUcE6qJf8Ch9" title="Gross proceeds">191,647,500</span> from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants were placed in the Trust Account and may be invested only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Trust Account is intended as a holding place for funds pending the earliest to occur of: (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete the initial Business Combination within 12 months from the closing of the Initial Public Offering or (B) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity; or (iii) absent an initial Business Combination within 12 months from the closing of the Initial Public Offering, the return of the funds held in the Trust Account to the public shareholders as part of redemption of the public shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--EarningsPerSharePolicyTextBlock_zhcGjv1J8m9a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net Income (Loss) Per Ordinary Share</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The statements of operations include a presentation of income (loss) per Class A redeemable ordinary shares and income (loss) per non-redeemable Class A and Class B ordinary shares following the two-class method of income per common stock. In order to determine the net income (loss) attributable to both the Class A redeemable ordinary shares and non-redeemable Class A and Class B ordinary shares, the Company first considered the total income (loss) allocable to both sets of stock. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the Class A ordinary shares subject to possible redemption was treated as dividends paid to the public shareholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using the total number of shares outstanding for each share class at each respective period, before and after redemptions and conversions, for the three and nine months ended September 30, 2025 and 2024, reflective of the respective participation rights.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zaH8LaWuKlY1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the three and nine months ended September 30, 2025 (in dollars, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">   <span id="xdx_8BD_zRt5kFLgfXP7">SCHEDULE OF NET INCOME LOSS ORDINARY SHARE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250701__20250930_zk2jiyzhzNCc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the<br/> Three Months<br/> Ended <br/> September 30,<br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_zE11PxLOK9f4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(19,839,905</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_zNdsIGKlsV9i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(209,827</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zM808LaZySD1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss including remeasurement of temporary equity to redemption value</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(20,049,732</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">   </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_z7ylozV6Dagc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zFEJZ7hcc0j3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_z5fAGxMQwNC3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended<br/> September 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--TemporaryEquitySharesOutstanding_iE_zoc5xsXB9Q2g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">901,955</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,743,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zlPVgblC1pvk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net loss including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,443,187</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(16,606,542</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_z0ALmSFd32we" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">209,827</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6618">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6619">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zwsLS0oO79j1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total net loss allocated by class</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(3,233,360</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(16,606,542</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(3</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zW27Uc3Ec1S" title="Weighted-average shares outstanding, basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zkYrn7hFlC9f" title="Weighted-average shares outstanding, diluted">983,565</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zG8Yz0UAOB3d" title="Weighted-average shares outstanding, basic"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zbKbnMbtUAXi" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_ztUQU4dEEqb" title="Weighted-average shares outstanding, basic"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zGOSKVSBXt2d" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net loss per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--EarningsPerShareBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zMxruDWEP8hc" title="Basic net loss per share"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zj0Coj4bfWw1" title="Diluted net loss per share">(3.29</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_905_eus-gaap--EarningsPerShareBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zTJAd4YcXXf5" title="Basic net loss per share"><span id="xdx_906_eus-gaap--EarningsPerShareDiluted_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zI2XUvpeC8ch" title="Diluted net loss per share">(3.50</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EarningsPerShareBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zYRfUxJFfi0b" title="Basic net loss per share"><span id="xdx_904_eus-gaap--EarningsPerShareDiluted_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zHG53LIVj4nb" title="Diluted net loss per share">(3.50</span></span></td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250930_zkPEiWLJEwn5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the <br/> Nine Months<br/> Ended<br/> September 30,<br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_z6I6qLqD9LB7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(22,105,674</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_zYRWLyodGP89" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(728,929</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zYGXHtLjfxU1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss including remeasurement of temporary equity to redemption value     </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(22,834,603</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zerT0XOJBekb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zNKFLv9aeNw4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_ziGzXadPCeh4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Nine Months Ended<br/> September 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--TemporaryEquitySharesOutstanding_iE_ziMrsWw8o9qk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">901,955</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,743,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zKyaFMJqQtu8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net loss including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,736,668</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(18,097,932</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zindJaQgtAv2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">728,929</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6664">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6665">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zUT8yLGZ48gd" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><b>Total net loss allocated by class</b></td><td style="font-weight: bold; padding-bottom: 2.5pt"><b> </b></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><b>$</b></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><b>(4,007,739</b></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><b>)</b></td><td style="padding-bottom: 2.5pt"><b> </b></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><b>$</b></td><td style="border-bottom: Black 2.5pt double; text-align: right"><b>(18,097,932</b></td><td style="padding-bottom: 2.5pt; text-align: left"><b>)</b></td><td style="font-weight: bold; padding-bottom: 2.5pt"><b> </b></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><b>$</b></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><b>(3</b></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><b>)</b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zUzySFO934Bk" title="Weighted-average shares outstanding, basic"><span id="xdx_90F_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zlG2BrTQZU5k" title="Weighted-average shares outstanding, diluted">1,241,554</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zjsTuic12xRe" title="Weighted-average shares outstanding, basic"><span id="xdx_90D_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zbA8blYgzu4c" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zLzNLOvEVlX1" title="Weighted-average shares outstanding, basic"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zsyc1bWy5Nw3" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net loss per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zXDTq6q8D722" title="Basic net loss per share"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zOS7koLz8z86" title="Diluted net loss per share">(3.23</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_900_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zNPpXBnp6oxf" title="Basic net loss per share"><span id="xdx_903_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_z9E6KOrLAl26" title="Diluted net loss per share">(3.82</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_904_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zuIemTLTaaLk" title="Basic net loss per share"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zsHkw7R0Ypvl" title="Diluted net loss per share">(3.82</span></span></td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the three and nine months ended September 30, 2024 (in dollars, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240701__20240930_zQr0524ixRSk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the <br/> Three Months<br/> Ended<br/> September 30,<br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_zdXf3YcvKMna" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(132,909</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_z96RxywCmcSb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(610,118</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zD8r9DbE2jl6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss including remeasurement of temporary equity to redemption value     </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(743,027</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zXw45OvIJAkg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zNi3CfaT03c9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zbF0EuXnlEcc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended<br/> September 30, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--TemporaryEquitySharesOutstanding_iE_zKuJ30QGBRs4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">1,372,687</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">4,743,749</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">1</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zrHAdzzV78oc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net income including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(278,639</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(464,388</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zJC6cjPVHcdd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">610,118</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6710">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6711">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zi1b0SjofKxl" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total net income (loss) allocated by class</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">331,479</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(464,388</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zlabGSr04kzb" title="Weighted-average shares outstanding, basic"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zVedNobQ1yd9" title="Weighted-average shares outstanding, diluted">3,220,241</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zHLLVwiuKmqf" title="Weighted-average shares outstanding, basic"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zSBgRlBahzi1" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zsWG1JQo6J63" title="Weighted-average shares outstanding, basic"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zSI4dRanspD5" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_901_eus-gaap--EarningsPerShareBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zq8Xg7VLFcj6" title="Basic net income (loss) per share"><span id="xdx_90A_eus-gaap--EarningsPerShareDiluted_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zbDKsoTUfR9i" title="Diluted net income (loss) per share">0.10</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zB6DLp1NkMw2" title="Basic net income (loss) per share"><span id="xdx_904_eus-gaap--EarningsPerShareDiluted_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zSU8v6oDeGZc" title="Diluted net income (loss) per share">(0.10</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_902_eus-gaap--EarningsPerShareBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zKe98ug4nIXh" title="Basic net income (loss) per share"><span id="xdx_909_eus-gaap--EarningsPerShareDiluted_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zoD9sh3kXnai" title="Diluted net income (loss) per share">(0.10</span></span></td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240101__20240930_z0q7ia4VbNHl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the<br/> Nine Months<br/> Ended<br/> September 30,<br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_zy4gexqmPZkh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">437,633</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_z9Li0t5JGLkf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,399,140</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zYgOJYJVHJv1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss including remeasurement of temporary equity to redemption value</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,961,507</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zqsCaIuPzFxl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zsJdoGu5cMdg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zOtKCxPcNv44" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Nine Months Ended<br/> September 30, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--TemporaryEquitySharesOutstanding_iE_zfPlFt7bDHm2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">1,372,687</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">4,743,749</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zvmvJSz98Sd7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net income including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(889,701</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,071,806</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zpwze5VwpWu7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,399,140</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6756">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6757">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zLSm6Tmgp6Mb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total net income (loss) allocated by class</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,509,439</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,071,806</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zRNTwHjE4Lwc" title="Weighted-average shares outstanding, basic"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zl2y4zBqjl18" title="Weighted-average shares outstanding, diluted">4,251,096</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zX32teMReHn2" title="Weighted-average shares outstanding, basic"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zVlUxyssArTf" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zW0U2u8jhOe6" title="Weighted-average shares outstanding, basic"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zhEu7BkP6bC1" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_902_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zWfv6RlrIClf" title="Basic net income (loss) per share"><span id="xdx_90B_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zDvKtkz6akuf" title="Diluted net income (loss) per share">0.36</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zsEqq0fw7iJ6" title="Basic net income (loss) per share"><span id="xdx_90E_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_z2gaJt4kqmce" title="Diluted net income (loss) per share">(0.23</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zPlIwNcVO4Q3" title="Basic net income (loss) per share"><span id="xdx_90C_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zWK9jzJx5OSb" title="Diluted net income (loss) per share">(0.23</span></span></td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8AD_z7dwXJViGQYg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zKKfzTY1vhEl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair value of Financial Instruments</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 820, Fair Value Measurement, defines fair value as the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value measurements are classified on a three-tier hierarchy as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as calculations derived from valuation techniques in which one or more significant inputs or significant value drivers are observable.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In many cases, if a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy described above, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of the Company’s assets and liabilities, which qualify as financial instruments approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--DerivativesPolicyTextBlock_zmvljBM2Od9i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Derivative Financial Instruments</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--WarrantsAndRightsPolicyTextBlock_zYRjblXNZcBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants and Rights</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for the public and private warrants and rights as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in FASB ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). Pursuant to the Company’s evaluation, the Company concluded that the public and private warrants and rights do not meet the criteria to be accounted for as liability under ASC 480. The Company further evaluated the public and private warrants and rights under “ASC 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity” (“ASC 815-40”) and concluded that the public warrants, private placement warrants and rights are indexed to the Company’s own stock and meet the criteria to be classified in shareholders’ deficit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--StockholdersEquityPolicyTextBlock_zh7WenwOH1hg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ordinary Shares Subject to Possible Redemption</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. In connection with the shareholders’ vote at the Special meeting of shareholders held by the Company on June 29, 2023, <span id="xdx_904_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20250629__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zSiqNrBPsqO2" title="Aggregate value">14,202,813</span> Class A ordinary shares were tendered for redemption for an aggregate value of $<span id="xdx_901_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20250629__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zcryvQR2JXBb" title="Aggregate value of redemption">149,486,187</span> and distributed from the Trust Account on July 26, 2023. In connection with the shareholders’ vote at the Annual Meeting of the shareholders held by the Company on August 18, 2024, <span id="xdx_90C_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20240818__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z5NpnfX8OYr8" title="Aggregate value">3,399,500</span> Class A ordinary shares were tendered for redemption at an aggregate value of $<span id="xdx_902_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20240818__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zu35gzWLHiNa" title="Aggregate value of redemption">38,596,223</span> and distributed from the Trust Account on August 21, 2024. In connection with the Extraordinary Meeting on July 14, 2025, <span id="xdx_904_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20250714__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zhq8Sa0iLa79" title="Aggregate value">371,545</span> Class A ordinary shares were tendered for redemption at an aggregate value of $<span id="xdx_909_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20250714__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_znIjBcLzW58a" title="Aggregate value of redemption">4,492,794</span> and distributed from the Trust Account on July 17, 2025. In connection with the Approval Meeting on July 28, 2025, <span id="xdx_90D_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20250728__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zxieiPukvGi8" title="Aggregate value">99,187</span> Class A ordinary shares were tendered for redemption at an aggregate value of $<span id="xdx_903_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20250728__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zfvwtb08RZNg" title="Aggregate value of redemption">1,222,631</span> and were distributed from the Trust Account in connection with the closing of the Business Combination. Accordingly, at September 30, 2025 and December 31, 2024, <span id="xdx_90B_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20250930_zqEp9pW0kLze" title="Aggregate value">901,955</span> and <span id="xdx_908_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20241231_zvEhZSMLrlR4" title="Aggregate value">1,372,687</span> shares of Class A ordinary shares subject to possible redemption, respectively, are presented, at redemption value equal to the amount held in the Trust Account, as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The proceeds of the offering were allocated to the Class A ordinary shares and the Public Warrants and Rights based on their relative fair values. The Company recognizes changes in redemption value of Class A ordinary shares subject to possible redemption immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional capital, in accumulated deficit. The Company has recorded remeasurements of $<span id="xdx_908_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_iN_di_c20250701__20250930_zjAQEN722XNh" title="Remeasurement of temporary equity to redemption value">209,827</span> and $<span id="xdx_901_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_iN_di_c20240701__20240930_zbi7V72Gv8Gb" title="Remeasurement of temporary equity to redemption value">610,118</span> for the three months ended September 30, 2025 and 2024, respectively, and $<span id="xdx_90B_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_iN_di_c20250101__20250930_zja3SxuBPKY4" title="Remeasurement of temporary equity to redemption value">728,929</span> and $<span id="xdx_904_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_iN_di_c20240101__20240930_znt5BYAVMecl" title="Remeasurement of temporary equity to redemption value">2,399,140</span> for the nine months ended September 30, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--IncomeTaxPolicyTextBlock_z6Rq3dQoaJCf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income taxes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for income taxes in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under the asset and liability, method as required by this accounting standard, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities in the financial statements and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to the period when assets are realized or liability is settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in the operation of statement in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20250101__20250930_zdLWOtP6vJTd" title="Effective income tax rate">50</span>% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. There were <span id="xdx_90F_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20250930_zMSfG7VE9dTl" title="Unrecognized tax benefits"><span id="xdx_90E_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20241231_z0SLXTF8tQKi" title="Unrecognized tax benefits">no</span></span> unrecognized tax benefits as of September 30, 2025 or December 31, 2024. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. <span id="xdx_905_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_iI_do_c20250930_zVD442Sifsvj" title="Unrecognized tax benefits and penalties"><span id="xdx_902_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_iI_do_c20241231_zFR7jYVjXIfj" title="Unrecognized tax benefits and penalties">No</span></span> amounts were accrued for the payment of interest and penalties as of September 30, 2025 or December 31, 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--CovenantFeesPolicyTextBlock_zwAzEzqlhQR7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Covenant Fees</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Merger Agreement, Fusemachines is covenanted to deliver to the Company its audited financial statements for the twelve month periods ended December 31, 2023 and 2022 (the “Fusemachines Audited Financial Statements”) for inclusion in the registration statement on Form S-4 to be filed by the Company in connection with the Business Combination (the “Registration Statement”), and that such Fusemachines Audited Financial Statements have been prepared in conformity with U.S. GAAP applied on a consistent basis and in accordance with the requirements of the Public Company Accounting Oversight Board for public companies. Fusemachines has covenanted to provide the Fusemachines Audited Financial Statements no later than February 29, 2024, or incur delay fees in the amount equal to $<span id="xdx_904_eus-gaap--PaymentsForFees_c20250101__20250930__us-gaap--AwardTypeAxis__custom--FirstOneMonthMember_zbzcyRHtgE95" title="Delay fees">35,000</span> for the first one-month delay to March 31, 2024 (pro-rated for a partial month), $<span id="xdx_908_eus-gaap--PaymentsForFees_c20250101__20250930__us-gaap--AwardTypeAxis__custom--SecondOneMonthMember_z0ZdvZ7bCQSi" title="Delay fees">50,000</span> for the second one-month delay to April 30, 2024 and thereafter $<span id="xdx_901_eus-gaap--PaymentsForFees_c20250101__20250930__us-gaap--AwardTypeAxis__custom--EachSubsequentOneMonthMember_zo4Hed22gqIk" title="Delay fees">70,000</span> for each subsequent one-month delay (pro-rated for any partial month). The Company determined that collection of the other receivable was not probable in June 2024 and established a reserve for credit losses equal to the other receivable. In connection with the 2nd Amendment, the delay fees clause related to delayed delivery of Fusemachine’s Audited Financial Statements were removed and such delay fees incurred were forgiven. As such, the Company recorded a write off of the receivable and a corresponding reduction to the reserve for credit losses. As such, $<span id="xdx_90E_eus-gaap--OtherReceivables_iI_c20250930_zDUKKcRILgnk" title="Other receivable">505,000</span> of other receivable and $<span id="xdx_900_eus-gaap--ProvisionForOtherLosses_c20250101__20250930_zNJTuIwbXcMf" title="Provision for other credit losses">505,000</span> reserve for credit losses was removed from the condensed consolidated balance sheets during the nine months ended September 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_ecustom--RelatedPartyPolicyTextBlock_zrzg5Ewc94El" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related Parties</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zYlxV1HskrLf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration of Credit Risk</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed Federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. At September 30, 2025 and December 31, 2024, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z2DvfjEjlGrh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent Accounting Pronouncements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. ASU 2023-09 will become effective for annual periods beginning after December 15, 2024. The Company is still reviewing the impact of ASU 2023-09.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has considered all new accounting pronouncements and has concluded that there are no additional new pronouncements that may have a material impact on the results of operations, financial condition, or cash flows, based on the current information.</span></p> <p id="xdx_856_zCKLh6ZsMLsj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_znQSHAZmv9P6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis of Presentation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying Financial Statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair statement of the financial position, operating results and cash flows for the periods presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on April 11, 2025, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2024 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The interim results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any future interim periods</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--EmergingGrowthCompanyPolicyTextBlock_zlLpTiALSeC8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Emerging Growth Company</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company, which is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--UseOfEstimates_z1CWL6luzfmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zi532PGia0o5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash and Cash Equivalents</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--MarketableSecuritiesPolicy_zwwgD95Ncy3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Marketable Securities Held in Trust Account</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the Initial Public Offering on January 18, 2022, an amount of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220118__20220118_zUcE6qJf8Ch9" title="Gross proceeds">191,647,500</span> from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants were placed in the Trust Account and may be invested only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Trust Account is intended as a holding place for funds pending the earliest to occur of: (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete the initial Business Combination within 12 months from the closing of the Initial Public Offering or (B) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity; or (iii) absent an initial Business Combination within 12 months from the closing of the Initial Public Offering, the return of the funds held in the Trust Account to the public shareholders as part of redemption of the public shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 191647500 <p id="xdx_84A_eus-gaap--EarningsPerSharePolicyTextBlock_zhcGjv1J8m9a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net Income (Loss) Per Ordinary Share</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The statements of operations include a presentation of income (loss) per Class A redeemable ordinary shares and income (loss) per non-redeemable Class A and Class B ordinary shares following the two-class method of income per common stock. In order to determine the net income (loss) attributable to both the Class A redeemable ordinary shares and non-redeemable Class A and Class B ordinary shares, the Company first considered the total income (loss) allocable to both sets of stock. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the Class A ordinary shares subject to possible redemption was treated as dividends paid to the public shareholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using the total number of shares outstanding for each share class at each respective period, before and after redemptions and conversions, for the three and nine months ended September 30, 2025 and 2024, reflective of the respective participation rights.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zaH8LaWuKlY1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the three and nine months ended September 30, 2025 (in dollars, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">   <span id="xdx_8BD_zRt5kFLgfXP7">SCHEDULE OF NET INCOME LOSS ORDINARY SHARE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250701__20250930_zk2jiyzhzNCc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the<br/> Three Months<br/> Ended <br/> September 30,<br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_zE11PxLOK9f4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(19,839,905</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_zNdsIGKlsV9i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(209,827</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zM808LaZySD1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss including remeasurement of temporary equity to redemption value</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(20,049,732</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">   </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_z7ylozV6Dagc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zFEJZ7hcc0j3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_z5fAGxMQwNC3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended<br/> September 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--TemporaryEquitySharesOutstanding_iE_zoc5xsXB9Q2g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">901,955</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,743,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zlPVgblC1pvk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net loss including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,443,187</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(16,606,542</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_z0ALmSFd32we" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">209,827</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6618">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6619">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zwsLS0oO79j1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total net loss allocated by class</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(3,233,360</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(16,606,542</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(3</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zW27Uc3Ec1S" title="Weighted-average shares outstanding, basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zkYrn7hFlC9f" title="Weighted-average shares outstanding, diluted">983,565</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zG8Yz0UAOB3d" title="Weighted-average shares outstanding, basic"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zbKbnMbtUAXi" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_ztUQU4dEEqb" title="Weighted-average shares outstanding, basic"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zGOSKVSBXt2d" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net loss per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--EarningsPerShareBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zMxruDWEP8hc" title="Basic net loss per share"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zj0Coj4bfWw1" title="Diluted net loss per share">(3.29</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_905_eus-gaap--EarningsPerShareBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zTJAd4YcXXf5" title="Basic net loss per share"><span id="xdx_906_eus-gaap--EarningsPerShareDiluted_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zI2XUvpeC8ch" title="Diluted net loss per share">(3.50</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EarningsPerShareBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zYRfUxJFfi0b" title="Basic net loss per share"><span id="xdx_904_eus-gaap--EarningsPerShareDiluted_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zHG53LIVj4nb" title="Diluted net loss per share">(3.50</span></span></td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250930_zkPEiWLJEwn5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the <br/> Nine Months<br/> Ended<br/> September 30,<br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_z6I6qLqD9LB7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(22,105,674</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_zYRWLyodGP89" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(728,929</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zYGXHtLjfxU1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss including remeasurement of temporary equity to redemption value     </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(22,834,603</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zerT0XOJBekb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zNKFLv9aeNw4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_ziGzXadPCeh4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Nine Months Ended<br/> September 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--TemporaryEquitySharesOutstanding_iE_ziMrsWw8o9qk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">901,955</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,743,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zKyaFMJqQtu8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net loss including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,736,668</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(18,097,932</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zindJaQgtAv2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">728,929</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6664">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6665">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zUT8yLGZ48gd" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><b>Total net loss allocated by class</b></td><td style="font-weight: bold; padding-bottom: 2.5pt"><b> </b></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><b>$</b></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><b>(4,007,739</b></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><b>)</b></td><td style="padding-bottom: 2.5pt"><b> </b></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><b>$</b></td><td style="border-bottom: Black 2.5pt double; text-align: right"><b>(18,097,932</b></td><td style="padding-bottom: 2.5pt; text-align: left"><b>)</b></td><td style="font-weight: bold; padding-bottom: 2.5pt"><b> </b></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><b>$</b></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><b>(3</b></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><b>)</b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zUzySFO934Bk" title="Weighted-average shares outstanding, basic"><span id="xdx_90F_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zlG2BrTQZU5k" title="Weighted-average shares outstanding, diluted">1,241,554</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zjsTuic12xRe" title="Weighted-average shares outstanding, basic"><span id="xdx_90D_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zbA8blYgzu4c" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zLzNLOvEVlX1" title="Weighted-average shares outstanding, basic"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zsyc1bWy5Nw3" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net loss per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zXDTq6q8D722" title="Basic net loss per share"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zOS7koLz8z86" title="Diluted net loss per share">(3.23</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_900_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zNPpXBnp6oxf" title="Basic net loss per share"><span id="xdx_903_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_z9E6KOrLAl26" title="Diluted net loss per share">(3.82</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_904_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zuIemTLTaaLk" title="Basic net loss per share"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zsHkw7R0Ypvl" title="Diluted net loss per share">(3.82</span></span></td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the three and nine months ended September 30, 2024 (in dollars, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240701__20240930_zQr0524ixRSk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the <br/> Three Months<br/> Ended<br/> September 30,<br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_zdXf3YcvKMna" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(132,909</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_z96RxywCmcSb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(610,118</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zD8r9DbE2jl6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss including remeasurement of temporary equity to redemption value     </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(743,027</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zXw45OvIJAkg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zNi3CfaT03c9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zbF0EuXnlEcc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended<br/> September 30, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--TemporaryEquitySharesOutstanding_iE_zKuJ30QGBRs4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">1,372,687</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">4,743,749</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">1</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zrHAdzzV78oc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net income including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(278,639</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(464,388</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zJC6cjPVHcdd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">610,118</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6710">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6711">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zi1b0SjofKxl" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total net income (loss) allocated by class</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">331,479</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(464,388</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zlabGSr04kzb" title="Weighted-average shares outstanding, basic"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zVedNobQ1yd9" title="Weighted-average shares outstanding, diluted">3,220,241</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zHLLVwiuKmqf" title="Weighted-average shares outstanding, basic"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zSBgRlBahzi1" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zsWG1JQo6J63" title="Weighted-average shares outstanding, basic"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zSI4dRanspD5" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_901_eus-gaap--EarningsPerShareBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zq8Xg7VLFcj6" title="Basic net income (loss) per share"><span id="xdx_90A_eus-gaap--EarningsPerShareDiluted_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zbDKsoTUfR9i" title="Diluted net income (loss) per share">0.10</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zB6DLp1NkMw2" title="Basic net income (loss) per share"><span id="xdx_904_eus-gaap--EarningsPerShareDiluted_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zSU8v6oDeGZc" title="Diluted net income (loss) per share">(0.10</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_902_eus-gaap--EarningsPerShareBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zKe98ug4nIXh" title="Basic net income (loss) per share"><span id="xdx_909_eus-gaap--EarningsPerShareDiluted_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zoD9sh3kXnai" title="Diluted net income (loss) per share">(0.10</span></span></td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240101__20240930_z0q7ia4VbNHl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the<br/> Nine Months<br/> Ended<br/> September 30,<br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_zy4gexqmPZkh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">437,633</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_z9Li0t5JGLkf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,399,140</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zYgOJYJVHJv1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss including remeasurement of temporary equity to redemption value</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,961,507</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zqsCaIuPzFxl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zsJdoGu5cMdg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zOtKCxPcNv44" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Nine Months Ended<br/> September 30, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--TemporaryEquitySharesOutstanding_iE_zfPlFt7bDHm2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">1,372,687</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">4,743,749</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zvmvJSz98Sd7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net income including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(889,701</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,071,806</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zpwze5VwpWu7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,399,140</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6756">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6757">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zLSm6Tmgp6Mb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total net income (loss) allocated by class</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,509,439</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,071,806</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zRNTwHjE4Lwc" title="Weighted-average shares outstanding, basic"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zl2y4zBqjl18" title="Weighted-average shares outstanding, diluted">4,251,096</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zX32teMReHn2" title="Weighted-average shares outstanding, basic"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zVlUxyssArTf" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zW0U2u8jhOe6" title="Weighted-average shares outstanding, basic"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zhEu7BkP6bC1" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_902_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zWfv6RlrIClf" title="Basic net income (loss) per share"><span id="xdx_90B_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zDvKtkz6akuf" title="Diluted net income (loss) per share">0.36</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zsEqq0fw7iJ6" title="Basic net income (loss) per share"><span id="xdx_90E_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_z2gaJt4kqmce" title="Diluted net income (loss) per share">(0.23</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zPlIwNcVO4Q3" title="Basic net income (loss) per share"><span id="xdx_90C_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zWK9jzJx5OSb" title="Diluted net income (loss) per share">(0.23</span></span></td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8AD_z7dwXJViGQYg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zaH8LaWuKlY1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the three and nine months ended September 30, 2025 (in dollars, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">   <span id="xdx_8BD_zRt5kFLgfXP7">SCHEDULE OF NET INCOME LOSS ORDINARY SHARE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250701__20250930_zk2jiyzhzNCc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the<br/> Three Months<br/> Ended <br/> September 30,<br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_zE11PxLOK9f4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(19,839,905</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_zNdsIGKlsV9i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(209,827</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zM808LaZySD1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss including remeasurement of temporary equity to redemption value</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(20,049,732</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">   </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_z7ylozV6Dagc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zFEJZ7hcc0j3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_z5fAGxMQwNC3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended<br/> September 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--TemporaryEquitySharesOutstanding_iE_zoc5xsXB9Q2g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">901,955</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,743,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zlPVgblC1pvk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net loss including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,443,187</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(16,606,542</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_z0ALmSFd32we" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">209,827</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6618">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6619">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zwsLS0oO79j1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total net loss allocated by class</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(3,233,360</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(16,606,542</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(3</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zW27Uc3Ec1S" title="Weighted-average shares outstanding, basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zkYrn7hFlC9f" title="Weighted-average shares outstanding, diluted">983,565</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zG8Yz0UAOB3d" title="Weighted-average shares outstanding, basic"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zbKbnMbtUAXi" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_ztUQU4dEEqb" title="Weighted-average shares outstanding, basic"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zGOSKVSBXt2d" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net loss per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--EarningsPerShareBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zMxruDWEP8hc" title="Basic net loss per share"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zj0Coj4bfWw1" title="Diluted net loss per share">(3.29</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_905_eus-gaap--EarningsPerShareBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zTJAd4YcXXf5" title="Basic net loss per share"><span id="xdx_906_eus-gaap--EarningsPerShareDiluted_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zI2XUvpeC8ch" title="Diluted net loss per share">(3.50</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EarningsPerShareBasic_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zYRfUxJFfi0b" title="Basic net loss per share"><span id="xdx_904_eus-gaap--EarningsPerShareDiluted_pid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zHG53LIVj4nb" title="Diluted net loss per share">(3.50</span></span></td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250930_zkPEiWLJEwn5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the <br/> Nine Months<br/> Ended<br/> September 30,<br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_z6I6qLqD9LB7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(22,105,674</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_zYRWLyodGP89" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(728,929</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zYGXHtLjfxU1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss including remeasurement of temporary equity to redemption value     </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(22,834,603</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zerT0XOJBekb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zNKFLv9aeNw4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_ziGzXadPCeh4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Nine Months Ended<br/> September 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--TemporaryEquitySharesOutstanding_iE_ziMrsWw8o9qk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">901,955</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">4,743,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zKyaFMJqQtu8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net loss including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,736,668</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(18,097,932</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zindJaQgtAv2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">728,929</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6664">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6665">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zUT8yLGZ48gd" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><b>Total net loss allocated by class</b></td><td style="font-weight: bold; padding-bottom: 2.5pt"><b> </b></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><b>$</b></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><b>(4,007,739</b></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><b>)</b></td><td style="padding-bottom: 2.5pt"><b> </b></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><b>$</b></td><td style="border-bottom: Black 2.5pt double; text-align: right"><b>(18,097,932</b></td><td style="padding-bottom: 2.5pt; text-align: left"><b>)</b></td><td style="font-weight: bold; padding-bottom: 2.5pt"><b> </b></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><b>$</b></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><b>(3</b></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><b>)</b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zUzySFO934Bk" title="Weighted-average shares outstanding, basic"><span id="xdx_90F_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zlG2BrTQZU5k" title="Weighted-average shares outstanding, diluted">1,241,554</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zjsTuic12xRe" title="Weighted-average shares outstanding, basic"><span id="xdx_90D_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zbA8blYgzu4c" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zLzNLOvEVlX1" title="Weighted-average shares outstanding, basic"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zsyc1bWy5Nw3" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net loss per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zXDTq6q8D722" title="Basic net loss per share"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zOS7koLz8z86" title="Diluted net loss per share">(3.23</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_900_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zNPpXBnp6oxf" title="Basic net loss per share"><span id="xdx_903_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_z9E6KOrLAl26" title="Diluted net loss per share">(3.82</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_904_eus-gaap--EarningsPerShareBasic_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zuIemTLTaaLk" title="Basic net loss per share"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20250930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zsHkw7R0Ypvl" title="Diluted net loss per share">(3.82</span></span></td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables reflect the calculation of basic and diluted net income (loss) per ordinary shares for the three and nine months ended September 30, 2024 (in dollars, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240701__20240930_zQr0524ixRSk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the <br/> Three Months<br/> Ended<br/> September 30,<br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_zdXf3YcvKMna" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(132,909</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_z96RxywCmcSb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(610,118</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zD8r9DbE2jl6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss including remeasurement of temporary equity to redemption value     </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(743,027</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zXw45OvIJAkg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zNi3CfaT03c9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zbF0EuXnlEcc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended<br/> September 30, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--TemporaryEquitySharesOutstanding_iE_zKuJ30QGBRs4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">1,372,687</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">4,743,749</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">1</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zrHAdzzV78oc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net income including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(278,639</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(464,388</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zJC6cjPVHcdd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">610,118</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6710">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6711">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zi1b0SjofKxl" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total net income (loss) allocated by class</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">331,479</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(464,388</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zlabGSr04kzb" title="Weighted-average shares outstanding, basic"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zVedNobQ1yd9" title="Weighted-average shares outstanding, diluted">3,220,241</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zHLLVwiuKmqf" title="Weighted-average shares outstanding, basic"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zSBgRlBahzi1" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zsWG1JQo6J63" title="Weighted-average shares outstanding, basic"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zSI4dRanspD5" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_901_eus-gaap--EarningsPerShareBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zq8Xg7VLFcj6" title="Basic net income (loss) per share"><span id="xdx_90A_eus-gaap--EarningsPerShareDiluted_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zbDKsoTUfR9i" title="Diluted net income (loss) per share">0.10</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zB6DLp1NkMw2" title="Basic net income (loss) per share"><span id="xdx_904_eus-gaap--EarningsPerShareDiluted_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zSU8v6oDeGZc" title="Diluted net income (loss) per share">(0.10</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_902_eus-gaap--EarningsPerShareBasic_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zKe98ug4nIXh" title="Basic net income (loss) per share"><span id="xdx_909_eus-gaap--EarningsPerShareDiluted_pid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zoD9sh3kXnai" title="Diluted net income (loss) per share">(0.10</span></span></td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240101__20240930_z0q7ia4VbNHl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the<br/> Nine Months<br/> Ended<br/> September 30,<br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_zy4gexqmPZkh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Net income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">437,633</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_z9Li0t5JGLkf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,399,140</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iT_zYgOJYJVHJv1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss including remeasurement of temporary equity to redemption value</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,961,507</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zqsCaIuPzFxl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zsJdoGu5cMdg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zOtKCxPcNv44" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Nine Months Ended<br/> September 30, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B<br/> Non-redeemable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--TemporaryEquitySharesOutstanding_iE_zfPlFt7bDHm2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Total number of shares</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">1,372,687</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 14%; font-weight: bold; text-align: right">4,743,749</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zvmvJSz98Sd7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocation of net income including remeasurement of temporary equity to redemption value based on ownership percentage</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(889,701</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,071,806</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zpwze5VwpWu7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend for remeasurement of temporary equity to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,399,140</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6756">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl6757">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocationOfNetIncomeLoss_iT_zLSm6Tmgp6Mb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total net income (loss) allocated by class</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,509,439</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,071,806</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zRNTwHjE4Lwc" title="Weighted-average shares outstanding, basic"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zl2y4zBqjl18" title="Weighted-average shares outstanding, diluted">4,251,096</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zX32teMReHn2" title="Weighted-average shares outstanding, basic"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zVlUxyssArTf" title="Weighted-average shares outstanding, diluted">4,743,749</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zW0U2u8jhOe6" title="Weighted-average shares outstanding, basic"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zhEu7BkP6bC1" title="Weighted-average shares outstanding, diluted">1</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net income (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_902_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zWfv6RlrIClf" title="Basic net income (loss) per share"><span id="xdx_90B_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zDvKtkz6akuf" title="Diluted net income (loss) per share">0.36</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_zsEqq0fw7iJ6" title="Basic net income (loss) per share"><span id="xdx_90E_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassAMember_z2gaJt4kqmce" title="Diluted net income (loss) per share">(0.23</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zPlIwNcVO4Q3" title="Basic net income (loss) per share"><span id="xdx_90C_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20240930__us-gaap--StatementClassOfStockAxis__custom--NonredeemableClassBMember_zWK9jzJx5OSb" title="Diluted net income (loss) per share">(0.23</span></span></td><td style="text-align: left">)</td></tr> </table> -19839905 -209827 -20049732 901955 4743749 1 -3443187 -16606542 -3 209827 -3233360 -16606542 -3 983565 983565 4743749 4743749 1 1 -3.29 -3.29 -3.50 -3.50 -3.50 -3.50 -22105674 -728929 -22834603 901955 4743749 1 -4736668 -18097932 -3 728929 -4007739 -18097932 -3 1241554 1241554 4743749 4743749 1 1 -3.23 -3.23 -3.82 -3.82 -3.82 -3.82 -132909 -610118 -743027 1372687 4743749 1 -278639 -464388 0 610118 331479 -464388 0 3220241 3220241 4743749 4743749 1 1 0.10 0.10 -0.10 -0.10 -0.10 -0.10 437633 -2399140 -1961507 1372687 4743749 1 -889701 -1071806 0 2399140 1509439 -1071806 0 4251096 4251096 4743749 4743749 1 1 0.36 0.36 -0.23 -0.23 -0.23 -0.23 <p id="xdx_84D_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zKKfzTY1vhEl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair value of Financial Instruments</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 820, Fair Value Measurement, defines fair value as the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value measurements are classified on a three-tier hierarchy as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as calculations derived from valuation techniques in which one or more significant inputs or significant value drivers are observable.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In many cases, if a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy described above, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of the Company’s assets and liabilities, which qualify as financial instruments approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--DerivativesPolicyTextBlock_zmvljBM2Od9i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Derivative Financial Instruments</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--WarrantsAndRightsPolicyTextBlock_zYRjblXNZcBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants and Rights</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for the public and private warrants and rights as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in FASB ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). Pursuant to the Company’s evaluation, the Company concluded that the public and private warrants and rights do not meet the criteria to be accounted for as liability under ASC 480. The Company further evaluated the public and private warrants and rights under “ASC 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity” (“ASC 815-40”) and concluded that the public warrants, private placement warrants and rights are indexed to the Company’s own stock and meet the criteria to be classified in shareholders’ deficit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--StockholdersEquityPolicyTextBlock_zh7WenwOH1hg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ordinary Shares Subject to Possible Redemption</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. In connection with the shareholders’ vote at the Special meeting of shareholders held by the Company on June 29, 2023, <span id="xdx_904_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20250629__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zSiqNrBPsqO2" title="Aggregate value">14,202,813</span> Class A ordinary shares were tendered for redemption for an aggregate value of $<span id="xdx_901_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20250629__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zcryvQR2JXBb" title="Aggregate value of redemption">149,486,187</span> and distributed from the Trust Account on July 26, 2023. In connection with the shareholders’ vote at the Annual Meeting of the shareholders held by the Company on August 18, 2024, <span id="xdx_90C_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20240818__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z5NpnfX8OYr8" title="Aggregate value">3,399,500</span> Class A ordinary shares were tendered for redemption at an aggregate value of $<span id="xdx_902_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20240818__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zu35gzWLHiNa" title="Aggregate value of redemption">38,596,223</span> and distributed from the Trust Account on August 21, 2024. In connection with the Extraordinary Meeting on July 14, 2025, <span id="xdx_904_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20250714__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zhq8Sa0iLa79" title="Aggregate value">371,545</span> Class A ordinary shares were tendered for redemption at an aggregate value of $<span id="xdx_909_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20250714__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_znIjBcLzW58a" title="Aggregate value of redemption">4,492,794</span> and distributed from the Trust Account on July 17, 2025. In connection with the Approval Meeting on July 28, 2025, <span id="xdx_90D_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20250728__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zxieiPukvGi8" title="Aggregate value">99,187</span> Class A ordinary shares were tendered for redemption at an aggregate value of $<span id="xdx_903_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20250728__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zfvwtb08RZNg" title="Aggregate value of redemption">1,222,631</span> and were distributed from the Trust Account in connection with the closing of the Business Combination. Accordingly, at September 30, 2025 and December 31, 2024, <span id="xdx_90B_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20250930_zqEp9pW0kLze" title="Aggregate value">901,955</span> and <span id="xdx_908_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20241231_zvEhZSMLrlR4" title="Aggregate value">1,372,687</span> shares of Class A ordinary shares subject to possible redemption, respectively, are presented, at redemption value equal to the amount held in the Trust Account, as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The proceeds of the offering were allocated to the Class A ordinary shares and the Public Warrants and Rights based on their relative fair values. The Company recognizes changes in redemption value of Class A ordinary shares subject to possible redemption immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional capital, in accumulated deficit. The Company has recorded remeasurements of $<span id="xdx_908_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_iN_di_c20250701__20250930_zjAQEN722XNh" title="Remeasurement of temporary equity to redemption value">209,827</span> and $<span id="xdx_901_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_iN_di_c20240701__20240930_zbi7V72Gv8Gb" title="Remeasurement of temporary equity to redemption value">610,118</span> for the three months ended September 30, 2025 and 2024, respectively, and $<span id="xdx_90B_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_iN_di_c20250101__20250930_zja3SxuBPKY4" title="Remeasurement of temporary equity to redemption value">728,929</span> and $<span id="xdx_904_ecustom--RemeasurementOfTemporaryEquityToRedemptionValue_iN_di_c20240101__20240930_znt5BYAVMecl" title="Remeasurement of temporary equity to redemption value">2,399,140</span> for the nine months ended September 30, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 14202813 149486187 3399500 38596223 371545 4492794 99187 1222631 901955 1372687 -209827 -610118 -728929 -2399140 <p id="xdx_84D_eus-gaap--IncomeTaxPolicyTextBlock_z6Rq3dQoaJCf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income taxes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for income taxes in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under the asset and liability, method as required by this accounting standard, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities in the financial statements and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to the period when assets are realized or liability is settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in the operation of statement in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20250101__20250930_zdLWOtP6vJTd" title="Effective income tax rate">50</span>% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. There were <span id="xdx_90F_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20250930_zMSfG7VE9dTl" title="Unrecognized tax benefits"><span id="xdx_90E_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20241231_z0SLXTF8tQKi" title="Unrecognized tax benefits">no</span></span> unrecognized tax benefits as of September 30, 2025 or December 31, 2024. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. <span id="xdx_905_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_iI_do_c20250930_zVD442Sifsvj" title="Unrecognized tax benefits and penalties"><span id="xdx_902_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_iI_do_c20241231_zFR7jYVjXIfj" title="Unrecognized tax benefits and penalties">No</span></span> amounts were accrued for the payment of interest and penalties as of September 30, 2025 or December 31, 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.50 0 0 0 0 <p id="xdx_847_ecustom--CovenantFeesPolicyTextBlock_zwAzEzqlhQR7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Covenant Fees</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Merger Agreement, Fusemachines is covenanted to deliver to the Company its audited financial statements for the twelve month periods ended December 31, 2023 and 2022 (the “Fusemachines Audited Financial Statements”) for inclusion in the registration statement on Form S-4 to be filed by the Company in connection with the Business Combination (the “Registration Statement”), and that such Fusemachines Audited Financial Statements have been prepared in conformity with U.S. GAAP applied on a consistent basis and in accordance with the requirements of the Public Company Accounting Oversight Board for public companies. Fusemachines has covenanted to provide the Fusemachines Audited Financial Statements no later than February 29, 2024, or incur delay fees in the amount equal to $<span id="xdx_904_eus-gaap--PaymentsForFees_c20250101__20250930__us-gaap--AwardTypeAxis__custom--FirstOneMonthMember_zbzcyRHtgE95" title="Delay fees">35,000</span> for the first one-month delay to March 31, 2024 (pro-rated for a partial month), $<span id="xdx_908_eus-gaap--PaymentsForFees_c20250101__20250930__us-gaap--AwardTypeAxis__custom--SecondOneMonthMember_z0ZdvZ7bCQSi" title="Delay fees">50,000</span> for the second one-month delay to April 30, 2024 and thereafter $<span id="xdx_901_eus-gaap--PaymentsForFees_c20250101__20250930__us-gaap--AwardTypeAxis__custom--EachSubsequentOneMonthMember_zo4Hed22gqIk" title="Delay fees">70,000</span> for each subsequent one-month delay (pro-rated for any partial month). The Company determined that collection of the other receivable was not probable in June 2024 and established a reserve for credit losses equal to the other receivable. In connection with the 2nd Amendment, the delay fees clause related to delayed delivery of Fusemachine’s Audited Financial Statements were removed and such delay fees incurred were forgiven. As such, the Company recorded a write off of the receivable and a corresponding reduction to the reserve for credit losses. As such, $<span id="xdx_90E_eus-gaap--OtherReceivables_iI_c20250930_zDUKKcRILgnk" title="Other receivable">505,000</span> of other receivable and $<span id="xdx_900_eus-gaap--ProvisionForOtherLosses_c20250101__20250930_zNJTuIwbXcMf" title="Provision for other credit losses">505,000</span> reserve for credit losses was removed from the condensed consolidated balance sheets during the nine months ended September 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 35000 50000 70000 505000 505000 <p id="xdx_84D_ecustom--RelatedPartyPolicyTextBlock_zrzg5Ewc94El" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related Parties</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zYlxV1HskrLf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration of Credit Risk</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed Federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. At September 30, 2025 and December 31, 2024, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z2DvfjEjlGrh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent Accounting Pronouncements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. ASU 2023-09 will become effective for annual periods beginning after December 15, 2024. The Company is still reviewing the impact of ASU 2023-09.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has considered all new accounting pronouncements and has concluded that there are no additional new pronouncements that may have a material impact on the results of operations, financial condition, or cash flows, based on the current information.</span></p> <p id="xdx_80D_ecustom--InitialPublicOfferingTextBlock_zXoLEqJ3EYQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 3 - <span id="xdx_827_zwLaEX9Nunmk">INITIAL PUBLIC OFFERING</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Initial Public Offering, the Company sold <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250101__20250930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zHL9UfDXcQmf" title="Stock issued during period, shares">18,975,000</span> Units at a price of $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_c20250930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zaV8K2w882e4" title="Share price">10.00</span> per Unit. Each Unit consists of one share of Class A ordinary shares, one right and one-half of one warrant (“Public Warrant”). Each whole Public Warrant is anticipated to entitle the holder to purchase one share of Class A ordinary shares at a price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zNV1P1xs9aPk" title="Exercise price">11.50</span> per share, subject to adjustment (see Note 6).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An aggregate of $<span id="xdx_90F_eus-gaap--SharesIssuedPricePerShare_iI_c20250930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--InvestmentTypeAxis__us-gaap--USTreasuryAndGovernmentMember_zXqbFMoYmJh5" title="Share price">10.10</span> per Unit sold in the Initial Public Offering was held in the Trust Account and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 18975000 10.00 11.50 10.10 <p id="xdx_804_ecustom--PrivatePlacementDisclosureTextBlock_z7M9R0njNFW7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 4 - <span id="xdx_82E_ztEejY1ste9d">PRIVATE PLACEMENT</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into an agreement with the Sponsor pursuant to which the Sponsor purchased an aggregate of <span id="xdx_903_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20250101__20250930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zKxj1TD4IDZe" title="Aggregate share">7,942,500</span> Private Placement Warrants at a price of $<span id="xdx_90F_eus-gaap--SaleOfStockPricePerShare_iI_c20250930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zA3hMzkMzLA2" title="Price per share">1.00</span> per Private Placement Warrant, generating proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20250101__20250930_zK7rvyRmBqug" title="Issuance of private placement">7,942,500</span> in the aggregate in a private placement that occurred substantially concurrently with the closing of the Initial Public Offering. Each Private Placement Warrant is exercisable to purchase <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_dc_c20250930_ztFf3doJwZpj" title="Warrants share">one</span> share of ordinary shares at an exercise price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zqg14r14UaKh" title="Exercise price">11.50</span> per share, subject to adjustment (see Note 6). A portion of the proceeds from the Private Placement Warrants will be added to the proceeds from the Initial Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Placement Warrants will expire worthless.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> 7942500 1.00 7942500 1 11.50 <p id="xdx_80D_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zqxjtrlNTPPc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 5 - <span>RELATED PARTY TRANSACTIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_82F_zMld4OGvnuEd" style="display: none">Related Parties</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Founder Shares</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2021, the Sponsor purchased <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210701__20210731__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember_zdcKSWA8Qvo9" title="Stock issued during period, shares">4,743,750</span> shares of the Company’s Class B ordinary shares (the “Founder Shares”) for an aggregate purchase price of $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20210701__20210731__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember_zFeR6ndAgBG9" title="Stock issued during period, shares">25,000</span>. The Founder Shares included an aggregate of up to <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20210701__20210731__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember_zpUi3xG41cg9" title="Forfieture shares">618,750</span> shares subject to forfeiture by the Sponsor to the extent that the underwriter’s overallotment was not exercised in full or in part, so that the number of Founder Shares collectively represented approximately 20% of the Company’s issued and outstanding shares after the Initial Public Offering. In August 2021, the Sponsor transferred <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210801__20210831__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember_zXbZTAhnRrgi" title="Stock issued during period, shares">50,000</span> founder shares to each of the Company’s independent director nominees. The Company will account for the transfer of founder shares under ASC 718-10-15-4 and record a compensation expense upon completion of a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor has agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier of (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $<span id="xdx_90A_eus-gaap--SharePrice_iI_c20210831__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember_zVWDpByBHhrc" title="Share price">12.00</span> per share (as adjusted for share capitalization, share subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Administrative Services Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into a support services agreement, commencing on the effective date of the initial public offering, pursuant to which the Company will pay the Sponsor a total of $<span id="xdx_908_eus-gaap--PaymentsForRepurchaseOfInitialPublicOffering_c20250101__20250930__us-gaap--TypeOfArrangementAxis__custom--AdministrativeServicesAgreementMember_z54GjOftMgc7" title="Initial public offerings">10,000</span> per month for office space, administrative and support services. The Sponsor has waived all payments under the support services agreement. The Company has recorded the waived payments as capital contributions from the Sponsor and has recorded $<span id="xdx_905_eus-gaap--ProceedsFromContributedCapital_c20250701__20250930_zfhcx0aaLeJk" title="Capital contributions">30,000</span> and $<span id="xdx_90B_eus-gaap--ProceedsFromContributedCapital_c20240701__20240930_zRYnhPtDOI62" title="Capital contributions">30,000</span> to the consolidated statements of operations for the three months ended September 30, 2025 and 2024, respectively, and $<span id="xdx_909_eus-gaap--ProceedsFromContributedCapital_c20250101__20250930_zDAm1NtB4BB5" title="Capital contributions">90,000</span> and $<span id="xdx_90D_eus-gaap--ProceedsFromContributedCapital_c20240101__20240930_zeKQgjczXXz8" title="Capital contributions">90,000</span> to the consolidated statements of operations for the nine months ended September 30, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Promissory Note - Related Party</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2021, the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_c20210731_zS4xUjzT8Onj" title="Aggregate principal amount">300,000</span>. On January 18, 2022, the Company repaid $<span id="xdx_903_eus-gaap--RepaymentsOfRelatedPartyDebt_c20220118__20220118_zeadgBtA2gp8" title="Repayments of related party debt">206,313</span> for amounts outstanding under the Promissory Note balance, resulting in an overpayment of $<span id="xdx_909_eus-gaap--OtherReceivables_iI_c20220118_zmTMoHlhK2Qa" title="Other receivables">25,000</span>. The Company also made payments related to Sponsor invoices. These items are recorded within due from related party on the condensed balance sheet as of September 30, 2025 and December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2023, the Sponsor issued an unsecured promissory note to the Company (the “WC Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20230228__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zFBt9vvdz0Dd" title="Aggregate principal amount">1,500,000</span>. The WC Promissory Note bears interest at a rate of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20230228__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_z7eZKhKaGag4" title="Interest rate">4.75</span>% per annum and is payable on the earlier of the date by which the Company has to complete a business combination or the effective date of a business combination. On January 18, 2024, the Company issued an amended and restated promissory note (the “A&amp;R WC Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_c20240118__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zI8w3iYKeEka" title="Aggregate principal amount">2,000,000</span>. The A&amp;R WC Promissory Note does not amend any other existing terms.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, the Company issued a third amended and restated promissory note (the “3rd A&amp;R WC Promissory Note”) pursuant to which the Company may borrow up to an aggregate principal amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20250204__us-gaap--DebtInstrumentAxis__custom--ThirdAmendedAndRestatedPromissoryNoteMember_zmV0otJ3E8ni" title="Aggregate principal amount">3,000,000</span>. The 3rd A&amp;R Promissory Note additionally includes a conversion feature whereby, notwithstanding the foregoing in the event of the Business Combination, the outstanding balance may be repaid at the Sponsor’s discretion, in cash or $<span id="xdx_907_eus-gaap--DebtInstrumentPeriodicPaymentInterest_c20250204__20250204_z6cUMBaW6Sle" title="Debt instrument periodic payment interest">1,491,000</span> of the principal and accrued and unpaid interest shall be converted into the Company’s Class A ordinary shares at a share price of four dollars ($<span id="xdx_90E_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20250204__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zAru8w7BrKIl" title="Price per share">4.00</span>), the balance of which shall be payable in cash at the closing of the Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determined that the third amendment to the WC Promissory note is not considered a troubled debt restructuring and that the inclusion of a conversion feature is a substantive modification. As a result, the issuance of the 3rd A&amp;R WC Promissory Note on February 4, 2025 is accounted for as a debt extinguishment in accordance with ASC 470-50, “Modification and Extinguishments”. During the three and nine months ended September 30, 2025, the Company recognized a loss on extinguishment of debt of $<span id="xdx_90C_eus-gaap--GainsLossesOnExtinguishmentOfDebt_dxL_c20250701__20250930_zEo81yrH8D2a" title="Loss on extinguishment of debt::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl6915">0</span></span> and $<span id="xdx_900_eus-gaap--GainsLossesOnExtinguishmentOfDebt_iN_di_c20250101__20250930_zlD7BNhhYJD" title="Loss on extinguishment of debt">1,822,844</span>, respectively, in the condensed consolidated statement of operations. Additionally, the Company determined that the 3rd A&amp;R WC Promissory Note was issued at a substantial premium due to the inclusion of the conversion feature in accordance with ASC 470-20, “Debt with Conversion and Other Options”. During the three and nine months ended September 30, 2025, the Company recognized the substantial premium in excess of the principal and accrued interest of $<span id="xdx_90C_eus-gaap--DebtInstrumentIncreaseAccruedInterest_c20240101__20240930_z1LAvXSbIDOf" title="Debt instrument accrued interest">0</span> and $<span id="xdx_900_eus-gaap--DebtInstrumentIncreaseAccruedInterest_c20250101__20250930_zeIuaniFASsd" title="Debt instrument accrued interest">1,822,844</span>, respectively, in additional paid-in capital on the condensed consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 23, 2025, the Company amended the 3rd A&amp;R WC Promissory Note solely to increase the amount the Company may borrow from $<span id="xdx_90F_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20250523__srt--RangeAxis__srt--MinimumMember_zQXxig3Mlf3e" title="Line of credit">3,000,000</span> to $<span id="xdx_907_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20250523__srt--RangeAxis__srt--MaximumMember_z5B34cbxt81a" title="Line of credit">4,000,000</span>. All other provisions of the 3rd A&amp;R WC Promissory Note remain the same.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2025 and December 31, 2024, the Company had borrowed $<span id="xdx_904_eus-gaap--OtherBorrowings_iI_c20250930_z30pMOZqomz3" title="Other borrowings">3,665,000</span> and $<span id="xdx_906_eus-gaap--OtherBorrowings_iI_c20241231_zSz56KL7mYAk" title="Other borrowings">2,750,000</span>, respectively, and accrued interest of $<span id="xdx_907_eus-gaap--DepositLiabilitiesAccruedInterest_iI_c20250930_z7B1OXUNKk3c" title="Deposit liabilities accrued interest">242,207</span> and $<span id="xdx_900_eus-gaap--DepositLiabilitiesAccruedInterest_iI_c20241231_zo3T0lGjzzUb" title="Deposit liabilities accrued interest">129,630</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related Party Loans</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $<span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent_iI_c20250930_zT84S1oCzxd9" title="Debt amount">2,000,000</span> of such Working Capital Loans may be convertible into warrants, at a price of $<span id="xdx_902_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20250930_zR08Y1VnEU25" title="Debt instrument, convertible, conversion price">1.00</span> per warrant, of the post Business Combination entity. If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The warrants would be identical to the Private Placement Warrants. As of September 30, 2025 and December 31, 2024, <span id="xdx_90E_ecustom--WorkingCapitalLoans_iI_do_c20250930_zfaXCqZT7kBc" title="Working capital loans"><span id="xdx_908_ecustom--WorkingCapitalLoans_iI_do_c20241231_zhMRPzeSfnrl" title="Working capital loans">no</span></span> Working Capital Loans were outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> 4743750 25000 618750 50000 12.00 10000 30000 30000 90000 90000 300000 206313 25000 1500000 0.0475 2000000 3000000 1491000 4.00 -1822844 0 1822844 3000000 4000000 3665000 2750000 242207 129630 2000000 1.00 0 0 <p id="xdx_808_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zOq4n0FSlfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 6 - <span>SHAREHOLDERS’ DEFICIT</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_828_z1nrUDDfctWd" style="display: none">Stockholders’ Deficit</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preference Shares - The Company is authorized to issue <span id="xdx_904_eus-gaap--PreferredStockSharesAuthorized_iI_c20250930_z6CjMmkqTdhj" title="Preferred stock, shares authorized"><span id="xdx_902_eus-gaap--PreferredStockSharesAuthorized_iI_c20241231_zWD19Pf5IND2" title="Preferred stock, shares authorized">5,000,000</span></span> shares of preference shares with a par value of $<span id="xdx_900_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20250930_zfG541PaHhKl" title="Preferred stock, par value"><span id="xdx_90A_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20241231_zLKyiHj13wl9" title="Preferred stock, par value">0.0001</span></span> per share with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors. At September 30, 2025 and December 31, 2024, there were <span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_iI_do_c20250930_zYjsNbVcZKma" title="Preferred stock, shares issued"><span id="xdx_90A_eus-gaap--PreferredStockSharesIssued_iI_do_c20241231_z6TrXrTrhvua" title="Preferred stock, shares issued"><span id="xdx_905_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20250930_zBmeqJKxreDa" title="Preferred stock, shares outstanding"><span id="xdx_904_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20241231_zX0xzG4s5EO6" title="Preferred stock, shares outstanding">no</span></span></span></span> shares of preference shares issued or outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A Ordinary shares - The Company is authorized to issue <span id="xdx_908_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zAgyFLprpPwh" title="Common stock, shares authorized"><span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zAKoXdP9WFig" title="Common stock, shares authorized">500,000,000</span></span> Class A ordinary shares with a par value of $<span id="xdx_902_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zQui8EXCe3M1" title="Common stock, par value"><span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ztbhjxXK5SQf" title="Common stock, par value">0.0001</span></span> per share. <span id="xdx_902_eus-gaap--CommonStockVotingRights_c20250101__20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z1KTIHis8hNh" title="Common stock voting rights">Holders of Class A ordinary shares are entitled to one vote for each share.</span> In connection with the shareholders’ vote at the Special meeting of shareholders held by the Company on June 29, 2023, <span id="xdx_902_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20230629__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJEnKuhGl4mc" title="Temporary equity, shares outstanding">14,202,813</span> redeemable Class A ordinary shares were tendered for redemption for an aggregate value of $<span id="xdx_90E_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20230629__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zSYxQsPiyTQ8" title="Temporary equity, aggregate amount of redemption requirement">149,486,187</span> and distributed from the Trust Account on July 26, 2023. On July 13, 2023, the Company issued <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230713__20230713__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zenav9uAJZ9h" title="Stock issued during period, shares">4,743,749</span> shares of its non-redeemable Class A ordinary shares to the Sponsor upon the conversion of an equal number of Class B ordinary shares. The non-redeemable Class A ordinary shares are the same as the Class B ordinary shares in that they do not have redemption rights and are not entitled to proceeds from liquidation from the Trust Account if the Company does not consummate a business combination. However, unlike the Class B ordinary shares, the non-redeemable Class A ordinary shares do not have voting rights to appoint or remove directors of the Company. In connection with the shareholders’ vote at the Annual Meeting of shareholders held by the Company on August 18, 2024, <span id="xdx_904_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20240818__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zdIuk8Lp9Fdl" title="Temporary equity, shares outstanding">3,399,500</span> redeemable Class A ordinary shares were tendered for redemption for an aggregate value of $<span id="xdx_902_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20240818__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z85jImgBPGAl" title="Temporary equity, aggregate amount of redemption requirement">38,596,223</span> and distributed from the Trust Account on August 21, 2024. In connection with the Extraordinary Meeting on July 14, 2025, <span id="xdx_90D_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20250714__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zTyTWiDrROrd" title="Temporary equity, shares outstanding">371,545</span> Class A ordinary shares were tendered for redemption at an aggregate value of $<span id="xdx_902_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20250714__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zlhXOVvU1uOe" title="Temporary equity, aggregate amount of redemption requirement">4,492,794</span> and distributed from the Trust Account on July 17, 2025. In connection with the Approval Meeting on July 28, 2025, <span id="xdx_907_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20250728__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zRGQWq9EPCO8" title="Temporary equity, shares outstanding">99,187</span> Class A ordinary shares were tendered for redemption at an aggregate value of $<span id="xdx_90F_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_c20250728__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3QIlg32vjkb" title="Temporary equity, aggregate amount of redemption requirement">1,222,631</span> and were distributed from the Trust Account in connection with the closing of the Business Combination. At September 30, 2025 and December 31, 2024, there were <span id="xdx_90A_eus-gaap--TemporaryEquitySharesIssued_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__custom--ClassANonRedeemableMember_zCRaFdRcbHfk" title="Ordinary shares issued subject to possible redemption"><span id="xdx_904_eus-gaap--TemporaryEquitySharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassANonRedeemableMember_zLPaCoEWpSv9" title="Ordinary shares issued subject to possible redemption">4,743,749</span></span> non-redeemable Class A ordinary shares issued or outstanding, excluding <span id="xdx_907_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--StatementEquityComponentsAxis__custom--SubjectToPossibleRedemptionClassAOrdinarySharesMember_znSCnwuP7D44" title="Temporary equity, shares outstanding">901,955</span> and <span id="xdx_90C_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--StatementEquityComponentsAxis__custom--SubjectToPossibleRedemptionClassAOrdinarySharesMember_zNyDqtGYeNP9" title="Temporary equity, shares outstanding">1,372,687</span> redeemable Class A ordinary shares issued and outstanding subject to possible redemption, at redemption value, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class B Ordinary shares - The Company is authorized to issue <span id="xdx_90F_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zY7XS9Ini5u" title="Common stock, shares authorized"><span id="xdx_908_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z9hHi5QhxsN7" title="Common stock, shares authorized">50,000,000</span></span> shares of Class B ordinary shares with a par value of $<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zgqrmTW5xnPb" title="Common stock, par value"><span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z3YNmiQYRRNb" title="Common stock, par value">0.0001</span></span> per share. On July 13, 2023, the Company issued <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230713__20230713__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zAKCg0ObBmg6" title="Stock issued during period, shares">4,743,749</span> shares of its non-redeemable Class A ordinary shares to the Sponsor upon the conversion of an equal number of Class B ordinary shares. At September 30, 2025 and December 31, 2024, there was one (<span id="xdx_901_eus-gaap--CommonStockSharesIssued_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zfnm9FANUJxh" title="Common stock, shares issued"><span id="xdx_90B_eus-gaap--CommonStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zX3E7eoMQGSa" title="Common stock, shares issued"><span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z29m5V9yw6oi" title="Common stock, shares outstanding">1</span></span></span>) shares of Class B ordinary shares issued and outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required by law, holders of our Founder Shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote. However, prior to the consummation of the Business Combination, holders of the Class B ordinary shares will have the right to elect all of the Company’s directors and may remove members of the board of directors for any reason.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The shares of Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which shares of Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding shares of Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all shares of Class B ordinary shares will equal, in the aggregate, on an as-converted basis, <span id="xdx_907_eus-gaap--CommonStockConversionBasis_c20250101__20250930_zh01NfQmpWU5" title="Common stock, conversion basis">20</span>% of the sum of the total number of all shares of ordinary shares outstanding upon the completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination and excluding any private placement warrants issued to our sponsor, its affiliates or any member of our management team upon conversion of working capital loans.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights - Except in cases where the Company is not the surviving company in a Business Combination, each holder of a right will automatically receive one-tenth (1/10) of one Class A ordinary share upon consummation of a Business Combination, even if the holder of a right converted all shares held by him, her or it in connection with a Business Combination or an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect to its pre-business combination activities. In the event that the Company will not be the surviving company upon completion of a Business Combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of a share underlying each right upon consummation of the Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of the Cayman Islands law. As a result, the holders of the rights must hold rights in multiples of 10 in order to receive shares for all of the holders’ rights upon closing of a Business Combination. If the Company is unable to complete an initial Business Combination within the Combination Period and the Company redeems the Public Shares for the funds held in the Trust Account, holders of rights will not receive any of such funds for their rights and the rights will expire worthless.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants - Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. Accordingly, unless a unit holder purchases at least two units, they will not be able to receive or trade a whole warrant. The Public Warrants will become exercisable on the later of (a) 12 months from the closing of the Initial Public Offering and (b) 30 days after the completion of a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No Public Warrant will be exercisable, and the Company will not be obligated to issue any Class A ordinary shares upon exercise of a Public Warrant unless the share of Class A ordinary shares issuable upon such Public Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the public warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the public warrants expire or are redeemed, as specified in the public warrant agreement; provided that if the Class A ordinary shares is at the time of any exercise of a public warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their public warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but it will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the public warrants is not effective by the 60th business day after the closing of a Business Combination, public warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise public warrants on a “cashless basis” in accordance with Section 3(a) (9) of the Securities Act or another exemption, but the Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption of warrants when the price per Class A ordinary shares equals or exceeds $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zqdVdUUsJhBg" title="Warrants per shares">18.00</span>. Once the public warrants become exercisable, the Company may redeem the Public Warrants:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in whole and not in part;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at a price of $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250930__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zLkB1fyn4me6" title="Warrants per shares">0.01</span> per warrant;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon not less than 30 days’ prior written notice of redemption to each warrant holder; and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, and only if, the closing price of the Class A ordinary shares equals or exceeds $<span id="xdx_90C_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zymWzIecTyXb" title="Price per share">18.00</span> per share for any 20 trading days within a 30- trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If and when the Public Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $<span id="xdx_904_eus-gaap--BusinessAcquisitionSharePrice_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--BusinessAcquisitionAxis__custom--BusinessCombinationMember_zSeyCtfQeX92" title="Effective issued price per share">9.20</span> per share of Class A ordinary shares (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than <span id="xdx_902_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_pid_dp_uPure_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--BusinessAcquisitionAxis__custom--BusinessCombinationMember_zmUyP7W7nJei" title="Percentage of gross proceeds">60</span>% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250930_zVrZluDHsor3" title="Warrant exercise price">9.20</span> per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to <span id="xdx_901_ecustom--MarketValuePercentage_iI_pid_dp_uPure_c20250930_z5dqdvRsza8k" title="Market value percentage">115</span>% of the higher of the Market Value and the Newly Issued Price and the $<span id="xdx_903_eus-gaap--DebtInstrumentConvertibleStockPriceTrigger_pid_c20250101__20250930__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zD2bCudiGQ54" title="Warrant exercise price">18.00</span> per share redemption trigger price will be adjusted (to the nearest cent) to be equal to <span id="xdx_90F_ecustom--MarketValuePercentage_iI_pid_dp_uPure_c20250930__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zzctuHggqIB" title="Market value percentage">180</span>% of the higher of the Market Value and the Newly Issued Price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Private Placement Warrants are identical to the Public Warrants included in the Units being sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants are not transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> 5000000 5000000 0.0001 0.0001 0 0 0 0 500000000 500000000 0.0001 0.0001 Holders of Class A ordinary shares are entitled to one vote for each share. 14202813 149486187 4743749 3399500 38596223 371545 4492794 99187 1222631 4743749 4743749 901955 1372687 50000000 50000000 0.0001 0.0001 4743749 1 1 1 20 18.00 0.01 18.00 9.20 0.60 9.20 1.15 18.00 1.80 <p id="xdx_809_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zLbYMHtX3495" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 7 - <span>COMMITMENTS AND CONTINGENCIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_828_zLztxWOZOYTe" style="display: none">Commitments and Contingencies</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Registration and Shareholder Rights</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The holders of the Founder Shares, Private Placement Warrants, and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Initial Public Offering, requiring the Company to register such securities for resale. The holders will have the right to require us to register for resale these securities pursuant to a shelf registration under Rule 415 under the Securities Act. The holders of a majority of these securities will also be entitled to make up to three demands, plus short form registration demands, that we register such securities. In addition, the holders will be entitled to certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Underwriting Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company granted the underwriter a <span id="xdx_901_ecustom--UnderwritersOptionDay_dtD_c20250101__20250930__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zWz44ctdexm7" title="Underwriters option day">45</span>-day option from the date of the Initial Public Offering to purchase up to <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20250101__20250930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_ztVedohovevk" title="Number of shares issued">2,475,000</span> additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discount. The underwriters exercised the over-allotment option in full on January 18, 2022, the date of the Initial Public Offering. The underwriter was entitled to a cash underwriting discount of $<span id="xdx_903_ecustom--CashUnderwritingDiscountPerUnit_iI_pid_c20250930__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zHUFOxcnfrd" title="Cash underwriting discount per unit">0.20</span> per Unit, or $<span id="xdx_901_eus-gaap--PaymentsForUnderwritingExpense_c20250101__20250930__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_z96x30G48ZIh" title="Payments for underwriting expense">3,795,000</span> in the aggregate, which was paid upon the closing of the Initial Public Offering. In addition, the underwriter is entitled to a deferred fee of $<span id="xdx_903_ecustom--DeferredFeePerUnit_iI_pid_c20250930__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zPBAcvlTKxV3" title="Deferred fee per unit">0.35</span> per Unit, or $<span id="xdx_90E_eus-gaap--DeferredCompensationLiabilityClassifiedNoncurrent_iI_c20250930__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zXO3nmO7D7d3" title="Deferred compensation liability">6,641,250</span> in the aggregate. The deferred fee is payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 28, 2023, the Company and the underwriter entered into an agreement under which (i) the Sponsor will transfer <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20231128__20231128__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJk29ch6sNu4" title="Sale of stock, number of shares issued in transaction">426,000</span> Class A ordinary shares held by the Sponsor to the underwriter upon the closing of the Company’s initial business combination and (ii) the underwriter will waive the deferred underwriter fee payable and any deferred underwriting commissions payable pursuant to the underwriter agreement dated April 22, 2021. For avoidance of doubt, the agreement applies only if the initial Business Combination is consummated, and the transfer of shares is effective and completed. Except as specifically amended in the agreement, all terms of the underwriting agreement dated April 22, 2021 shall remain in full force and effect.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial Services Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--IntercompanyAgreementsDescription_pid_c20250101__20250930__us-gaap--TypeOfArrangementAxis__custom--FinancialServicesAgreementMember_zNP14EmRMqf5" title="Intra-entity agreement, description">The Sponsor entered into a financial services agreement (the “Financial Services Agreement”) with a service provider (the “Broker-Dealer”) for a period of twelve (12) months commencing October 13, 2022, to provide broker-dealer services.</span> In accordance with the Financial Services Agreement, the Broker-Dealer will be paid a fee in the form of <span id="xdx_909_ecustom--NumberOfSharesIssuedAsManagementFeePaid_pid_c20250101__20250930__us-gaap--TypeOfArrangementAxis__custom--FinancialServicesAgreementMember_z9xtbPkitcc4" title="Number of shares issued">125,000</span> shares of common stock in the surviving entity of the proposed business combination with Fusemachines. Compensation due to the Broker-Dealer is in scope of ASC 718 Compensation - Stock Compensation (“ASC 718”) and SAB Topic 5T. The consummation of the initial business combination is considered a performance condition under ASC 718 and stock based compensation should not be recognized until the performance condition is considered probable. As business combinations are not considered probable until consummated, the Company will not recognize compensation costs related to the Consulting Services Agreements until the consummation of the initial business combination. The unrecognized stock-based compensation expense related to the Consulting Agreements was $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_c20250101__20250930__us-gaap--TypeOfArrangementAxis__custom--FinancialServicesAgreementMember_zMbW3VsQzega" title="Share based payment"><span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--FinancialServicesAgreementMember_zm8jHzQdz5p2" title="Share based payment">533,750</span></span> as of September 30, 2025 and December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consulting Agreements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor entered into consulting services agreements (the “Consulting Services Agreements”) with a service provider (the “Consultant”) on April 10, 2023 and September 5, 2023 to provide consulting, advisory and related services to the Sponsor and to the Company on behalf of the Sponsor. In accordance with the Consulting Services Agreements, the Consultant will purchase and the Sponsor will sell <span id="xdx_907_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230410__20230905__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingServicesAgreementsMember_zVyo27i2dnvj" title="Sale of stock, number of shares issued in transaction">75,000</span> shares of its Class B ordinary shares of the Company at a price of $<span id="xdx_908_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20230905__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingServicesAgreementsMember_zQDYy5jVoOo6" title="Sale of stock, price per share">0.006</span> per share in return for such services. The Consulting Services Agreements are contingent upon the consummation of the initial business combination. Compensation due to the Consultant is in scope of ASC 718 Compensation - Stock Compensation (“ASC 718”) and SAB Topic 5T. The consummation of the initial business combination is considered a performance condition under ASC 718 and stock based compensation should not be recognized until the performance condition is considered probable. As business combinations are not considered probable until consummated, the Company will not recognize compensation costs related to the Consulting Services Agreements until the consummation of the initial business combination. The unrecognized stock-based compensation expense related to the Consulting Agreements was $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_c20250101__20250930__us-gaap--TypeOfArrangementAxis__custom--ConsultingServicesAgreementsMember_zUti8DFmR278" title="Share based payment"><span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--ConsultingServicesAgreementsMember_zB8Bq5TUoUl8" title="Share based payment">819,950</span></span> as of September 30, 2025 and December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital Markets Advisory Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into a capital markets advisory agreement (the “Advisory Agreement”) with a service provider (the “Advisor”) on June 21, 2024 to provide capital markets advisory services to the Company. In accordance with the Advisory Agreement, the Advisor will be paid an advisory fee comprised of $<span id="xdx_901_ecustom--AdvisoryFeePaidInCash_c20240621__20240621__us-gaap--TypeOfArrangementAxis__custom--CapitalMarketsAdvisoryAgreementMember_zohztIeJS6N" title="Advisory fee paid in cash">100,000</span> in cash and <span id="xdx_908_ecustom--AdvisoryPaidInShareForPostBusinessCombination_c20240621__20240621__us-gaap--TypeOfArrangementAxis__custom--CapitalMarketsAdvisoryAgreementMember_zvi5bENCSX9k" title="Advisory fee paid in cash">75,000</span> common shares of the post initial business combination entity (the “Advisory Fee”). The Advisory agreement is contingent upon consummation of the initial business combination. The cash compensation due to the Advisor is in scope of ASC 450 Contingencies (“ASC 450”) and the share based compensation due to the Advisor is in scope of ASC 718. The consummation of the initial business combination is considered a loss contingency under ASC 450 and is considered a performance condition under ASC 718 and the Advisory Fee should not be recognized until considered probable. As business combinations are not considered probable until consummated, the Company will not recognize compensation costs related to the Advisory Fee until the consummation of the initial business combination. The unrecognized stock-based compensation expense related to the Advisory Agreement was $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_c20250101__20250930__us-gaap--TypeOfArrangementAxis__custom--CapitalMarketsAdvisoryAgreementMember_zZxg8tJR71Ol" title="Share based payment"><span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--CapitalMarketsAdvisoryAgreementMember_z7kd8TFd64r" title="Share based payment">607,500</span></span> as of September 30, 2025 and December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> P45D 2475000 0.20 3795000 0.35 6641250 426000 The Sponsor entered into a financial services agreement (the “Financial Services Agreement”) with a service provider (the “Broker-Dealer”) for a period of twelve (12) months commencing October 13, 2022, to provide broker-dealer services. 125000 533750 533750 75000 0.006 819950 819950 100000 75000 607500 607500 <p id="xdx_803_eus-gaap--FairValueDisclosuresTextBlock_zXlA15S5sG68" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 8 - <span>FAIR VALUE MEASUREMENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_821_znbyrLfVk079" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair Value Measurements</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recurring Fair Value Measurements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At September 30, 2025 and December 31, 2024, the Company’s marketable securities held in the Trust Account were valued at $<span id="xdx_906_eus-gaap--MarketableSecuritiesCurrent_iI_c20250930__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zv8CdvHI2Kz2" title="Marketable securities held in Trust Account">12,289,337</span> and $<span id="xdx_900_eus-gaap--MarketableSecuritiesCurrent_iI_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z2XQt3hK9dQj" title="Marketable securities held in Trust Account">16,053,202</span>, respectively. The marketable securities held in the Trust Account must be recorded on the balance sheet at fair value and are subject to re-measurement at each balance sheet date. With each re- measurement, the valuations will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into the Forward Purchase Agreement on July 31, 2025. The Company accounts for the Forward Purchase Agreement as a share subscription receivable on the Company’s balance sheet and recorded an initial fair value of $<span id="xdx_908_ecustom--SubscriptionReceivable_iI_c20250731__us-gaap--TypeOfArrangementAxis__custom--ForwardPurchaseAgreementMember_zmgI1Jy0GPid" title="Subscription receivable">11,005,073</span> on July 31, 2025. Additionally, the Company recorded a liability representative of the excess value of cash prepayment over the fair value of the Forward Purchase Agreement and Shortfall Warrants (the “FPA Liability”). The Shortfall Warrants will be issued upon the closing of the business combination on October 22, 2025 and the Company accounts for the obligation to issue the Shortfall Warrants as embedded within the FPA Liability at their estimated fair value as the final terms of the warrant agreement were not finalized as of September 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for the FPA Liability as a liability on the Company’s balance sheet as the instrument is subject to variable settlement until receipt of a pricing date notice. The Company recorded an initial fair value of $<span id="xdx_905_ecustom--InitialFairValueOfLiability_c20250731__20250731_zVLeTSiywXul" title="Initial fair value">17,573,073</span> on July 31, 2025. The FPA Liability is subject to re-measurement at each balance sheet date. With each re- measurement, the valuations will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the fair value information, as of September 30, 2025 and December 31, 2024, of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company’s marketable securities held in the Trust Account are based on dividend and interest income and market fluctuations in the value of invested marketable securities, which are considered observable. The fair value of the marketable securities held in trust is classified within Level 1 of the fair value hierarchy. The FPA Liability is classified within Level 3 of the fair value hierarchy</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_z6DxqiV2mxq8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value on a recurring basis:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zCKk8YE5XdOi">SUMMARY OF FAIR VALUE HIERARCHY THE COMPANY’S ASSETS AND LIABILITIES</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BC_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel1Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_za0ixKv3Ux81" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 1)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BC_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel2Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zI11n2Zi95e2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 2)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BA_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zarwgT4iSFK4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 3)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>As of September 30, 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_433_c20250930_eus-gaap--AssetsHeldInTrustNoncurrent_iI_zIdPTrlmjct7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Treasury Trust Funds held in Trust Account</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">12,289,337</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7086">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7087">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43E_c20250930_ecustom--ForwardPurchaseAgreementLiability_iI_zqxkrpyh9vKh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Forward Purchase Agreement Liability</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7089">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7090">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">18,842,073</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>As of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20241231_eus-gaap--AssetsHeldInTrustNoncurrent_iI_z6Zrltlxaese" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Treasury Trust Funds held in Trust Account</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,053,202</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7094">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7095">-</span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A0_zNkJ3weregnl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zk5bvzOtVVlg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the change in fair value of recurring Level 3 fair value measurements for the three and nine months ended September 30, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zKrOwHJxemj7">SUMMARY OF FAIR VALUE MEASURED ON RECURRING BASIS</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; font-weight: bold"> </td><td style="display: none; font-weight: bold"> </td> <td style="display: none; font-weight: bold; text-align: left"> </td><td id="xdx_4BF_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zC7n7MiNkaSj" style="display: none; font-weight: bold; text-align: right"> </td><td style="display: none; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43F_c20250101__20250331_eus-gaap--DebtInstrumentFairValue_iS_zIY6fTyqixUd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold">Balance - December 31, 2024</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7099">-</span></td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--IncreaseDecreaseInFairValue_zTxvVes5nsle" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7101">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_432_c20250401__20250630_eus-gaap--DebtInstrumentFairValue_iS_z3ne87oolndk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance - March 31, 2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7103">-</span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--IncreaseDecreaseInFairValue_zQliAPWcDgn1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7105">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_439_c20250701__20250930_eus-gaap--DebtInstrumentFairValue_iS_zyhJpUoAGime" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance - June 30, 2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7107">-</span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--ForwardPurchaseAgreementFpaLiability_zZdlKgXR7c04" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forward Purchase Agreement Liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,573,073</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--IncreaseDecreaseInFairValue_zqOtRbFtnzWd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,269,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_438_c20250701__20250930_eus-gaap--DebtInstrumentFairValue_iE_z4xOBpiP5QTe" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold">Balance - September 30, 2025</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">18,842,073</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zucggfDW6Y2k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of the FPA Liability is derived from a Monte Carlo simulation of the Company’s share price from the valuation date to maturity. The FPA Liability is classified within Level 3 of the fair value hierarchy due to unobservable inputs including estimated volatility and discount rate. The following are key inputs of the simulation as of July 31, 2025 and September 30, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_893_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zYR4xX6vJotb" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_8B2_zmb8wfcIyG8f" style="display: none">SCHEDULE OF FAIR VALUE HIERARCHY DUE TO UNOBSERVABLE INPUTS</span></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><b> </b></td> <td><b> </b></td> <td colspan="2" style="text-align: center"><b>July 31,</b></td> <td><b> </b></td> <td style="font: 10pt Times New Roman, Times, Serif"><b> </b></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><b>September 30,</b></td> <td style="font: 10pt Times New Roman, Times, Serif"><b> </b></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>2025</b></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b> </b></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing share price</span></td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td id="xdx_985_eus-gaap--SharePrice_iI_c20250731_zzUikBN4qOWg" style="text-align: right; width: 16%" title="Closing share price">12.70</td> <td style="width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--SharePrice_iI_c20250930_zT2MbhtG2Nn4" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Closing share price"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.00</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity date</span></td> <td> </td> <td> </td> <td style="text-align: right"><span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20250731__20250731_zfEkDBFF6st2" title="Maturity date">July 31, 2028</span></td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Closing share price"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_dd_c20250930__20250930_ztQCF1cZfOHc" title="Maturity date">September 30, 2028</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated volatility</span></td> <td> </td> <td> </td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250731__20250731_zkvgKgraBeic" style="text-align: right" title="Estimated volatility">61.00</td> <td>%</td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250930__20250930_zG56UW2B83hf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Estimated volatility"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60.00</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free rate</span></td> <td> </td> <td> </td> <td style="text-align: right"><p id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250731__20250731_zh1Fiiz48Pg9" style="margin: 0" title="Risk-free rate">3.90</p></td> <td>%</td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250930__20250930_zJ4SXJ49dzw7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Risk-free rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.60</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discount rate</span></td> <td> </td> <td> </td> <td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20250731__20250731_z4UTPAfJUA27" style="text-align: right" title="Discount rate">6.20</td> <td>%</td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20250930__20250930_zhogTBt803e4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Discount rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.10</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr></table> <p id="xdx_8A7_zKmoPJYqZ30h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-Recurring Fair Value Measurements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2025, the Company entered into a third amendment on its WC Promissory Note which resulted in the Company accounting for the 3rd A&amp;R WC Promissory Note as a debt extinguishment (see Note 5). As a result, the Company measured the 3rd A&amp;R WC Promissory Note at its reacquisition price, which is the fair value of the amended debt instrument on February 4, 2025, or $<span id="xdx_902_eus-gaap--DebtInstrumentFairValue_iI_c20250204__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--DebtInstrumentAxis__custom--ThirdAmendedAndRestatedWorkingCapitalPromissoryNoteMember_zlQDJZLImATl">4,715,000</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The 3rd A&amp;R WC Promissory Note was issued at a substantial premium (see Note 5), which resulted in recording the substantial premium in excess of principal and accrued interest through additional paid-in capital. As such, on February 4, 2025, $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_c20250204__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--DebtInstrumentAxis__custom--ThirdAmendedAndRestatedWorkingCapitalPromissoryNoteMember_zd8P6eDbFBGd">2,750,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of principal and $<span id="xdx_901_eus-gaap--AccruedLiabilitiesFairValueDisclosure_iI_c20250204__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--DebtInstrumentAxis__custom--ThirdAmendedAndRestatedWorkingCapitalPromissoryNoteMember_zedc16lLKhoa">142,156</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of accrued interest were re-established as liabilities, and $<span id="xdx_900_eus-gaap--DebtInstrumentUnamortizedPremium_iI_c20250204__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--DebtInstrumentAxis__custom--ThirdAmendedAndRestatedWorkingCapitalPromissoryNoteMember_zqVc551zRWoe">1,822,844</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of substantial premium was recognized in additional paid-in capital on the condensed consolidated balance sheets. The 3rd A&amp;R WC Promissory Note reacquisition price is deemed a Level 3 fair value measurement. </span>The 3^rd A&amp;R WC Promissory Note has not been remeasured since February 4, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company valued the reacquisition price of the 3^rd A&amp;R WC Promissory Note as the difference between the probability -weighted value of cash payoff amount and the present value of stock payoff amount. Significant assumptions utilized in the analysis include an estimated Class A ordinary share price of the post-business combination entity of $<span id="xdx_90C_eus-gaap--SharePrice_iI_pid_c20250930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z63NEWdTfO0d" title="Share price">8.82</span> per share and a discount rate of <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20250930__us-gaap--DebtInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zCMhBSCNcjJ1" title="Discount rate">4.30</span>% based on U.S. Treasury securities with a term commensurate with the remaining timeline of the Combination Period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> 12289337 16053202 11005073 17573073 <p id="xdx_894_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_z6DxqiV2mxq8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value on a recurring basis:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zCKk8YE5XdOi">SUMMARY OF FAIR VALUE HIERARCHY THE COMPANY’S ASSETS AND LIABILITIES</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BC_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel1Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_za0ixKv3Ux81" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 1)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BC_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel2Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zI11n2Zi95e2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 2)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BA_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zarwgT4iSFK4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 3)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>As of September 30, 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_433_c20250930_eus-gaap--AssetsHeldInTrustNoncurrent_iI_zIdPTrlmjct7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Treasury Trust Funds held in Trust Account</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">12,289,337</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7086">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7087">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43E_c20250930_ecustom--ForwardPurchaseAgreementLiability_iI_zqxkrpyh9vKh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Forward Purchase Agreement Liability</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7089">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7090">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">18,842,073</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>As of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20241231_eus-gaap--AssetsHeldInTrustNoncurrent_iI_z6Zrltlxaese" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Treasury Trust Funds held in Trust Account</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,053,202</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7094">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7095">-</span></td><td style="text-align: left"> </td></tr> </table> 12289337 18842073 16053202 <p id="xdx_891_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zk5bvzOtVVlg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the change in fair value of recurring Level 3 fair value measurements for the three and nine months ended September 30, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zKrOwHJxemj7">SUMMARY OF FAIR VALUE MEASURED ON RECURRING BASIS</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; font-weight: bold"> </td><td style="display: none; font-weight: bold"> </td> <td style="display: none; font-weight: bold; text-align: left"> </td><td id="xdx_4BF_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zC7n7MiNkaSj" style="display: none; font-weight: bold; text-align: right"> </td><td style="display: none; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43F_c20250101__20250331_eus-gaap--DebtInstrumentFairValue_iS_zIY6fTyqixUd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold">Balance - December 31, 2024</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7099">-</span></td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--IncreaseDecreaseInFairValue_zTxvVes5nsle" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7101">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_432_c20250401__20250630_eus-gaap--DebtInstrumentFairValue_iS_z3ne87oolndk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance - March 31, 2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7103">-</span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--IncreaseDecreaseInFairValue_zQliAPWcDgn1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7105">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_439_c20250701__20250930_eus-gaap--DebtInstrumentFairValue_iS_zyhJpUoAGime" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance - June 30, 2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl7107">-</span></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--ForwardPurchaseAgreementFpaLiability_zZdlKgXR7c04" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forward Purchase Agreement Liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,573,073</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--IncreaseDecreaseInFairValue_zqOtRbFtnzWd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,269,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_438_c20250701__20250930_eus-gaap--DebtInstrumentFairValue_iE_z4xOBpiP5QTe" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold">Balance - September 30, 2025</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">18,842,073</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 17573073 1269000 18842073 <p id="xdx_893_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zYR4xX6vJotb" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_8B2_zmb8wfcIyG8f" style="display: none">SCHEDULE OF FAIR VALUE HIERARCHY DUE TO UNOBSERVABLE INPUTS</span></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><b> </b></td> <td><b> </b></td> <td colspan="2" style="text-align: center"><b>July 31,</b></td> <td><b> </b></td> <td style="font: 10pt Times New Roman, Times, Serif"><b> </b></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><b>September 30,</b></td> <td style="font: 10pt Times New Roman, Times, Serif"><b> </b></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>2025</b></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b> </b></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing share price</span></td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td id="xdx_985_eus-gaap--SharePrice_iI_c20250731_zzUikBN4qOWg" style="text-align: right; width: 16%" title="Closing share price">12.70</td> <td style="width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--SharePrice_iI_c20250930_zT2MbhtG2Nn4" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Closing share price"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.00</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity date</span></td> <td> </td> <td> </td> <td style="text-align: right"><span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20250731__20250731_zfEkDBFF6st2" title="Maturity date">July 31, 2028</span></td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Closing share price"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_dd_c20250930__20250930_ztQCF1cZfOHc" title="Maturity date">September 30, 2028</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated volatility</span></td> <td> </td> <td> </td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250731__20250731_zkvgKgraBeic" style="text-align: right" title="Estimated volatility">61.00</td> <td>%</td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250930__20250930_zG56UW2B83hf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Estimated volatility"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60.00</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free rate</span></td> <td> </td> <td> </td> <td style="text-align: right"><p id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250731__20250731_zh1Fiiz48Pg9" style="margin: 0" title="Risk-free rate">3.90</p></td> <td>%</td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250930__20250930_zJ4SXJ49dzw7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Risk-free rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.60</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discount rate</span></td> <td> </td> <td> </td> <td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20250731__20250731_z4UTPAfJUA27" style="text-align: right" title="Discount rate">6.20</td> <td>%</td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20250930__20250930_zhogTBt803e4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Discount rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.10</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr></table> 12.70 14.00 2028-07-31 2028-09-30 0.6100 0.6000 0.0390 0.0360 0.0620 0.0610 4715000 2750000 142156 1822844 8.82 0.0430 <p id="xdx_809_eus-gaap--SegmentReportingDisclosureTextBlock_zLhnOz51BYW" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 9 - <span id="xdx_824_zhDFotCOP0s5">SEGMENT INFORMATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s CODM has been identified as the Chief Executive Officer, who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that there is only one reportable segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the statements of operations as net income or loss. The CODM uses net income or loss to manage the business and forecasts to ensure enough capital is available to complete a business combination or similar transaction within the business combination period. The CODM also reviews significant expenses, which are consistent with those reported on the statements of operations, to manage, maintain, and enforce contractual agreements to ensure costs are aligned with agreements and the budget. The measure of segment assets is reported on the balance sheets as total assets. All segment items included in net income or loss are reported on the statements of operations and described within their respective disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_80D_eus-gaap--SubsequentEventsTextBlock_zUCr4JNFUkg1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 10 - <span>SUBSEQUENT EVENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_82E_zYav0WvhTeck" style="display: none">Subsequent Events</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 3, 2025, the Company deposited $<span id="xdx_90F_eus-gaap--PaymentsToAcquireRestrictedInvestments_c20251003__20251003__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zhf575NTfnp1" title="Payments to acquire restricted investments">15,000</span> into the Company’s trust account in order to further extend the amount of time it has available to complete a business combination to October 18, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 14, 2025, as approved by its shareholders at the Final Extension Meeting held on October 14, 2025 the Company, and its trustee, Continental Stock Transfer &amp; Trust Company amended the Investment Management Trust Agreement, dated as of January 12, 2022, as amended (the “Trust Agreement”), in order to allow the Company to extend the time to complete a business combination on a semi-month basis, until December 18, 2025 by placing into the Company’s Trust Account the lesser of $<span id="xdx_90F_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20251014__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_znQzkkxKQFi4" title="Sale of stock, price per share">0.02</span> per non-redeemed Class A Ordinary Share (as defined below), or $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20251014__20251014__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--BusinessAcquisitionAxis__custom--ExtraordinaryMeetingMember_zWg1gP883fJf" title="Number of shares issued">15,000</span>. At the Meeting, the shareholders of the Company approved by a special resolution, to amend Trust Agreement to extend the time by which the Company has to consummate a business combination until December 18, 2025 in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, adopted by special resolution dated January 5, 2022, as amended.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Final Extension Meeting, on October 16, 2025, the Company deposited $<span id="xdx_90D_eus-gaap--PaymentsToAcquireRestrictedInvestments_c20251016__20251016__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zeE8WpbyaRKd" title="Payments to acquire restricted investments">15,000</span> into the Company’s Trust Account to extend the time it has to complete its business combination until November 3, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 22, 2025, the Business Combination was consummated whereby (a) Merger Sub merged with and into Fusemachines with Fusemachines as the surviving corporation and becoming a wholly-owned subsidiary of Pubco; (b) the issued and outstanding shares of Fusemachines were exchanged for $<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zdYVQ6NoxmVe" title="Number of shares issued, value">200,000,000</span> in the form of newly-issued shares of Pubco common stock valued at $<span id="xdx_908_eus-gaap--SharePrice_iI_c20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zoSYWs3t2844" title="Per share price">10.00</span> per share. On the Closing Date, (a) the shareholders of Fusemachines were issued an aggregate of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__dei--LegalEntityAxis__custom--NewFusemachinesMember_zI1GsWtHyuDi" title="Number of shares issued, value">19,214,201</span> shares of New Fusemachines Common Stock, an aggregate of <span id="xdx_904_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zXDQkNZBNm8j" title="Shares reserved for issuance upon the exercise of stock options">693,420</span> shares of New Fusemachines Common Stock were reserved for issuance upon the exercise of stock options, and an aggregate of <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zBHpDnPdI3Xe" title="Class of warrant or right outstanding">122,211</span> shares of New Fusemachines Common Stock were reserved for issuance upon the exercise of common stock warrants; (b) the public shareholders of CSLM received an aggregate of <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__dei--LegalEntityAxis__custom--CSLMAcquisitionCorpMember_zpKogog5JcZ2" title="Number of shares issued, value">901,955</span> shares of New Fusemachines Common Stock, (c) all public rights were converted into <span id="xdx_909_eus-gaap--ConversionOfStockSharesConverted1_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zj1xM1OaQxt8" title="Conversion of stock shares converted">1,897,500</span> shares of New Fusemachines Common Stock; (d) New Fusemachines issued an aggregate of <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__dei--LegalEntityAxis__custom--NewFusemachinesMember__us-gaap--AwardTypeAxis__custom--PrivatePlacementInvestorMember_z0oUAHt8Akif" title="Number of shares issued, value">4,743,750</span> shares of New Fusemachines Common Stock to private placement investors; (e) New Fusemachines issued an aggregate of <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__dei--LegalEntityAxis__custom--NewFusemachinesMember__us-gaap--AwardTypeAxis__custom--PIPEFinancingMember_zIjgZWDwM6Ib" title="Number of shares issued, value">1,184,000</span> shares of New Fusemachines Common Stock, in connection with the PIPE Financing; and (f) the Sponsor Convertible Notes were exchanged for an aggregate of <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20251022__20251022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__dei--LegalEntityAxis__custom--NewFusemachinesMember__us-gaap--DebtInstrumentAxis__custom--SponsorConvertibleNotesMember_zD6s1i77b2y2" title="Number of shares issued, value">408,639</span> newly-issued shares of New Fusemachines Common Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On October 23, 2025, the Company paid an aggregate of $<span id="xdx_901_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_c20251023__20251023__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zeQpCfEKEtEj" title="Cash paid to redeemed ordinary shares">1,222,631</span> to the Class A ordinary shareholders who redeemed <span id="xdx_90A_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20251023__20251023__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zQjlG4DfETn3" title="Number of ordinary shares redeemed">99,187</span> Class A ordinary shares in connection with the Approval Meeting on July 28, 2025.</p> 15000 0.02 15000 15000 200000000 10.00 19214201 693420 122211 901955 1897500 4743750 1184000 408639 1222631 99187 Net of discount of $548.6 thousand as of December 31, 2023. Includes 10,292 stock options as of December 31, 2024 that were legally exercised prior to meeting the service base vesting requirements in exchange for nonrecourse promissory notes (Refer to “The Promissory Notes Transactions” in “Note 16 – Stock-based Compensation”). Includes 2,470,000 stock options as of December 31, 2023 that were early exercised in exchange for non-recourse promissory notes (Refer to “Note 16 – Stock-based Compensation”). The revenue from the AI Solutions - Products is insignificant during the year ended December 31, 2024 and 2023. The number of options outstanding includes 2,470,000 stock options that were legally exercised in exchange for nonrecourse promissory notes. Refer to “The Promissory Notes Transactions”. The number of options exercised excludes 10,292 stock options that were legally exercised prior to meeting the service base vesting requirements in exchange for nonrecourse promissory notes. Refer to “The Promissory Notes Transactions Includes 10,292 stock options as of December 31, 2024 that were legally exercised prior to meeting the service base vesting requirements in exchange for nonrecourse promissory notes. (Refer to “The Promissory Notes Transactions” in “Note 16 – Stock-based Compensation”). Includes 2,470,000 stock options as of December 31, 2023 that were early exercised in exchange for non-recourse promissory notes. (Refer to “Note 16 – Stock-based Compensation”). Includes 10,292 stock options as of December 31, 2024 that were legally exercised prior to meeting the service base vesting requirements in exchange for nonrecourse promissory notes (Refer to “The Promissory Notes Transactions” in “Note 13 – Stock-based Compensation”). During the period ended 30th September 2025, certain employees have exercised 1,133,537 options through cashless exercise There were no stock options granted during the nine months ended September 30, 2025. Includes 10,292 stock options as of December 31, 2024 that were early exercised in exchange for non-recourse promissory notes. (Refer to “Note 13 – Stock-based Compensation”).