季報
季度報告
10-Q
2026-05-15
Arrive AI Inc. (ARAI) 2026年第一季10-Q 摘要
AI 繁中摘要
**Arrive AI Inc. (ARAI) 2026年第一季10-Q 摘要**
- **申報類型**：10-Q（季度報告）
- **財政季度**：2026年第一季（截至2026年3月31日）
- **公司狀態**：早期科技公司，專注開發無人機、機械人及人類使用的智能郵箱系統。
**業績重點**：
- 期內收入僅14,925美元（來自訂閱服務），去年同期零收入，反映商業化仍處於初步階段。
- 淨虧損擴大至637萬美元（去年同期198萬美元），主要因營運開支急增（一般行政開支421萬美元，研發開支35.7萬美元，銷售及市場推廣11.1萬美元）。
- 每股虧損0.18美元（去年同期0.07美元），加權平均股數3,617萬股。
**財務狀況**：
- 截至2026年3月31日，現金及現金等價物567萬美元（2025年底210萬美元），短期投資280萬美元。
- 總資產1,549萬美元，總負債1,287萬美元，股東權益262萬美元（累計虧損3,512萬美元）。
- 期內通過發行可轉換票據（Convertible Note 4）籌集1,000萬美元，部分票據已轉換為普通股。
- 衍生負債公允價值變動帶來收益113萬美元，但可轉換票據轉換損失235萬美元。
**管理層展望與風險**：
- 公司自成立以來持續虧損，管理層明確指出存在「持續經營重大疑慮」，依賴現有現金及短期投資（合共約847萬美元）以及Streeterville Capital LLC的可轉換票據融資（剩餘約1,900萬美元可用額度，但需滿足最低市值1億美元及賬面值400萬美元等條件）。
- 截至2026年5月12日，現金及短期投資約710萬美元。
- 研發及銷售開支顯著增加，反映公司正加速產品開發及市場拓展，但短期內收入覆蓋成本的能力有限。
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展開英文正文
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OF 1934 For the transition period from ____________ to ____________ Commission File Number 001-42645 Arrive AI Inc. (Exact name of registrant as specified in its charter) Delaware 85-0935006 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 9100 Fall View Drive Fishers, Indiana 46037 (Address of principal executive offices) (Zip code) (463) 270-0092 (Registrant’s telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for at least the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller Reporting Company ☒ Emerging growth company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Securities registered pursuant to Section 12(b) of the Exchange Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock par value $0.0002 per share ARAI The Nasdaq Stock Market LLC The number of shares of the registrant’s common stock, par value $0.0002 per share, outstanding as of May 15, 2026, was 51,859,347. TABLE OF CONTENTS Page(s) PART I. FINANCIAL INFORMATION 4 Item 1. Financial Statements (unaudited) 4 Condensed Balance Sheets 4 Condensed Statements of Operations 5 Condensed Statements of Changes in Stockholders’ Equity 6 Condensed Statements of Cash Flows 7 Condensed Notes to Unaudited Financial Statements 8-33 Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations 34 Item 3. Quantitative and Qualitative Disclosures About Market Risk 44 Item 4. Controls and Procedures 44 PART II. OTHER INFORMATION 44 Item 1. Legal Proceedings 44 Item 1A. Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 45 - 2 - CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends impacting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expect,” “intend,” “seek,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “predict,” “potential,” “might,” “forecast,” “continue,” or the negative of those terms, and similar expressions and comparable terminology intended to reference future periods. Forward-looking statements include, but are not limited to, statements about: ● our ability to protect and enforce our intellectual property protection and the scope and duration of such protection; ● our reliance on third parties, including suppliers, delivery platforms, brand sponsors, software providers and service providers; ● our ability to commercialize our products at a large scale; ● the competitive industry in which we operate, which is subject to rapid technological change; ● our ability to access the full funds under the existing convertible note payable facility; ● our ability to raise additional capital to develop our technology and scale our operations; ● developments and projections relating to our competitors and our industry; ● our ability to adequately control the costs associated with our operations; ● the impact of current and future laws and regulations, especially those related to autonomous delivery; ● potential cybersecurity risks to our operational systems, infrastructure, and integrated software by us or third-party vendors; and ● other risks and uncertainties, including those listed in our Annual Report on Form 10-K for the year ended December 31, 2025, including the factors described in the section entitled “Item 1A – Risk Factors.” Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. Accordingly, the forward-looking statements in this Quarterly Report on Form 10-Q should not be regarded as representations that the results or conditions described in such statements will occur or that our objectives and plans will be achieved, and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. - 3 - PART I - FINANCIAL INFORMATION Item 1. Financial Statements. ARRIVE AI INC. CONDENSED BALANCE SHEETS March 31, 2026 December 31, 2025 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $5,667,553 $2,104,004 Investments at fair value 2,802,060 - Accounts receivable, net of allowance - 4,975 Prepaid expenses 280,102 189,878 Other current assets 12,325 12,325 Total current assets 8,762,040 2,311,182 OTHER ASSETS Property and equipment, net 679,333 514,684 Right of use assets - operating leases 2,023,420 2,117,284 Patents, net of accumulated amortization of $3,120 and $2,603 271,580 272,097 Deferred offering costs 3,475,514 5,650,185 Other assets 279,187 65,633 Total other assets 6,729,034 8,619,883 TOTAL ASSETS $15,491,074 $10,931,065 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $227,909 $183,993 Accrued expenses 1,490,720 538,234 Operating lease liability 408,345 392,950 Derivative liabilities 1,440,000 1,460,000 Convertible note payable, net of discount and debt issuance costs of $4,507,852 and $350,794, and $3,379,447 and $240,896, respectively 7,681,354 4,144,657 Note payable 8,336 9,140 Total current liabilities 11,256,664 6,728,974 LONG TERM LIABILITIES Operating lease liability 1,616,553 1,725,073 Note payables, net of current portion - 1,418 Total long term liabilities 1,616,553 1,726,491 Total liabilities 12,873,217 8,455,465 Commitments and Contingencies (See Note 16) STOCKHOLDERS’ EQUITY Common stock, $0.0002 par value, 200,000,000 authorized, 37,731,391 and 34,213,387 issued and outstanding at March 31, 2026 and December 31, 2025 7,545 6,841 Additional paid-in capital 37,834,831 31,215,698 Deferred compensation (107,334) - Accumulated deficit (35,117,185) (28,746,939) Total stockholders’ equity 2,617,857 2,475,600 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $15,491,074 $10,931,065 See accompanying notes to these condensed financial statements. - 4 - ARRIVE AI INC. CONDENSED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 REVENUE $14,925 $- OPERATING EXPENSES General and administrative 4,210,066 1,894,981 Research and development 357,073 91,263 Sales and marketing 111,350 7,661 Total operating expenses 4,678,489 1,993,905 OTHER INCOME (EXPENSES) Interest expense (361,870) (1,175) Other income 177,789 16,915 Change in fair value of derivative liabilities 1,129,769 - Accretion of debt discount (250,969) - Loss on conversion of convertible notes payable (2,345,613) - Realized gain on investments 446,324 - Unrealized loss on investments (502,112) - Total other income (expenses) (1,706,682) 15,740 NET LOSS BEFORE TAXES (6,370,246) (1,978,165) PROVISION (BENEFIT) FOR INCOME TAXES - - NET LOSS $(6,370,246) $(1,978,165) NET LOSS PER SHARE: Basic and diluted $(0.18) $(0.07) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: Basic and diluted 36,167,200 29,721,248 See accompanying notes to these condensed financial statements. - 5 - ARRIVE AI INC. CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT) For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Number of Additional Total Common Common Paid-In Subscription Deferred Accumulated Stockholders’ Shares Stock ($) Capital ($) Receivable ($) Compensation ($) Deficit ($) Equity (Deficit) ($) BALANCE, JANUARY 1, 2025 26,620,905 $5,822 $14,984,561 $(53,003) $ - $(15,920,555) $(983,175) Issuance of common stock and warrants for cash 96,346 19 677,390 40,219 - 717,628 Issuance of common stock for deferred offering costs 532,913 107 6,927,762 - - 6,927,869 Stock-based compensation 84,874 17 1,348,228 - - 1,348,245 Net loss - - - - - (1,978,165) (1,978,165) BALANCE, MARCH 31, 2025 27,335,038 $5,965 $23,937,941 $(12,784) $ - $(17,898,720) $6,032,402 BALANCE, JANUARY 1, 2026 34,213,387 $6,841 $31,215,698 $- $ - $(28,746,939) $2,475,600 Issuance of common stock for deferred compensation 118,343 24 160,976 - (161,000 ) - - Issuance of common stock under stock plans 102,492 20 (20) - - - - Shares withheld for taxes upon vesting of restricted stock units (32,308) (6) (25,743) - - - (25,749) Issuance of common stock for the conversion of convertible notes payable 3,329,477 666 6,468,237 - - - 6,468,903 Reclassification of derivative liabilities upon conversion of convertible notes payable - - 1,200,231 - - - 1,200,231 Reclassification of deferred offering costs upon financing drawdown - - (2,174,671) - - - (2,174,671) Stock-based compensation - - 990,123 - 53,666 - 1,043,789 Net loss - - - - (6,370,246) (6,370,246) BALANCE, MARCH 31, 2026 37,731,391 7,545 37,834,831 - (107,334 ) (35,117,185) 2,617,857 See accompanying notes to these condensed financial statements. - 6 - ARRIVE AI INC. CONDENSED STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, 2026 and 2025 (Unaudited) 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $(6,370,246) $(1,978,165) Adjustments to reconcile net loss to net cash used in operating activities Stock-based compensation 1,043,789 1,348,245 Depreciation and amortization 56,214 7,391 Credit loss expense 300 - Operating lease liability - non-cash adjustment 739 - Change in fair value of derivative liability (1,129,769) - Loss on conversion of convertible notes payable 2,345,613 - Accretion of discount on convertible note payable 250,969 - Accretion of issuance costs on convertible note payable 119,018 - Realized gain on investments (446,324) - Unrealized loss on investments 502,112 - Changes in operating assets and liabilities (Increase) decrease in Accounts receivable 4,675 - Prepaid expenses (90,224) 7,081 Other current assets - 1,412 Other assets (213,554) - Increase (decrease) in Accounts payable 43,916 (66,262) Accrued expenses 952,486 133,627 Net cash used in operating activities (2,930,286) (546,671) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (220,346) (2,832) Proceeds from sales of investments 8,893,827 - Purchase of investments (11,751,675) - Net cash used in investing activities (3,078,194) (2,832) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from sale of common stock, net - 420,753 Taxes paid for shares withheld upon vesting of restricted stock units (25,749) - Proceeds from the exercise of warrants, net - 296,875 Repayments of note payables (2,222) (2,075) Proceeds from issuance of convertible notes payable 10,000,000 - Debt issuance costs (400,000) - Net cash provided by financing activities 9,572,029 715,553 NET INCREASE IN CASH AND CASH EQUIVALENTS 3,563,549 166,050 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 2,104,004 129,318 CASH AND CASH EQUIVALENTS, END OF PERIOD $5,667,553 $295,368 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for: Interest $1,064 $321 Income taxes $- $- SUPPLEMENTAL DISCLOSURE OF NONCASH INFORMATION Common stock issued as payment of offering costs $- $6,927,869 Common stock issued for deferred compensation $161,000 $- Common stock issued for conversion of convertible notes payable $6,468,903 $- Derivative liabilities reclassified as additional paid-in capital upon conversion of convertible notes payable $1,200,231 $- Deferred offering costs recognized as additional paid-in capital upon financing drawdown $2,174,671 $- See accompanying notes to these condensed financial statements. - 7 - ARRIVE AI INC. CONDENSED NOTES TO FINANCIAL STATEMENTS NOTE 1 - NATURE OF OPERATIONS Arrive AI Inc. (the Company) was incorporated on April 30, 2020, in the State of Delaware as Dronedek Corporation. On July 27, 2023, Dronedek Corporation changed its name to Arrive Technology Inc. On September 27, 2024, Arrive Technology Inc. changed its name to Arrive AI Inc. The Company is an early-stage technology company with a focus on designing and implementing a commercially-viable smart mailbox for drone, robotic and human package receiving and storage. The Company is subject to a number of risks similar to those of other companies of similar size in its industry, including, but not limited to, the need for successful development of products, the need for additional capital (or financing) to fund operating losses, competition from substitute products and services from larger companies, protection of proprietary technology, patent litigation, dependence on key individuals, and risks associated with changes in information technology. The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act (JOBS Act), enacted on April 5, 2012 and has elected to comply with certain reduced public company reporting requirements. NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). These statements include all adjustments which management believes are necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting policies described in the Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 as originally filed with the Securities and Exchange Commission on April 15, 2026 (“the 2025 Annual Report”). Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company firmly believes that the accompanying disclosures are adequate to make the information presented not misleading. The financial statements should be read in conjunction with the financial statements and notes thereto included in the 2025 Annual Report. The interim operating results for the three months ended March 31, 2026 may not be indicative of operating results expected for the full year. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents, including money market accounts held at financial institutions. The Company had cash equivalents of $5,118,225 at March 31, 2026, and $0 at December 31, 2025. Concentration of Credit Risk The Company’s policy is to maintain its cash balances in accounts insured by the Federal Deposit Insurance Corporation (the “FDIC”) or by the Securities Investor Protection Corporation (the “SIPC”). The Company may periodically have cash balances in financial institutions in excess of FDIC and SIPC insurance limits. At March 31, 2026, and December 31, 2025, the Company had approximately $5,167,553 and $1,604,004 of cash in excess of insured limits, respectively. - 8 - Management believes that the Company is not exposed to any significant risk concerning its cash balances. To date, the Company has not recognized any losses caused by uninsured balances. Investments at Fair Value During the three months ended March 31, 2026, the Company invested a portion of its excess cash in exchange-traded equity securities. The Company accounts for these investments in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) ASC 321, Investments—Equity Securities. Equity securities with readily determinable fair values are measured at fair value at each reporting date, with changes in fair value recognized in the statement of operations as unrealized gains or losses. Realized gains and losses on the sale or disposition of equity securities are also recognized in the statement of operations in the period of sale. The Company classifies the fair value of these securities within Level 1 of the fair value hierarchy established under ASC 820, Fair Value Measurement, as the securities are exchange-traded with quoted prices in active markets. As of March 31, 2026 the company had equity securities. At December 31, 2025, the Company held no equity securities. During the three months ended March 31, 2026 and the year ended December 31, 2025, the Company wrote covered call options against its long equity security positions to generate income from option premiums. Written call options are recognized as liabilities at fair value in accordance with ASC 815, Derivatives and Hedging, and are remeasured at fair value at each reporting date. The Company does not designate these instruments as accounting hedges; accordingly, changes in fair value are recognized in the statement of operations within other income (expense). These instruments are classified within Level 1 of the fair value hierarchy, as they are exchange-traded and valued using quoted market prices in active markets. Premiums received are reflected in the initial fair value of the derivative liability and are subsequently recognized in earnings through changes in fair value over the life of the contract, as the options are traded on recognized national exchanges with quoted prices in active markets. Option premium income received at the time of writing is initially recorded as a liability representing the fair value of the written option and is recognized in earnings upon settlement or expiration of the contract. Accounts Receivable and Allowance for Credit Losses Accounts receivable are customer obligations due under normal trade terms, which are typically due upon receipt of the invoice. Credit is extended based on an evaluation of a customer’s financial condition and collateral is not required. Accounts receivable are stated as amounts due from customers net of an allowance for credit losses. The Company recognizes an allowance for expected credit losses at each balance sheet date. This estimate is derived from a review of the Company’s historical losses based on the aging of receivables. Receivables with similar risk characteristics are pooled for the estimation of expected credit losses. Management adjusts its historical estimate based on its assessment of current conditions, reasonable and supportable forecasts regarding future events, and any other factors deemed relevant by the Company. At each reporting date, the Company updates its estimate of expected credit losses to reflect any changes in credit risk since the receivable was initially recorded. The Company writes off receivables when there is information that indicates the debtor is facing significant financial difficulty and there is no possibility of recovery. If any recoveries are made from any accounts previously written off, they will be recognized in earnings in the year of recovery, in accordance with the entity’s accounting policy. The Company recorded an allowance for credit losses at March 31, 2026 of $300. At December 31, 2025, management determined that substantially all outstanding receivables were fully collectible. The Company did not incur material write-offs during the three months ended March 31, 2026 and year ended December 31, 2025. Property and Equipment Property and equipment is recorded at cost. Depreciation is computed using the straight-line method over the estimated useful life of the asset ranging from 2two to five years. The cost of leasehold improvements is amortized over the lesser of the length of the related leases or the estimated useful lives of the assets. Maintenance and repairs of property are charged to operations, and major improvements are capitalized. Upon retirement, sale, or other disposition of property and equipment, the costs and accumulated depreciation are eliminated from the accounts, and any resulting gain or loss is included in operations. - 9 - Intangible Assets – Patents The Company capitalizes external costs, such as filing fees, registration documentation, and attorney fees associated with the application and issuance of patents. Amortization commences when the patent is granted and placed in service and is calculated on a straight-line basis over the remaining legal life of the patent. Costs associated with pending applications are capitalized but not amortized until issuance. Maintenance patent fees are paid to a government patent authority to maintain a granted patent in force. Some countries require the payment of maintenance fees for pending patent applications; these are expensed as incurred. Maintenance fees paid after a patent is granted are expensed, as these are considered ongoing costs to “maintain a patent.” The Company expenses costs associated with maintaining and defending patents subsequent to issuance in the period incurred. The Company assesses the potential impairment of all capitalized patent costs when events or changes in circumstances indicate that the carrying amount of the Company’s patent portfolio may not be recoverable. Impairment of Long-Lived Assets The Company evaluates the recoverability of its long-lived assets in accordance with ASC 360, Property, Plant, and Equipment. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets are measured by a comparison of the carrying amount of an asset to future cashflows expected to be generated by the asset, undiscounted and without interest or independent appraisals. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the assets. The Company has three types of long-lived assets: property and equipment, including vehicles, equipment, and leasehold improvements; construction-in-progress (CIP), and intangible patent assets including those acquired by the acquisition of Airbox Technology in 2023. No impairments of long-lived assets were considered necessary as of March 31, 2026 and December 31, 2025. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. The Company generates revenue from consulting and implementation services and recurring subscription services for access to the Arrive Point network. The Company identifies performance obligations in its contracts with customers, which generally consist of consulting services, installation services, and subscription services. The transaction price is allocated to each distinct performance obligation based on relative standalone selling prices. Contracts are typically short-term in nature and generally do not include significant variable consideration or financing components. Consulting and subscription services are recognized over time as the customer simultaneously receives and consumes the benefits of the services in accordance with ASC 606-10-25-27(a). Revenue is recognized using an appropriate measure of progress that reflects the transfer of control to the customer, generally based on time elapsed or services performed. Installation services are generally recognized at a point in time when control of the service is transferred to the customer, which typically occurs upon completion of installation and customer acceptance, if applicable. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, and, when applicable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the balance sheet. The Company may request advances or deposits from customers before revenue is recognized, which results in contract liabilities. These contract liabilities are released as the performance obligations are satisfied. As disclosed in NOTE 3, the Company did not have any contract assets or contract liabilities recorded on the balance sheet as of March 31, 2026 and December 31, 2025. - 10 - Leases The Company accounts for leases in accordance with ASC 842, Leases. The Company determines whether an arrangement is a lease at contract inception. The Company classifies leases as operating or finance leases at commencement; however, all of the Company’s leases are currently classified as operating leases. Operating leases are included in “Right-of-use assets – operating leases” and “Operating lease liabilities” in the Company’s balance sheets. Right-of-use (“ROU”) assets represent the Company’s right to use the underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Lease payments included in the measurement o