UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number 001-40403 NEXENTIS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) State or oth ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________to _______________. Commission File Number 001-42261 SAFE PRO GROUP INC. (Exact name of registrant as specified in its charter) Delaware 87-4227079 (State or other ju ...

Financial Performance - The company has incurred operating losses of approximately $7.5 million and $10.3 million for the years ended December 31, 2024, and 2025, respectively, with an accumulated deficit of $210.8 million as of December 31, 2025[39]. - The company has recurring losses and negative cash flows, raising substantial doubt about its ability to continue as a going concern, which may hinder obtaining new financing[52]. - As of December 31, 2025, the company had a net working capital of $15.8 million and cash and cash equivalents of $4.0 million, indicating a need for substantial additional capital to fund operations and development of Aramchol[49]. - The public float was approximately $3.8 million as of March 25, 2026, limiting the amount of funds that can be raised through primary public offerings under the Baby Shelf Rule until the public float exceeds $75 million[50]. - The company may need substantial additional capital in the future, and if it is unable to secure this capital, it may have to delay or cease operations[30]. Product Development and Regulatory Challenges - The company has not yet commercialized any products and may never be able to do so, with significant uncertainty regarding the regulatory approval process for its lead product candidate, Aramchol[47]. - The company expects to continue incurring significant research and development expenses, particularly if it re-initiates its ARMOR Study or initiates other clinical trials[44]. - The company is substantially dependent on the success of its lead product candidate, Aramchol, and has not yet received regulatory approval for commercialization[64]. - The approval process for Aramchol or any product candidate is lengthy, expensive, and uncertain, with potential delays or denials from regulatory agencies[90]. - Regulatory approval processes are expensive and can take many years, with substantial discretion given to regulatory agencies, which may delay or deny approvals[89]. Clinical Trials and Market Acceptance - The ARMOR Study has faced significant delays due to slower than expected recruitment and regulatory authorization issues, impacting the timeline for clinical trials[75]. - The market acceptance of Aramchol or any other product candidate is uncertain and will depend on various factors, including regulatory approvals and competitive environment[48]. - Seven clinical trials of Aramchol have been completed, with no safety concerns reported to date, but future trials may reveal adverse effects that could halt development[93]. - The design of clinical trials can significantly impact their outcomes, and flaws may not be apparent until trials are well advanced, leading to potential abandonment of product candidates[80]. - Challenges in recruiting patients for clinical trials include eligibility criteria, competition from other trials, and the nature of the patient population[76]. Competition and Market Risks - Intense competition exists in the market, with larger pharmaceutical companies having significantly greater resources and experience, potentially rendering the company's product candidates non-competitive[156]. - Key competitors in the NASH field include Novo Nordisk, Madrigal Pharmaceuticals, and Viking Therapeutics, which have advanced clinical programs and marketed products[158]. - If Aramchol receives marketing approval, its commercial success will depend on broad market acceptance and the medical community's perception[106]. - The commercial success of any approved product will depend on factors such as clinical safety, efficacy, and ease of administration compared to existing therapies[108]. Financial and Operational Risks - The company has no committed external sources of funds, and additional financing may not be available on favorable terms, potentially leading to delays or termination of clinical trials[51]. - The company may incur substantial liabilities from product liability claims if adverse events occur with its product candidates, impacting financial conditions[161]. - The company must comply with extensive regulatory requirements even after obtaining approval, which could affect financial performance[101]. - Delays in regulatory approval could materially adversely affect the company's ability to out-license product candidates[102]. Intellectual Property and Compliance - The company has issued patents and pending applications for Aramchol salts, but the scope and enforceability of these patents remain uncertain[187]. - The company’s commercial success is heavily dependent on avoiding infringement of third-party patents, which could lead to increased costs or delays in product development[201]. - Legal disputes regarding intellectual property rights could be costly and time-consuming, potentially diverting management's attention and resources[204]. - Non-compliance with patent agency requirements could lead to the abandonment of patents, allowing competitors to enter the market earlier[218]. Regulatory and Legislative Environment - The company is subject to extensive environmental, health, and safety regulations, which could result in substantial capital costs and liabilities[114]. - The Affordable Care Act increased the minimum rebate for innovator drugs from 15.1% to 23.1% of average manufacturer price, impacting pricing strategies[120]. - The Inflation Reduction Act allows CMS to negotiate directly with drug manufacturers to lower prices for costly drugs under Medicare, potentially affecting revenue[122]. - Compliance with healthcare and data privacy laws is critical, as violations could lead to enforcement actions and penalties[132]. Economic and Market Conditions - The company’s business may be adversely affected by unfavorable economic conditions, including geopolitical events like the war between Russia and Ukraine[220]. - Inflation increases have raised costs for commodities, labor, materials, and services, potentially impacting financial condition[221]. - Economic uncertainty due to inflation, geopolitical developments, and supply chain disruptions may complicate securing additional financing[221]. - The market price of the company's ordinary shares has been volatile since the initial public offering, with trading volume also being relatively illiquid[223].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Commission file number 001-41034 SYNTEC OPTICS HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 87-0816957 (State or other jurisdicti ...

Financial Performance - Net sales decreased by $0.4 million, or 1.3%, to $28.1 million for the year ended December 31, 2025, compared to $28.5 million for 2024, with increases in Consumer, Defense, and Medical industries offset by a decrease in the Communications industry [232]. - Cost of goods sold decreased by $1.2 million, or 5%, to $21.5 million for the year ended December 31, 2025, primarily due to reductions in subcontractor use, repairs and maintenance, and materials [233]. - Gross profit increased by $0.8 million, or 15%, to $6.5 million for the year ended December 31, 2025, attributed to a decrease in cost of goods sold despite a decrease in sales [234]. - General and administrative expenses decreased by approximately $1.3 million, or 15%, to $7.0 million for the year ended December 31, 2025, due to reductions in wages, commissions, R&D, and business insurance [235]. - Net loss decreased by $0.7 million to $1.8 million for the year ended December 31, 2025, compared to $2.5 million for 2024 [238]. - Adjusted EBITDA increased to $3,016,865 for the year ended December 31, 2025, compared to $2,198,941 for 2024 [246]. Cash Flow and Debt Management - Net cash provided by operating activities was $672,635 for the year ended December 31, 2025, compared to a net cash used of $942,830 for 2024 [258]. - Net cash used in investing activities was $644,292 for the year ended December 31, 2025, compared to $930,866 for 2024 [261]. - As of December 31, 2025, the company had $6,763,863 outstanding under its $7.5 million revolving credit facility, with approximately $736,000 of remaining availability [248]. - The company expects cash generated from operations and availability under its revolving credit facility to be sufficient to fund operations for at least the next twelve months [255]. - The company repaid approximately $1.37 million of term and equipment debt during the reporting period [252]. Inventory and Taxation - The reserve for excess and obsolete inventory was approximately $0.6 million as of December 31, 2025, compared to $0.5 million as of December 31, 2024 [268]. - Income tax benefit decreased by $1.0 million to a provision of $0.4 million for the year ended December 31, 2025, compared to a benefit of $0.5 million for 2024 [237]. - The Company recognizes uncertain income tax positions when it is more likely than not that the position will be sustained upon examination [271]. Business Strategy and Market Position - The company plans to further consolidate and add bolt-on acquisitions for inorganic growth in the fragmented photonics industry, expanding its portfolio of advanced manufacturing processes [216]. - Syntec Optics launched new products including low weight night vision optics, hybrid light-weight magnifiers, and biomedical mirrors in the defense and medical markets [212]. - The company is engaged in a research and development project funded by the U.S. Department of Commerce's NIST for the sensing end market, which is characterized by optics and photonics applications [216]. - Three customers accounted for 48% of revenues for the year ended December 31, 2025, indicating a significant reliance on a few key clients [219]. - Syntec Optics focuses on four end markets: defense, medical, consumer, and communications, all with strong mission-critical applications [211]. - The company operates a nearly 90,000 square foot manufacturing facility in Rochester, New York, which supports its production capacity and advanced manufacturing processes [220]. Accounting Standards and Compliance - The Company adopted ASU 2023-09 on January 1, 2025, which requires disaggregated information about effective tax rate reconciliation, effective for the annual period ended December 31, 2025 [273]. - The Company is currently evaluating the impact of ASU 2025-05 on its consolidated financial statements, which is effective for annual reporting periods beginning after December 15, 2025 [275]. - ASU 2024-03, effective for fiscal years beginning after December 15, 2026, requires additional disclosures about specific types of expenses in the income statement [274]. - The adoption of ASU 2023-09 did not have a material impact on the Company's financial statements but resulted in additional disclosures in the income tax footnote [273]. - The Company is evaluating the impact of ASU 2025-11, which clarifies interim reporting requirements and is effective for public business entities for interim periods within fiscal years beginning after December 15, 2027 [277]. - Syntec Optics has elected to delay the adoption of certain accounting standards under the JOBS Act, which may affect comparability with other public companies [279]. - The Company is assessing the provisions of ASU 2025-12, which addresses minor improvements to the Codification and is effective for interim reporting periods beginning after December 15, 2026 [278].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______________ to ______________ Commission File No. 001-41345 IVEDA SOLUTIONS, INC. (Exact name of registrant as specified in its charter) Delaware 20-2222203 (State or othe ...

Technology and Innovation - authID's PrivacyKey technology achieves a False Match Rate accuracy of 1:1 Billion with a False Rejection Rate of 0.3%[16] - authID's platform provides biometric identity verification and authentication without storing biometric data, ensuring user privacy[26] - The Identity Exchange (IDX) platform modernizes identity management with passwordless, interoperable credentials to prevent phishing attacks[17] - authID's solutions enable high-speed processing with a response time of less than 700ms, crucial for high-volume use cases[19] - The company plans to invest in research and development to enhance its technology and meet evolving customer needs[30] - The market for the company's products is characterized by changing technology and increasing use of AI technologies, which could adversely affect its operations if not addressed promptly[57] - The company may face challenges in developing and marketing new products to counter AI-driven cyberattacks, which could delay or prevent successful product launches[59] - The evolving AI regulatory environment, including the EU AI Act adopted in 2024, may increase compliance costs and expose the company to additional liabilities[62] Financial Performance - The company has an accumulated deficit of approximately $191.7 million as of December 31, 2025, and incurred an operating loss of approximately $17.9 million for the year ended December 31, 2025[44] - Negative cash flow from operating activities was approximately $15.0 million and $11.6 million for the years ended December 31, 2025 and 2024, respectively, with expectations of continued negative cash flows for at least the next 12 months[45] - The company raised approximately $11.4 million and $10.0 million in net proceeds through equity and debt financing in 2025 and 2024, respectively[47] - The company has a history of losses and may not achieve profitability going forward, with substantial doubt about its ability to continue as a going concern[44][46] - For the year ended December 31, 2025, the Company's net revenues were approximately $2.0 million, an increase from approximately $0.9 million in 2024[199] - Adjusted EBITDA loss from operations for 2025 was $(14,364,817), compared to $(11,878,801) in 2024, attributed to increased research and development investments and credit loss expenses[198] - General and administrative expenses increased by approximately $3.3 million in 2025, driven by employee-related expenses and credit loss expenses[201] - Research and development expenses rose by approximately $1.4 million in 2025, reflecting continued investment in product capabilities[201] Market and Competition - The Global Biometric Technology Market is projected to grow from over $50 billion in 2025 to over $150 billion by 2030, with a CAGR of 20%[24] - Cybercrime costs in the U.S. are expected to reach approximately $900 billion by 2026 and over $3.4 trillion by 2030[22] - The company aims to drive new customer growth by targeting key markets with high-assurance identity verification needs, focusing on less complex opportunities and larger brands[25] - The company faces competition from rivals with greater financial resources and market recognition, which could hinder its ability to establish market share[43] - The market for the company's services is rapidly evolving, with new entrants and existing competitors potentially impacting its market position[100] Operational Risks - The company depends on a small number of large sales with contractual commitments ranging from $500,000 to $2,000,000, leading to unpredictable quarterly revenue[42] - The company is exposed to risks in operating in foreign markets, which may complicate its business operations and lead to increased losses[42] - The company must comply with evolving laws and regulations regarding cybersecurity and data privacy, which could increase operational costs and legal liabilities[56] - Cyberattacks and breaches of IT security could adversely affect the company's operations and reputation, despite current security measures[78] - The company may pursue future acquisitions, but integration challenges could harm operational results and market share[82] - The company is subject to risks associated with governmental contracts, including competitive bidding processes and public budgetary restrictions[64] - The impact of pandemics, such as COVID-19, could disrupt operations and supply chains, adversely affecting financial performance[81] - The ongoing wars in Ukraine and the Middle East may disrupt the company's operations and supply chains, potentially leading to increased costs and delays in software and product upgrades[84] - The company has diversified its subcontractor base to mitigate risks associated with geopolitical tensions, which may incur additional short-term costs[84] Governance and Compliance - Approximately 10% of the company's outstanding Common Stock is beneficially owned by its officers, directors, and holders of 5% of shares, giving them significant control over corporate actions[98] - Compliance with the Sarbanes-Oxley Act and other regulations will increase legal and accounting costs, potentially straining resources[103] - The company may face challenges in maintaining effective internal controls, which could lead to misstatements in financial reports and affect investor confidence[107] - The company acknowledges that substantial sales of its common stock by existing stockholders could depress its market price[113] - The company is subject to potential securities litigation, which could divert management's attention and incur significant costs[114] - The company may face additional litigation costs due to its Delaware Forum Provision, which could limit stockholders' ability to pursue claims in favorable jurisdictions[111] Stock and Shareholder Information - The market price of the company's common stock has experienced significant fluctuations, ranging from $0.86 to $11.95 during the three-year period ended December 31, 2025[116] - The company cannot assure compliance with the continued listing standards of the Nasdaq Capital Market, which could lead to a potential de-listing of its common stock[112] - The company has never declared or paid cash dividends and does not anticipate doing so in the foreseeable future[117] - As of March 6, 2026, there were approximately 128 stockholders of record for the Company's common stock[138] - The Company has never declared or paid any cash dividends on its common stock and intends to retain future earnings for business expansion[139] - As of December 31, 2025, the Company had 188,745 securities available for issuance under the 2017 Incentive Stock Plan, 705,114 under the 2021 Equity Incentive Plan, and 951,716 under the 2024 Equity Incentive Plan[140] - The Company granted 30,000 options as Inducement Grants to new employees during 2025[146] - The Company entered into an engagement agreement on June 12, 2024, for the issuance and sale of 1,464,965 shares, with cash fees and warrants issued for 102,547 shares at an exercise price of $7.50[149] - On March 12, 2025, the Company agreed to issue 666,666 shares and 694,444 shares from Dominari Securities LLC, with warrants for 80,999 shares at an exercise price of $4.50[150] - The Company issued stock purchase warrants for 92,051 shares at an exercise price of $1.35 as part of the November 20, 2025 engagement agreement[154] - The Company made stock option grants to executives, including 13,282 shares at an exercise price of $7.78 on May 20, 2024[156] - The Company has no other equity incentive plans in effect as of December 31, 2025[140]

Revenue and Profitability - Revenue for the twelve months ended December 31, 2025 increased by $13.1 million, or 154%, to $21.6 million compared to $8.5 million for the twelve months ended December 31, 2024[193] - Gross profit increased 244% to $4.0 million for the twelve months ended December 31, 2025, with a gross margin of 18.5% compared to 13.7% for the previous year[195] - Net loss increased by $0.8 million to $4.2 million for the twelve months ended December 31, 2025, compared to $3.5 million for the previous year[199] - Operating loss for the twelve months ended December 31, 2025 was $3.7 million, an increase of $0.5 million from the previous year[197] Operating Expenses and Cash Flow - Operating expenses increased by 75.9% to $7.7 million for the twelve months ended December 31, 2025, primarily due to scaling of network construction and operations teams[196] - Net cash used in operating activities increased to $5.7 million for the twelve months ended December 31, 2025, compared to $3.9 million for the same period in 2024, primarily due to scaling network construction and operations[220] - Net cash provided by financing activities rose significantly to $11.6 million for the twelve months ended December 31, 2025, up from $3.6 million in 2024, driven by increased equity fundraising through the IPO[222] Backlog and Contracted Units - Backlog as of December 31, 2025 was $34.0 million, compared to $34.8 million as of December 31, 2024[201] - Contracted units as of December 31, 2025 were 34,067, an increase from 25,375 as of December 31, 2024[201] Cash and Financing - Cash and cash equivalents as of December 31, 2025 were approximately $6.2 million, up from $0.3 million as of December 31, 2024[214] - The company raised gross proceeds of approximately $15.0 million from its initial public offering on November 6, 2025[211] - For the twelve months ended December 31, 2025, the company financed $0.3 million from Endurance Opportunities, with a total balance of $1.3 million in Network Service Agreements (NSAs) as of December 31, 2025[218] - The company entered into a SAFE agreement on January 6, 2025, receiving an aggregate amount of $1.0 million[219] Accounting and Taxation - The company changed its estimation methodology for trade accounts receivable effective October 1, 2025, from a historical loss rate method to an aging schedule method[225] - The provision for income taxes requires significant estimates regarding deferred tax assets and liabilities, with evaluations conducted each reporting period[227] - The company’s accounts receivable are recorded at invoiced amounts, net of allowances for expected credit losses, with adjustments made based on current economic conditions[225] Other Information - The company reported no material off-balance sheet arrangements as of December 31, 2025, and December 31, 2024[223] - Revenue is generated from network design and installation and internet network services, with revenue recognition occurring as performance obligations are satisfied[226] - Net cash used by investing activities was $0.0 million for the twelve months ended December 31, 2025, compared to net cash provided of $0.3 million in 2024[221] - The company expects operating losses and negative cash flows to decrease over time as operations scale and revenue grows[212]

SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 KULR TECHNOLOGY GROUP, INC. (Exact name of the registrant as specified in its charter) | Delaware | 001-40454 | 81-1004273 | | --- | --- | --- | | (State or other jurisdiction of | (Commission | (IRS Employer | | incorporation) | File Number) | Identification No.) | 555 Forge River Road, Suite 100, Webster, Texas 77598 (Address of principle executive offices) ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38338 Rekor Systems, Inc. (Exact name of registrant as specified in its charter) Delaware 81-5266334 (State or oth ...