Financial Performance - Q3 2025 revenue reached $2.58 million, a 113% increase from $1.21 million in Q3 2024[4] - Gross profit for Q3 2025 was $1.73 million, reflecting a 115% increase year-over-year, with a gross margin of 67%[4] - Year-to-date revenue for the first nine months of 2025 was $5.86 million, up 147% from $2.37 million in the prior year period[4] - The company reaffirmed full-year 2025 revenue guidance of $7 million to $7.5 million, indicating over 100% growth year-over-year[4][12] - Cash and equivalents stood at $2.55 million as of September 30, 2025, supporting ongoing operations and growth initiatives[12] Market Expansion - More than 60 professionals across major golf tours are using Newton shafts, enhancing brand credibility and consumer demand[5] - The launch of a dedicated Japanese e-commerce site in October 2025 aims to tap into Japan's 11.4 million active golfers, expected to contribute significantly to revenue growth in 2026[6] Product Development - Fast Motion shaft line experienced over 300% sales growth from Q2 2025 to Q3 2025, indicating strong market demand[7] - The company is developing three new premium shaft lines for launch in 2026, alongside additional product categories to broaden revenue opportunities[11] Industry Outlook - The global golf equipment market is estimated at $7 billion to $9 billion, projected to grow approximately 5% annually through 2030[11]

Financial Performance - For Q3 2025, LGL Group reported revenues of $1,108,000, a decrease of 6.0% from $1,179,000 in Q3 2024[2] - Net income for Q3 2025 was $772,000, or $0.14 per diluted share, compared to $72,000, or $0.01 per diluted share in Q3 2024, reflecting a 972.2% increase[3] - Total revenues for Q3 2025 decreased by 6.0% to $1,108,000 compared to $1,179,000 in Q3 2024[29] - Net income attributable to LGL Group common stockholders increased significantly by 972.2% to $772,000 from $72,000 year-over-year[29] - For the nine months ended September 30, 2025, total revenues were $2,950,000, down 5.9% from $3,135,000 in the same period of 2024[31] - Net income for the nine months increased by 159.2% to $762,000 compared to $294,000 in the prior year[31] Segment Performance - Electronic Instruments segment revenues grew by 1.7% to $661,000, while Merchant Investment revenues fell by 13.8% to $274,000[29] - The Electronic Instruments segment reported a 4.9% revenue increase to $1,650,000, while Merchant Investment revenues decreased by 15.1% to $783,000[31] Expenses and Margins - Gross margin improved to 52.8% in Q3 2025, up from 43.4% in Q3 2024, primarily due to sales of higher margin products[4] - Total expenses decreased by 5.1% to $988,000, with a notable reduction in Electronic Instruments expenses by 8.1%[29] - Engineering, selling, and administrative expenses increased to $676,000 in Q3 2025 from $673,000 in Q3 2024[25] - Corporate expenses decreased by 17.1% to $286,000, contributing to overall expense reduction[29] Cash and Investments - Cash and cash equivalents, along with marketable securities, totaled $41.6 million as of September 30, 2025[5] - The company experienced lower net investment income due to reduced yields on investments in U.S. Treasury money market funds[3] Shareholder Returns and Acquisitions - LGL Group returned $366,000 to shareholders through share repurchases in Q3 2025, representing approximately 51,463 shares[12] - The strategic acquisition of Morgan Group Holding Co. is progressing, with plans to purchase 1,000,000 shares at $2.00 per share[14] Order Backlog - The order backlog as of September 30, 2025, was $776,000, an increase of $440,000 from $336,000 at the end of 2024[8] Tax Benefits - The company experienced a significant tax benefit, with income tax expense decreasing by 1,504.2% to $(674,000)[29]

Product Development and Innovation - The company launched WrapVision, a North American-made body-worn camera and digital evidence management platform, in August 2025[133]. - The company expanded its product portfolio with the introduction of WrapTactics, a digital pre-escalation training platform, and advanced several counter-unmanned aircraft system initiatives[119]. - The company focuses significant resources on research and development to enhance its products and introduce new offerings[129]. - The company anticipates continued innovation in public safety technology and the development of new products to meet diverse customer requirements[155]. Market Presence and Sales - The company has shipped restraint products to 62 countries and has distribution agreements with 22 international distributors covering 43 countries[128]. - BolaWrap is currently in use by over 900 U.S. law enforcement agencies and in 62 countries, demonstrating significant market penetration[145]. - Successful outcomes reported by officers using BolaWrap are at 85%, which is higher than typical outcomes for less lethal tools[146]. - As of September 30, 2025, over 1,590 agencies have received BolaWrap training, with a 4% increase in agencies and a 3% increase in trained officers compared to the previous year[149]. - The company plans to increase product demonstrations and training sessions, particularly in international markets, to drive sales growth[152]. Financial Performance - Gross revenue for the three months ended September 30, 2025, was $2.0 million, a 241% increase compared to $593 thousand for the same period in 2024[178]. - Net revenue for the three months ended September 30, 2025, was $1.5 million, reflecting a 151% increase from $593 thousand in the prior year[178]. - Gross profit for the three months ended September 30, 2025, was $0.9 million, representing a gross margin of 59%, up from 40% in the same period of 2024[179]. - Operating loss for the nine months ended September 30, 2025, was $9.5 million, a decrease of $1.4 million from $10.9 million for the same period in 2024[199]. - The net loss from operations for the three months ended September 30, 2025, was $2.8 million, down from $3.6 million in the same period of 2024[154]. Cash Flow and Liquidity - The company had $6.0 million in cash and cash equivalents as of September 30, 2025, compared to $3.6 million as of December 31, 2024, indicating improved liquidity[156]. - The Company reported net cash provided by financing activities of $10.2 million during the nine months ended September 30, 2025, primarily from Private Placements[232]. - During the nine months ended September 30, 2025, the net cash used in operating activities was $7.6 million, with a net loss of $6.4 million[229]. - The company expects future liquidity to be primarily from product sales, exercise of stock options and warrants, and potential equity or debt financing[200]. Strategic Initiatives and Leadership - The company appointed key leadership positions in 2025 to strengthen its management team, including a Chief Revenue Officer and a Chief Commercial Officer[130]. - The company is exploring opportunities to increase its presence in adjacent markets such as military and private security[120]. - The Company plans to hold a special meeting on December 12, 2025, to obtain Series B Stockholder Approval for the issuance of shares exceeding 19.99% of its outstanding shares[220]. Challenges and Risks - Geopolitical tensions and macroeconomic challenges may impact future results, but the company believes it is well-positioned to provide lifesaving technologies[151]. - The Company experienced increased costs in labor and materials due to inflation, impacting operating expenses throughout 2025[235]. - The company has experienced net losses and negative cash flows from operations since inception, indicating ongoing financial challenges[201].

Financial Performance - Third quarter revenue was $48.0 million, an increase of 30.1% from Q3 2024[5] - Adjusted net income per diluted share was $0.02, compared to an adjusted net loss of $0.13 in Q3 2024, indicating a turnaround in profitability[4] - Adjusted EBITDA increased to $1.3 million from $0.8 million in Q3 2024; pro forma adjusted EBITDA was $3.1 million compared to $0.6 million in the prior year[5] - Total revenues for Q3 2025 reached $47,959,000, a significant increase from $36,853,000 in Q3 2024, representing a growth of 30% year-over-year[28] - Gross profit for Q3 2025 was $20,627,000, compared to $18,603,000 in Q3 2024, indicating a year-over-year increase of 11%[28] - The net loss for Q3 2025 was $1,764,000, which is higher than the net loss of $846,000 reported in Q3 2024[28] - Basic loss per share for Q3 2025 was $(0.54), compared to $(0.28) in Q3 2024, reflecting a deterioration in earnings per share[28] - Adjusted EBITDA for Q3 2025 was $1,335,000, compared to an adjusted EBITDA of $839,000 in Q3 2024, showing an improvement in operational performance[32] - The company reported a gross profit margin of approximately 43% for Q3 2025, up from 50% in Q3 2024, indicating a decline in profitability[28] Revenue Breakdown - Building Solutions revenue was $9.6 million with a gross profit of $1.7 million; pro forma revenue was $21.4 million, up from $13.7 million in Q3 2024[10] - Business Services revenue was $37.0 million, slightly up from $36.9 million in the prior year, while gross profit remained flat at $18.6 million[11] - Energy Services revenue was $1.3 million with a gross profit of $0.3 million; pro forma revenue was $3.7 million[12] - Total revenue from external customers for the nine months ended September 30, 2025, was $115,366 million, compared to $106,456 million for the same period in 2024, representing an increase of 8.5%[34] - Pro forma revenue for the three months ended September 30, 2025, was $62,136 million, an increase from $50,516 million in the same period of 2024, reflecting a growth of 22.9%[37] Cash and Equity - Total cash, including restricted cash, was $18.5 million at the end of Q3 2025[15] - Cash and cash equivalents decreased to $15,368,000 as of September 30, 2025, down from $17,011,000 at the end of 2024, reflecting a cash outflow[30] - The company has a total stockholders' equity of $67,771,000 as of September 30, 2025, an increase from $40,428,000 at the end of 2024, indicating growth in shareholder value[30] Liabilities and Assets - Total current assets increased to $67,845,000 as of September 30, 2025, up from $40,140,000 at the end of 2024, marking a growth of 69%[30] - Total liabilities rose to $49,369,000 as of September 30, 2025, compared to $12,155,000 at the end of 2024, indicating a significant increase in financial obligations[30] Strategic Focus - The company is focused on organic growth, disciplined capital allocation, and evaluating acquisition opportunities to drive long-term shareholder value[7] - The company repurchased approximately 8% of its outstanding shares in Q3 2025 and authorized a new $3 million share repurchase program[6][16] Backlog and Book-to-Bill Ratio - Building Solutions segment backlog was $20.0 million with a trailing 12-month book-to-bill ratio of 1.01[10] Nine-Month Performance - Gross profit for the nine months ended September 30, 2025, was $55,660 million, up from $52,548 million in 2024, indicating a growth of 4.0%[34] - The net loss for the nine months ended September 30, 2025, was $4,208 million, slightly higher than the net loss of $4,185 million in 2024[34] - Adjusted EBITDA for the nine months ended September 30, 2025, was $1,983 million, compared to $42 million in 2024, showing a significant improvement[34] Depreciation and Interest Income - Total depreciation and amortization for the nine months ended September 30, 2025, was $1,194 million, compared to $1,042 million in 2024, reflecting an increase of 14.6%[34] - Interest income, net for the nine months ended September 30, 2025, was $(206) million, compared to $(280) million in 2024, showing an improvement in interest income[34] Pro Forma Performance - Pro forma gross profit for the three months ended September 30, 2025, was $25,356 million, compared to $21,420 million in 2024, marking an increase of 18.3%[37] - The pro forma net loss for the three months ended September 30, 2025, was $1,852 million, compared to a net loss of $2,816 million in 2024, indicating a reduction in losses[37] - Pro forma adjusted net income for the three months ended September 30, 2025, was $707 million, compared to a pro forma adjusted net loss of $2,010 million in 2024, demonstrating a turnaround[41]

Financial Performance - Xenetic Biosciences, Inc. reported financial results for the three months ended September 30, 2025[6]. - The company issued a press release on November 13, 2025, detailing its performance metrics[6]. - Specific financial figures and performance indicators are included in the press release, which is referenced as Exhibit 99.1[9]. - The report does not provide detailed numerical data or specific performance percentages in the available content[6][8]. - The company’s financial statements and additional exhibits are filed with the SEC[9]. Future Outlook - Forward-looking statements indicate expectations for future performance, subject to various risks and uncertainties[8]. - The company is subject to market factors and economic conditions that may impact its operations and results[8]. Product and Market Development - The company has not indicated any new product developments or market expansions in the provided documents[8]. - There is no mention of mergers or acquisitions in the current report[8]. Signatory Information - The report is signed by James Parslow, Interim Chief Executive Officer and Chief Financial Officer[13].

Financial Performance - The company has incurred net losses since inception, with significant expenses expected to continue due to ongoing research and development activities[111]. - Collaboration revenue for the three months ended September 30, 2025, was $1.7 million, down from $3.1 million in the same period in 2024, a decrease of 44%[142]. - For the nine months ended September 30, 2025, collaboration revenue was $5.3 million, down from $11.8 million in 2024, a decrease of 55%[146]. - The company incurred a net loss of $103.9 million for the nine months ended September 30, 2025, compared to a net loss of $134.1 million in 2024[153]. - As of September 30, 2025, the company had an accumulated deficit of $1.5 billion and cash and cash equivalents of $225.7 million[152][158]. Research and Development - The total estimated research and development fees under the Ono Agreement have increased to $44.5 million following multiple amendments[123]. - The company plans to continue significant investments in research and development activities over the next twelve months[127]. - The company has a pipeline of iPSC-derived CAR-targeted T-cell and NK cell product candidates currently under development[108]. - Research and development expenses decreased to $25.8 million for the three months ended September 30, 2025, from $34.7 million in 2024, a reduction of 25%[143]. - The company anticipates continued significant losses as it progresses with research and development of its product candidates, which have not yet achieved regulatory approval[162]. Collaboration and Funding - Collaboration revenue recognized during the three and nine months ended September 30, 2025, was $1.7 million and $5.3 million, respectively[125]. - The company received an upfront payment of $10.0 million from Ono Pharmaceutical Co., Ltd. as part of the collaboration agreement[115]. - The company has entered into research collaborations and license agreements with academic institutions to support the development of its iPSC product platform[108]. - The company was awarded $7.9 million from the California Institute for Regenerative Medicine (CIRM) for the Phase 1 study of FT819, with disbursements based on development milestones from April 1, 2024, to March 31, 2028[131]. - The company was awarded $4.0 million from CIRM for pre-clinical activities for FT836, with disbursements based on milestones from May 1, 2025, to October 31, 2025[135]. Expenses and Financial Obligations - General and administrative expenses are expected to remain significant as the company focuses on innovation and compliance with regulatory requirements[129]. - General and administrative expenses decreased to $10.6 million for the three months ended September 30, 2025, from $20.8 million in 2024, a decrease of 49%[143]. - The company has a milestone payment obligation of up to $75.0 million to MSKCC, contingent on stock price increases, with an initial payment of $20.0 million already made[168]. - Additional capital will be required for ongoing research and development, with potential funding sources including public or private equity and debt securities[164]. Market and Economic Conditions - The company is closely monitoring inflation and global economic conditions, which may impact its financial condition and capital raising efforts[166]. - The forecast for cash adequacy to support operations involves significant risks and uncertainties, with actual results potentially varying materially from expectations[165]. - The company is subject to risks in the development of therapeutic products, including potential additional regulatory requirements that could increase costs and extend timelines[163]. Securities and Offerings - The company has a shelf registration statement allowing the issuance of up to $300.0 million in securities, with an additional at-the-market offering program of up to $100.0 million through Jefferies[159]. - In March 2024, the company sold 14,545,454 shares of common stock at $5.50 per share, raising approximately $80.0 million[160]. - Concurrently, the company sold pre-funded warrants for 3,636,364 shares at $5.499 each, totaling approximately $20.0 million in a private placement[161]. Contractual Obligations - The company has no material contractual obligations not fully recorded or disclosed in its financial statements[169].

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $15.22 million, an increase of 23% compared to $12.35 million in the same period of 2024[137]. - Cryptocurrency mining revenue increased by $0.9 million, or 28%, to $4.2 million, driven by an 87% increase in the average bitcoin price[141][142]. - Power and capacity revenue rose by $2.14 million, or 83%, to $4.74 million, reflecting favorable power economics[137]. - Datacenter hosting revenue decreased by $186,000, or 3%, to $6.30 million, with a decline in MWhs dedicated to hosting[137]. - Total revenue for the nine months ended September 30, 2025, increased by $2.6 million, or 6%, to $47.3 million compared to $44.7 million in 2024[165]. Profitability Metrics - Operating income for the three months ended September 30, 2025, was $304,000, a significant improvement from a loss of $4.65 million in the same period of 2024[137]. - The company reported a net income of $11.96 million for the three months ended September 30, 2025, compared to a net loss of $6.37 million in the prior year[137]. - EBITDA for the period was $15.23 million, representing a dramatic increase from a loss of $1.26 million in the same quarter of 2024[137]. - Net income for the three months ended September 30, 2025, was $12.0 million, a significant improvement from a net loss of $6.4 million in the prior year[158]. - Adjusted EBITDA for the three months ended September 30, 2025, was $1.7 million, compared to a loss of $0.2 million in the same period of 2024, reflecting a substantial operational improvement[163]. - Net income from operations improved by $18.2 million, resulting in a net income of $2.3 million compared to a loss of $15.9 million in the prior year[165]. Mining Operations - The company operated approximately 25,400 miners with a combined capacity of 2.9 EH/s, of which 18,200 miners (1.8 EH/s) were for datacenter hosting[140]. - The average cost to mine one bitcoin increased to $70,333 for the three months ended September 30, 2025, compared to $49,151 in the same period of 2024, representing a 43% increase[145]. - The value of each bitcoin mined rose to $116,056, resulting in the cost to mine one bitcoin being 60.6% of its value, down from 79.7% in the prior year[145]. - The average active hash rate for company-owned miners increased by 11% to 878,530 EH/s, while hosted miners decreased by 18% to 1,349,490 EH/s[167]. - The fleet of miners had an average efficiency of 21.3 J/TH, with no scheduled downtime reported[171]. Expenses and Costs - Total cost of revenue (exclusive of depreciation) rose by $1.7 million, or 18%, to $11.0 million, primarily due to a 51% increase in natural gas prices[149]. - Selling, general and administrative expenses decreased by $0.7 million, or 18%, to $3.1 million, mainly due to declines in payroll and insurance expenses[151]. - Total operating costs and expenses decreased by $2.1 million, or 4%, to $52.8 million, with a notable reduction in selling, general, and administrative expenses by 32%[165]. - Selling, general and administrative expenses decreased by $4.2 million, or 32%, to $9.0 million for the nine months ended September 30, 2025, compared to the prior year period[179]. Cash Flow and Debt Management - Cash and cash equivalents as of September 30, 2025, were $7.6 million, with digital assets valued at $6.1 million[189]. - Net cash used for operating activities was $10.4 million for the nine months ended September 30, 2025, compared to $8.3 million in the prior year[199]. - Net cash provided by investing activities was $18.0 million for the nine months ended September 30, 2025, compared to net cash used of $4.4 million in the prior year[200]. - The company extinguished $80.3 million of debt through asset sales and restructuring activities since 2022[190]. - Projected operating cash flows are insufficient to meet existing debt obligations of $38.4 million due on October 31, 2026[191]. Regulatory and Compliance - The company qualifies as an "emerging growth company" under the JOBS Act and intends to rely on exemptions from certain disclosure requirements[206]. - The company will remain an "emerging growth company" until the earliest of five years from now, total annual gross revenues exceeding $1.235 billion, or the market value of its Class A common stock exceeding $700 million[208]. - The company has elected to take advantage of the extended transition period for adopting new accounting standards, which may affect comparability with other companies[207]. - The company is not required to provide quantitative and qualitative disclosures about market risk as a smaller reporting company[209]. - The company is exempt from certain requirements under the Sarbanes-Oxley Act, including auditor reports on internal controls over financial reporting[210].

Financial Performance - Fate Therapeutics reported total revenue of $1.7 million for Q3 2025, derived from preclinical development activities[12] - Collaboration revenue for Q3 2025 was $1.741 million, down from $3.074 million in Q3 2024, representing a decrease of 43.4%[17] - Total operating expenses for Q3 2025 were $36.5 million, including R&D expenses of $25.8 million and G&A expenses of $10.6 million[12] - Total operating expenses for Q3 2025 were $36.476 million, a reduction of 34.2% compared to $55.451 million in Q3 2024[17] - Net loss for Q3 2025 was $32.250 million, compared to a net loss of $47.678 million in Q3 2024, indicating an improvement of 32.3%[17] - The company reported total other income of $2.485 million for Q3 2025, compared to $4.699 million in Q3 2024, a decrease of 47.2%[17] - Comprehensive loss for the nine months ended September 30, 2025, was $104.056 million, down from $133.289 million in 2024, indicating a reduction of 21.9%[17] Cash and Assets - Cash, cash equivalents, and investments as of September 30, 2025, were $225.7 million, providing a projected operating runway through year-end 2027[12] - Cash and cash equivalents increased to $40.622 million as of September 30, 2025, up from $36.056 million at the end of 2024[19] - Total assets decreased to $343.671 million as of September 30, 2025, down from $440.694 million at the end of 2024, reflecting a decline of 22%[19] Research and Development - FT819, an off-the-shelf CAR T-cell product, has shown promising clinical activity in treating systemic lupus erythematosus (SLE), with a mean SLEDAI-2K score decrease of 10.7 points at 3 months and 14 points at 6 months for patients on Regimen A[5] - The first patient with systemic sclerosis was treated in a Phase 1 study, demonstrating the potential for FT819 to address significant unmet medical needs in autoimmune diseases[5] - The company received regulatory authorization from the UK and EU to initiate clinical trials for FT819, marking a significant step in international expansion[4] - FT836, a MICA/B-targeted CAR T-cell, was administered to the first patient without conditioning chemotherapy, showcasing the potential for broad accessibility in solid tumor treatments[8] - The ongoing Phase 1 study for FT825/ONO-8250 in advanced solid tumors is currently at the third dose level of 900 million cells, with no dose-limiting toxicities observed[7] - The company plans to present data on FT836's applicability against multiple myeloma at the upcoming ASH Annual Meeting, supported by a $4 million award from CIRM[8] - Research and development expenses for the nine months ended September 30, 2025, were $82.404 million, down from $101.392 million for the same period in 2024, a decrease of 18.7%[17] - General and administrative expenses for the nine months ended September 30, 2025, were $35.856 million, compared to $58.907 million in 2024, a reduction of 39.1%[17] Leadership Changes - Kamal Adawi was appointed as Chief Financial Officer, bringing over 20 years of financial leadership experience in the life sciences industry[10] Share Information - The weighted-average common shares used to compute basic and diluted net loss per share for Q3 2025 were 118,998,693, compared to 117,769,161 in Q3 2024[17]

OR o 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 001-41104 VOLATO GROUP, INC. Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-Q _____________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 (Exact name of Registrant as spe ...

Revenue and Income - Revenue for the three months ended September 30, 2025, was $381,000, a significant decrease from $38,466,000 in the same period of 2024, representing a decline of approximately 99%[16] - The net income for the three months ended September 30, 2025, was $7,145,000, compared to a net loss of $4,435,000 in the same period of 2024, marking a turnaround in performance[16] - Basic net income per share from continuing operations for the three months ended September 30, 2025, was $0.46, compared to a loss of $0.89 in the same period of 2024[16] - For the nine months ended September 30, 2025, the company reported a net income of $5.374 million from continuing operations, a significant improvement compared to a net loss of $14.249 million in the same period of 2024[20] - The company experienced a net income of $5,828,000 from discontinued operations for the nine months ended September 30, 2025, while the previous year showed a net loss of $24,495,000[20] Costs and Expenses - Total costs and expenses for the three months ended September 30, 2025, were $2,945,000, down from $36,333,000 in the prior year, indicating a reduction of about 92%[16] - The cost of revenue for the three months ended September 30, 2025, was $123 thousand, down from $32.1 million in the prior year[168] - The Company incurred an operating loss of $2,564,000 for the three months ended September 30, 2025, compared to an operating income of $2,133,000 in the same period of 2024[16] Assets and Liabilities - Total current assets decreased to $11,334,000 as of September 30, 2025, from $43,314,000 as of December 31, 2024, reflecting a decline of about 74%[14] - Total liabilities decreased to $9,485,000 as of September 30, 2025, down from $62,633,000 as of December 31, 2024, representing a reduction of about 85%[14] - The company reported an accumulated deficit of $93,105,000 as of September 30, 2025, an improvement from $104,307,000 as of December 31, 2024[14] - The company has a working capital of approximately $1.9 million as of September 30, 2025[32] Cash and Cash Equivalents - The company had cash of $4,350,000 as of September 30, 2025, compared to $2,161,000 as of December 31, 2024, indicating an increase of approximately 102%[14] - The company reported cash and restricted cash of $4.350 million at the end of the period, compared to $5.601 million at the end of the previous year[21] - The Company had zero and $1.8 million of restricted cash at September 30, 2025, and December 31, 2024, respectively, serving as collateral for a credit facility[40] Mergers and Acquisitions - The company entered into a merger agreement with M2i Global, Inc., which is expected to result in M2i's stockholders owning approximately 85% of the combined company[28] - The Company completed the sale of its former subsidiary GC Aviation, Inc. for $2.0 million, with $1.8 million recorded as a note receivable[27] Development and Operations - The company began development of an AI-based software platform in July 2025 to enhance the reliability of large language models for analyzing contracts and reports[29] - The company launched its proprietary consumer-facing empty leg platform, Vaunt, in the fourth quarter of 2023, contributing to revenue generation[24] - The company has continued to take delivery of new aircraft while transitioning management of its aircraft ownership fleet operations to flyExclusive, aiming for cost savings and focusing on high-growth areas[25] Stock and Equity - The Company’s total shareholders' equity improved to $4,105,000 as of September 30, 2025, from a deficit of $16,334,000 as of December 31, 2024[14] - The 2025 Stock Incentive Plan allows for the grant of up to 415,584 shares, with 220,838 shares available for issuance as of September 30, 2025[141] - As of September 30, 2025, there were 552,000 public warrants and 609,195 private placement warrants outstanding[145] Tax and Compliance - The company is subject to U.S. Federal, state, and local income tax examinations but is currently not under examination by any tax authority[71] - The effective tax rate was 4% for the three months ended September 30, 2025, compared to zero percent for the same period in 2024[137] Other Financial Metrics - The company recognized $147 thousand in bad debt expense during the nine months ended September 30, 2025, compared to zero in the same period of 2024[42] - The Company recorded a loss of $3.0 million due to the cancellation of the Forward Purchase Agreement in 2024[50] - The Company recognized a loss of $115 thousand in "Loss from change in fair value of financial instruments" related to the Investment in M2i[52]