Accounts receivable, net of allowance of 2,343,732 and 3,222,723
183,101,287
65,750,593
47,451,447
46,717,715
Contract assets
101,757,781
-
-
-
Unbilled accounts receivable
6,679,154
4,242,245
12,406,011
9,413,403
Prepaid income taxes
-
1,162,127
-
-
Due from employees
628,809
-
-
-
Prepaid expenses and other current assets
3,648,394
1,961,320
3,758,015
3,614,154
Deposits, current
8,000,000
8,000,000
8,000,000
8,000,000
Total current assets
327,914,954
81,197,419
71,698,879
68,120,017
Property and equipment, net
1,604,531
239,207
247,669
265,221
Operating leases right-of-use assets
4,202,891
2,933,582
2,157,827
2,452,484
Finance leases right-of-use assets, net
2,045,199
-
-
-
Goodwill
448,745,779
-
-
-
Intangible assets, net
191,833,745
26,602,223
27,800,556
28,998,890
Due from related parties
201,569
-
7,417,863
6,067,963
Deposits, long-term
-
279,769
-
-
Deferred tax assets, net
381,266
-
-
-
Other assets
4,118,856
1,977,636
933,973
859,065
Total non-current assets
653,133,836
32,032,417
38,557,888
38,643,623
Total assets
981,048,790
113,229,836
110,256,767
106,763,640
Accounts payable
152,591,253
5,110,155
5,298,358
3,157,391
Accrued expenses and other current liabilities
164,405,786
19,647,785
19,602,641
44,185,971
Peo liability and accrued interest
39,908,098
32,894,331
28,813,099
-
Due to related parties-Related Party
406,495
0
0
0
Current operating lease liabilities
2,008,853
1,459,704
1,153,020
1,284,340
Finance lease, liability, current
662,717
-
-
-
Line of credit, current portion
45,141,541
49,308,253
1,950,000
1,950,000
Notes payable, current portion-Nonrelated Party
53,528,803
1,375,000
1,375,000
1,375,000
Notes payable, current portion-Related Party
1,950,000
1,950,000
-
-
Convertible note payable related parties-Related Party
161,961,751
-
-
-
Factoring debt, current portion
205,933,405
3,205,506
-
-
Contingent consideration liability related parties
7,698,574
-
-
-
Total current liabilities
836,197,276
114,950,734
58,192,118
51,952,702
Line of credit, net of current portion
-
-
38,202,060
37,208,102
Notes payable, net of current portion - related parties
44,656,617
28,826,281
-
-
Notes payable, net of current portion - related parties-Related Party
-
0
34,859,199
34,835,733
Warrant liabilities, non-current
6,216,515
-
-
-
Non-current operating lease liabilities
2,283,113
1,543,091
1,068,388
1,231,518
Non-current finance lease liabilities
1,433,904
-
-
-
Deferred tax liability
32,215,449
-
-
-
Other liabilities
3,304,307
-
-
-
Total non-current liabilities
90,109,905
30,369,372
74,129,647
73,275,353
Total liabilities
926,307,181
145,320,106
132,321,765
125,228,055
Series b convertible preferred stock, 5 cumulative dividends, 15,000 and 0 shares designated and 5,600 and 0 shares issued and outstanding at march31, 2026 and december31, 2025, respectively, redemption amount of 7,300,387 and 0 as of march31, 2026 and december31, 2025, respectively
8,927,475
-
-
-
Redeemable noncontrolling interest
3,388,143
-
-
-
Common stock, 0.00001 par value 300,000,000 shares authorized 79,289,016 and 55,713,259 shares issued and outstanding as of march31, 2026 and december31, 2025, respectively
793
557
558
546
Additional paid-in capital
269,299,380
162,819,982
145,697,032
138,477,283
Accumulated deficit
-225,656,934
-194,910,809
-167,762,588
-156,942,244
Accumulated other comprehensive income (loss), net of tax
-1,217,248
-
-
-
Total stockholders equity/(deficit)
42,425,991
-32,090,270
-22,064,998
-18,464,415
Total liabilities, mezzanine equity and stockholders equity
981,048,790
113,229,836
110,256,767
106,763,640
Unit: Dollar. Numbers labeled with * are estimated quarterly values.
Time Plot
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