VenHub Global, Inc.
For the period ended Mar 31, 2026. Filed May 12, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 12, 2026
VHUB$0.22-4.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-18.
0001213900-25-112025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-12.
0001213900-26-054651
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 98 previous paragraphs and 112 current paragraphs.
25 unchanged; 12 reworded; 74 added; 58 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 2 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (74)
Current report
The Company’s business model is designed to generate both one-time deployment revenue from the sale and installation of Smart Store units, as well as recurring revenue from SaaS subscriptions, maintenance agreements, support services, and other platform-related offerings. While the Company has not yet charged customers for SaaS or maintenance services as part of its early commercialization strategy, management expects recurring revenue streams to become an increasingly important component of the Company’s operating model as commercial deployments expand.
Current report
Management believes the recurring nature of SaaS and maintenance revenue may provide greater long-term revenue visibility and operating leverage as the installed base of Smart Store units grows.
Current report
The Company is continuing to build its commercialization and deployment infrastructure to support the anticipated expansion of Smart Store deployments. Through its subsidiaries, the Company manages manufacturing, assembly, installation, software development, maintenance, and support operations associated with its Smart Store platform. Management believes the Company’s operational structure is designed to support future scaling of deployments across both Company-owned and customer-operated locations.
Current report
As commercialization efforts continue, the Company expects scaling activities to include increased manufacturing capacity, inventory procurement, deployment logistics, installation coordination, software support, and field maintenance operations. The Company’s ability to expand deployments remains dependent on several factors, including available capital resources, supply chain conditions, customer demand, site readiness, and operational execution.
Current report
Management believes the Company’s current investments in inventory, infrastructure, software, and operational capabilities position the Company to support future growth and broader commercial rollout initiatives.
Current report
On January 30, 2026, the Company commenced trading under the ticker symbol “VHUB” on the NASDAQ Global Market.
Current report
The Company currently has four full time employees and over 40 independent contractors. The Company will be converting the majority of independent contractors to full time employees throughout the rest of 2026 using a Professional Employment Organization “PEO”.
Current report
The Company is in the initial deployment phase of its Smart Store platform. While customer agreements contemplate that purchasers will subscribe to the Company’s cloud-based SaaS platform, the enhanced SaaS functionality has not yet been activated for customer use. For early deployments, the Company has implemented an introductory concession under which SaaS subscription fees may be waived for up to twelve months. Accordingly, no SaaS revenue has been recognized to date.
Current report
As of the date of this filing, none of the Company’s deployed Smart Stores have software-as-a-service (“SaaS”) functionality activated, and the Company does not currently provide analytics, dashboards, reporting tools, or other operator-facing software to store owners or operators. Any mobile application functionality is limited to consumer product browsing, ordering, and checkout, is provided free of charge to customers, and is not part of the Company’s SaaS platform. The Company expects to introduce customer-accessible and operator-accessible SaaS functionality in future Smart Store versions under separate commercial terms.
Current report
As of the date of this filing, the Company has deployed five (5) Smart Stores, and none of these stores have SaaS functionality activated. Accordingly, five of five (5 of 5), or 100%, of the Company’s deployed Smart Stores are currently operating without SaaS activation.
Current report
As of March 31, 2026, the Company has six Smart Store units under contract for planned deployment in Las Vegas, Nevada during 2026. Advance payments received in connection with these contracts are recorded as deferred revenue on the consolidated balance sheet. Revenue will be recognized as the related performance obligations are satisfied in accordance with ASC 606.
Current report
In addition to existing contracted deployments, the Company is engaged in ongoing discussions with multiple casino and hospitality operators in Las Vegas regarding the potential deployment of Smart Store units at their respective properties. Management believes these discussions reflect growing interest in autonomous retail solutions within high-traffic entertainment and hospitality venues. While no assurances can be provided that these discussions will result in executed agreements or future deployments, the Company views these opportunities as part of its broader pipeline of prospective commercial locations and future growth initiatives.
Current report
A typical sales cycle for the Company’s Smart Store deployments ranges from approximately two to six months, depending on the customer type, site readiness, permitting requirements, and customization needs. The sales process generally begins with initial customer outreach, demonstrations, and evaluation of deployment opportunities, followed by commercial negotiations, site selection, and execution of purchase agreements.
Current report
Following contract execution, customers typically provide an advance deposit to secure production scheduling and deployment timelines. The Company then proceeds through site planning, permitting, manufacturing customization, logistics coordination, installation, and commissioning of the Smart Store. Timing can vary depending on local permitting processes, utility readiness, and customer-specific integration requirements.
Current report
For enterprise customers, including casinos, transportation hubs, municipalities, and hospitality venues, the sales cycle may be longer due to internal approval processes, compliance reviews, and coordination with multiple stakeholders. Conversely, standardized deployments for repeat customers or existing partners may result in shorter implementation timelines.
Current report
Management believes that as the Company expands operational deployments, establishes repeat customer relationships, and further standardizes manufacturing and installation processes, overall deployment timelines and sales conversion cycles may improve over time.
Current report
The Company sold its first two stores in the first quarter of 2025, with locations in North Hollywood, and Glendale, California respectively. In the second quarter VenHub opened its Company owned flagship store at Los Angeles Airport (LAX) In the third quarter the Company sold a store which opened in Hollywood, CA. VenHub deployed a Company owned store at Union Station Los Angeles during the fourth quarter of 2025.
Current report
The Company’s strategy is focused on scaling production and developing recurring revenue streams through SaaS and maintenance services, which are expected to be monetized in future periods.
Current report
Revenue
Current report
Our revenue to date has been derived primarily from the sale of Smart Stores and product sales in our Company owned stores. Revenue from Smart Store sales is recognized when control of the unit transfers to the customer, generally upon delivery. The revenue from product sales (items sold through the VenHub store) is recognized when control of the product transfers to the end customer, which generally occurs at the point of sale when the customer completes the transaction and the product is dispensed from the Smart Store.
Current report
For our initial Smart Store deployments, the Company has granted a temporary commercial waiver of SaaS consideration for up to twelve (12) months for initial deployments. During this period, the Company does not provide the enhanced cloud-based functionality contemplated by the agreement. This introductory waiver applies only to SaaS services. For example, during the year ended December 31, 2025, the Company entered into SaaS agreements in connection with the North Hollywood and Glendale Smart Stores. While these agreements were executed, the transaction price allocated to SaaS was zero because the Company elected not to provide such services as part of its early commercialization strategy.
Current report
As a result, no revenue related to SaaS or maintenance services has been recognized for the periods presented. When implemented, SaaS revenue will be recognized ratably over the subscription term, typically one year, and maintenance revenue will be recognized over the contract period. We believe these services will represent a growing and recurring component of our revenue model in future periods. SaaS activation is expected to occur in phases as integrations and deployment configurations are completed
Current report
Introductory SaaS Concession
Current report
To support early customer adoption and refine the performance of initial deployments, the Company implemented an introductory concession under which customers receive up to twelve months of SaaS access at no charge. During this period, the enhanced cloud-based SaaS functionality has not been activated, and therefore no SaaS revenue has been recognized. The introductory waiver applies only to SaaS services. Because SaaS subscription fees are waived during the introductory period, the transaction price allocated to SaaS is $0 for the periods presented, and all consideration is allocated to the Smart Store hardware in accordance with ASC 606-10-32-28. Maintenance services must be contracted separately and were not contracted for in the periods presented.
Current report
The Company evaluated its revenue arrangements in accordance with ASC 606-10-25-19 through 25-22 and determined that Smart Store hardware, SaaS services, and maintenance services are separate performance obligations. The Smart Store is fully functional upon delivery without SaaS activation, the SaaS platform does not significantly modify or customize the hardware, and the promises are not highly interdependent or interrelated. As a result, Smart Store revenue is recognized at a point in time, while SaaS and maintenance revenues, once activated or contracted, will be recognized over time. For product sales, revenue is typically recognized at the point in time when control is transferred, which generally occurs upon shipment or delivery, depending on the terms of the contract.
Current report
Going Concern
Current report
As of March 31, 2026, the Company has sold three stores and is operating two Company owned stores which were operational on June 6, 2025 and November 4, 2025. Since its inception, the Company has experienced recurring losses and, as of March 31, 2026, reported an accumulated deficit of $98,777,720 and negative cash flows from operating activities for the three months then ended. These matters raise substantial doubt about the Company’s ability to continue as a going concern. During the next twelve months, the Company intends to fund its operations with funds from revenue producing activities by fulfilling the pre order list along with exploring both additional equity and debt financing. If the Company cannot secure additional short-term capital, it may cease operations. These financial statements and related notes thereto do not include any adjustments that might result from these uncertainties.
Current report
Our significant accounting policies are more fully described in the notes to our consolidated financial statements. Those material accounting estimates that we believe are the most critical to an investor’s understanding of our financial results and condition are discussed immediately below and are particularly important to the portrayal of our financial position and results of operations and require the application of significant judgment by our management to determine the appropriate assumptions to be used in the determination of certain estimates.
Current report
Inventory
Current report
Inventories are stated at the lower of cost or estimated realizable value. The Company determines the cost of inventory using the first-in, first-out, or FIFO, method. The Company capitalizes inventory costs associated with the Company’s product based on management’s judgment, future commercialization is considered probable, and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development.
Current report
Revenue Recognition
Current report
The Company recognizes revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606 – Revenue from Contracts (“ASC 606”) using the 5 step process:
Current report
The Company’s primary sources of revenue are from the sale of Smart Stores, product sales at the Company owned stores and, once fully commercialized, recurring subscription fees for its SaaS platform and related maintenance and support services.
Current report
Property and equipment is recorded at cost and consists primarily of robotics systems, store structures, and related technology infrastructure. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are expensed as incurred. When equipment is retired or sold, the cost and related accumulated depreciation are eliminated from the balance sheet accounts and the resultant gain or loss is reflected in income. As of March 31, 2026, the Company had $1,276,439 of property and equipment, net. The Company had $1,275,078 of property and equipment, net at December 31, 2025.
Current report
Depreciation is provided using the straight-line method, based on useful lives of the assets, which the Company estimates is 5-7 years. The Company’s property and equipment is comprised of machinery and equipment and leasehold improvements whose useful life is the lesser of the remaining lease term or estimated useful life.
Current report
The Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized as equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. The Company had no impairment as of March 31, 2026.
Current report
The Company capitalizes the costs of constructing and preparing company-owned retail stores and display centers for their intended use. Capitalized costs include expenditures directly attributable to the acquisition, construction, and development of store locations, such as leasehold improvements, construction costs, architectural and design fees, furniture, fixtures, and equipment. Internal payroll and related costs that are directly associated with store development activities are also capitalized.
Current report
Once a store or display is placed into service, the assets are depreciated on a straight-line basis over their estimated useful lives, which generally range from five to seven years for furniture, fixtures, and equipment, and over the shorter of the useful life or lease term for leasehold improvements. Routine maintenance and repair costs are expensed as incurred.
Current report
If indicators of impairment are present, the Company evaluates company-owned stores or display centers for recoverability by comparing the carrying amount of the store assets to the estimated future undiscounted cash flows expected to be generated. If the carrying value exceeds expected cash flows, an impairment charge is recognized equal to the amount by which the carrying value exceeds fair value.
Current report
Stock Based Compensation
Showing the first 40 of 74 passages. Open the source sections for the rest.
Removed paragraphs (58)
Previous report
As of September 30, 2025, the Company has over 1,400 preorders from potential customers. The Company started fulfilling its orders in the first quarter of 2025, selling its first three stores in North Hollywood, Glendale and Hollywood California respectively.
Previous report
On June 6, 2025 the Company launched its flagship company owned store at the LAX/Metro Transit Station at Los Angels International Airport.
Previous report
We are dependent on the timely review and processing of regulatory filings and approvals by various U.S. federal agencies, including the Securities and Exchange Commission (“SEC”), in connection with our capital-raising activities and ongoing reporting obligations. Periods of federal government shutdown or reduced agency operations could delay the SEC’s review of our registration statement or other required filings, which may postpone our ability to raise capital when needed or complete future offerings. Such delays could impact our liquidity position and the timing of our growth and expansion plans.
Previous report
Additionally, a prolonged or recurring shutdown could indirectly affect our operations by slowing macroeconomic activity, constraining consumer confidence, and disrupting supply chains or technology certifications critical to the continued development of our smart store platform. Management continues to monitor these risks and the potential timing and liquidity impacts associated with future government shutdowns as part of its ongoing evaluation of known trends and uncertainties that may affect our financial condition and results of operations.
Previous report
Our total operating expenses were $19,243,743. This was comprised of $17,192,340 in share based compensation, $565,166 in contractor expense, $317,500 in accrued compensation, $237,531 in advertising related to our crowdfunding, $191,245 in travel, $246,345 in legal and professional expense, $114,865 in rent, $93,438 in research and development, , $64,189 in dues and subscriptions, $50,000 in bonus payments to contractors for completing certain milestones, $40,314 in depreciation, $37,404 in software expense, $37,199 in utilities, and $56,207 in miscellaneous expense.
Previous report
We incurred $167,896 in interest expense and $12,899 of change in fair value of convertible note for the three months ended September 30, 2025.
Previous report
As a result of the foregoing, we had a net loss of $ $19,349,120.
Previous report
Our total operating expenses were $2,070,349. This was comprised of $822,037 in share based compensation, $317,500 in accrued compensation, $286,121 in research and development, $232,626 in advertising related to our crowdfunding, $180,562 in contractor expense, $49,660 in legal and professional expense, $45,312 in travel, $32,324 in dues and subscriptions, $24,995 in rent $14,701 in software expense, $11,575 in depreciation, $9,821 in utilities, and $43,115 in miscellaneous expense.
Previous report
We incurred $60,000 in interest expense and $38,336 of change in fair value of convertible note for the three months ended September 30, 2024.
Previous report
As a result of the foregoing, we had a net loss of $ $2,168,685.
Previous report
Comparative Operating Expense Table
Previous report
For the nine months ended September 30, 2025 and 2024
Previous report
There was $808,972 and $550,156 of revenue and cost of goods sold for the nine months ended September 30, 2025. $750,000 of revenue and $513,778 was related to store sales and cost of goods sold respectively. $58,972 and $36,378 related to product sales and costs of goods sold from our Company owned flagship store at LAX/Metro. For the nine months ended September 30, 2024, we had no revenue or cost of goods sold.
Previous report
General and administrative expenses
Previous report
For the nine months ended September 30, 2025
Previous report
Our total operating expenses were $30,723,778. This was comprised of $25,105,979 in share based compensation, $1,389,544 in contractor expense, $952,500 in accrued compensation, $990,916 in legal and professional expense, $641,894 in advertising expense related to our crowdfunding, $525,809 in research and development, $367,416 in travel, $307,501 in rent, $98,139 in software, $82,126 in dues and subscriptions, $73,559 in utilities, $64,612 in depreciation, $45,699 in office supplies and $78,084 in miscellaneous expense.
Previous report
We incurred $18,288,430 in settlement expense, $395,929 in interest expense and $78,313 of change in fair value of convertible note for the nine months ended September 30, 2025.
Previous report
As a result of the foregoing, we had a net loss of $49,227,634.
Previous report
For the nine months ended September 30, 2024
Previous report
Our total operating expenses were $7,605,307. This was comprised of $4,212,809 in share based compensation, $952,500 in accrued compensation, $730,226 in advertising related to our crowdfunding, $615,894 in research and development, $418,517 in contractors, $158,645 in legal and professional expense, $153,274 in travel, $92,653 in office supplies, $74,984 in rent, $49,687 in software costs, $38,445 in dues and subscriptions, $34,725 in depreciation, $20,832 in utilities and $52,116 in miscellaneous expense.
Previous report
We incurred $60,000 in interest expense and $38,336 of change in fair value of convertible note for the nine months ended September 30, 2025.
Previous report
As a result of the foregoing, we had a net loss of $7,703,643 for the nine months ended September 30, 2024.
Previous report
Comparative Operating Expense Table
Previous report
Nine Months Ended September 30, 2025, and 2024
Previous report
Non-current liabilities included $4,537,552 in convertible debt at fair value, $2,500,000 in the form of a promissory note, $877,821 in right of use liability, and $37,778 in interest payable.
Previous report
As of December 31, 2024, we had negative working capital of $106,637 consisting of $1,352,892 in cash, $900,543 in inventory, $88,704 in deferred offering cost $33,707 in prepaid expenses, offset by $491,868 in accounts payable, $137,895 in deferred revenue relating to down payments for pre orders, $174,254 in current operating lease liability and $1,678,466 in accrued payroll and compensation.
Previous report
Non-current liabilities included $3,542,797 in convertible debt at fair value, $269,761 in right of use liability and $65,889 in interest payable.
Previous report
For the nine months ended September 30, 2025
Previous report
We used $4,390,720 of cash in operating activities which represented our net loss from continuing operations of $49,227,634 including $18,288,430 in settlement expense, $25,105,979 in share based compensation, $1,362,105 in deferred revenue, $608,060 of change in operating right of use liability, $17,500 in accrued payroll and compensation, $38,597 in interest payable, $247,874 in accounts payable, $78,313 of unrealized loss on convertible debt, $26,165 in sales tax payable, $64,612 in depreciation expense, $164,145 in customer deposits, $266,442 of paid in kind interest expense offset by $690,623 of change in operating right of use asset, $542,062 in inventory, $141,623 in prepaid expenses and $57,000 in security deposits.
Previous report
For the nine months ended September 30, 2024
Previous report
There were no cash flows from investing activities for the period.
Previous report
We generated $2,940,398 of cash from financing activities consisting of $1,482,242 in proceeds from crowdfunding, $535,000 of proceeds from common stock issuance, $950,000 in proceeds from convertible debt, net, offset by $26,844 in repayments from related party notes.
Previous report
Convertible Notes
Previous report
As of September 30, 2025, we had $3,687,820 million in cash and cash equivalents. We expect our operating cash requirements, capital expenditures, and contractual obligations including $182,218 in lease payments and $417,140 in accounts payable and $4,000,000 million in contractor and production payments will total $4,599,358 million over the next 12 months. Based on our current cash position and forecasted operating cash outflows, we do not believe our existing capital resources are sufficient to fund these requirements. Accordingly, we are pursuing additional financing through equity and debt issuances to bridge the deficiency. Longer term, we anticipate ongoing funding needs to support growth and expansion. Our ability to continue as a going concern is dependent upon our ability to secure such additional financing.
Previous report
Accounting Principles
Previous report
The consolidated financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States of America (GAAP).
Previous report
Principles of consolidation
Previous report
The consolidated financial statements include the financial statements of the Company and its subsidiary. All significant intercompany transactions and balances between the Company and its subsidiary are eliminated upon consolidation.
Previous report
Use of Estimates
Previous report
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in the consolidated financial statements include, but are not limited to, useful lives of property and equipment, valuation of deferred tax assets and liabilities, operating lease right-of-use assets and liabilities and deferred revenue. Actual results may differ materially from such estimates. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made. To the extent that there are material differences between these estimates and actual results, the Company’s consolidated financial statements will be affected.
Showing the first 40 of 58 passages. Open the source sections for the rest.
Reworded paragraphs (12)
Previous wording
VENHUB GLOBAL, INC.’S MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Current wording
ITEM 2. VENHUB GLOBAL, INC.’S MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Previous wording
By eliminating the need for employees, VenHub offers store owners labor cost savings, paving the way for potential increased profits. Leveraging sensors, artificial intelligence, and robotics, VenHub promises a shopping adventure that is not only seamless but also deeply personal. With a tap of a smartphone, and let VenHub’s robots whisk you through a journey, from scanning and purchasing products to bagging and delivering them with planned precision.
Current wording
By reducing the need for employees, VenHub offers store owners labor cost savings, paving the way for potential increased profits. Leveraging sensors, artificial intelligence, and robotics, VenHub promises a shopping adventure that is not only seamless but also deeply personal. With a tap of a smartphone, and let VenHub’s robots whisk you through a journey, from scanning and purchasing products to bagging and delivering them with planned precision. As described in “Business of VenHub and Certain Information About VenHub,” the Company’s Smart Stores are delivered as fully functional physical autonomous retail units capable of performing core physical and mechanical robotic operations using embedded software installed at deployment. SaaS activation is not required for the Smart Store to perform these core physical functions and is addressed separately pursuant to distinct SaaS agreements as the Company transitions to scaled commercial operations.
Previous wording
At the core of VenHub will be an intelligent algorithm that understands your unique preferences, by tracking customer tastes and curating a selection that caters specifically to the customer.
Current wording
The Company has since launched a full assembly production facility in Las Vegas, Nevada to meet the market demand. At the core of VenHub will be an intelligent algorithm that understands your unique preferences, by tracking customer tastes and curating a selection that caters specifically to the customer.
Previous wording
Our Company is brand new and has limited operating history. The Company was formed as a corporation in 2023. We have limited established business operations, and it is unclear at this point which, if any, of our current and intended plans may come into fruition and, if they do, which ones will be a success. The Company has incurred a net loss and has generated minimal revenue since its inception. There is no assurance that the Company will ever be able to establish successful business operations, become profitable or generate sufficient revenues to operate our business or pay dividends.
Current wording
Our Company has limited operating history. The Company was formed as a corporation in 2023. We have limited established business operations, and it is currently unclear, if any, of our current and intended plans may come into fruition and, if they do, which ones will be a success. To date, the Company has incurred net losses and has generated limited revenue. There is no assurance that the Company will ever be able to establish successful business operations, become profitable or generate sufficient revenues to operate our business or pay dividends.
Previous wording
There was $295,357 and $219,939 of revenue and cost of goods sold for the three months ended September 30, 2025. $250,000 of revenue and $190,390 was related to store sales and cost of goods sold respectively. $45,357 and $29,549 related to product sales and costs of goods sold from our Company owned flagship store at LAX/Metro. For the three months ended September 30, 2024, we had no revenue or cost of goods sold.
Current wording
There was $67,836 of revenue and $64,147 in cost of goods sold for the three months ended March 31, 2026, all relating to product sales and costs of goods sold from our Company owned stores For the three months ended March 31, 2025, we had $500,000 of revenue and $323,388 of cost of revenue, from the sale of our first two smart stores.
Previous wording
As of September 30, 2025, we had negative working capital of $1,408,859 consisting of $1,340,186 in cash, $1,442,605 in inventory, $175,330 of prepaid expenses offset by $739,742 in accounts payable, $1,695,966 in accrued payroll and compensation, $1,500,000 in deferred revenue, $174,254 in current operating lease liability, $164,145 in customer deposits, $66,708 in interest payable – current and $26,165 in sales tax payable.
Current wording
As of March 31, 2026 we had working capital of $1,679,592 comprised of $5,796,468 in cash, $2,432,864 in inventory, $942,151 in prepaid expenses, $48,637 in sales tax receivable, $2,000 in security deposit – current offset by $1,356,333 in accounts payable and accrued expenses, $2,100,000 in loan payable – related party, $2,013,606 in accrued payroll and compensation, $1,500,000 in deferred revenue, $351,335 in current operating lease liability, $179,500 in customer deposits, $34,789 in interest payable - current and sales tax payable of $6,965.
Previous wording
Non-current assets included $879,541 in right of use asset, $701,633 in property and equipment - net and $73,074 in security deposits.
Current wording
Non-current assets included $1,276,439 in property and equipment, net, $851,524 in right of use asset, and $153,046 in security deposits.
Previous wording
Non-current assets included $188,918 in right of use asset, $109,664 in property and equipment - net and $16,074 in security deposits.
Current wording
Non-current assets included $1,275,078 in property and equipment — net, $907,705 in right of use asset, and $79,566 in security deposits.
Previous wording
We used $2,390,940 of cash in operating activities which represented our net loss from continuing operations of $7,703,643 including $4,212,809 in share-based compensation, $881,800 in accrued payroll and compensation, $111,717, in accounts payable and accrued expenses, $81,000 in deferred revenue, $54,291 of change in operating right of use asset, $34,725 in depreciation expense, $50,000 in amortization of debt issuance costs, $38,336 of unrealized loss on convertible debt, $10,000 in interest payable, offset by $125,258 of change in operating right of use liability and $36,717 in prepaid expenses.
Current wording
We used $1,354,246 of cash in operating activities which represented our net loss from continuing operations of $9,348,875 including $7,609,099 in share-based compensation, $322,360 in inventory, $164,500 in accrued payroll and compensation, $108,033 in interest payable, $88,704 in deferred offering cost, $61,565 in unrealized loss on convertible debt, $19,638 of change in operating right of use asset, $15,000 in security deposit, $11,308 in depreciation expense offset by $243,883 in accounts payable and accrued expenses, $115,900 in prepaid expenses, $44,795 of change in operating right of use liability and $1,000 in deferred revenue.
Previous wording
We used $656,851 in investing activities for the nine months ended September 30, 2025, relating to the assembly of both our LAX Metro flagship company owned store and our National Automatic Merchandising Association (NAMA) display store along with our capitalized software costs.
Current wording
We had no investing activities for the three months ended March 31, 2025.
Previous wording
We generated $5,034,595 of cash from financing activities consisting of $3,500,000 in proceeds from warrant issuance, $650,000 proceeds from convertible debt and $795,891 in proceeds from crowdfunding offset by $88,704 in payment of deferred offering cost.
Current wording
We generated $752,701 of cash from financing activities consisting of $102,701 in proceeds from crowdfunding and $650,000 in proceeds from convertible debt, net.
Previous wording
On August 19, 2024, the Company executed two Notes with one investor each for a combined $1,000,000 in note principal. On December 3, 2024, the Company executed one Note with one investor for $200,000 in note principal. On December 4, 2024, the Company executed three Notes with three investors for a combined $1,483,000 in note principal. On December 6, 2024, the Company executed two Notes with two investors for a combined $667,000 in note principal. On February 14, 2025 the Company executed five notes with five investors for a combined $650,000. All amounts in principal total $4,000,000 and $100,000 of debt issuance costs were expensed due to the election of the fair value option.
Current wording
On February 14, 2025 the Company executed five notes with five investors for a combined $650,000.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
For the three months ended March 31, 2025
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
The Company has since launched a full assembly production facility in Las Vegas, Nevada to meet the market demand.
Previous report — wording carried elsewhere
Three Months Ended September 30, 2025, and 2024
Previous report — wording carried elsewhere
Revenues and cost of goods sold