EX-99.1 2 vseeex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

   December 31,   December 31, 
   2025   2024 
   (Unaudited)     
ASSETS        
Current assets        
Cash   5,902,759    326,115 
Accounts receivable, net of allowance for credit losses   3,728,490    1,716,370 
Due from related party   284,614    531,656 
Prepaids and other current assets   422,522    446,826 
Total current assets  $10,338,385   $3,020,967 
           
Right-of-use assets, net   293,588    379,585 
Intangible assets, net   8,785,006    10,995,000 
Goodwill   4,916,694    4,916,694 
Fixed assets, net   325,748    680,242 
Total assets  $24,659,421   $19,992,488 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)          
Current liabilities          
Accounts payable and accrued liabilities   7,126,589    9,343,659 
Deferred revenue   1,315,187    417,815 
Due to related party   51,900    51,900 
Operating lease liabilities   82,575    72,836 
Financing lease liabilities   234,106    328,833 
Factoring payable   94,220    179,007 
Encompass Purchase liability   265,578    263,918 
Equity Line of Credit   42,394    80,000 
Quantum convertible note, related party at fair value   —    3,248,000 
September 2024 Convertible Note, at fair value   —    2,094,000 
Loan payable, related party   471,651    471,651 
Line of credit   456,097    456,097 
Notes payable, net of discount   438,550    433,983 
Common stock issuance obligation   31,227    69,621 
Exchange Note, at fair value   —    1,499,000 
Total current liabilities  $10,610,074   $19,010,320 
           
Notes payable, less current portion, net of discount   584,807    593,941 
Operating lease liabilities, less current portion   180,439    269,338 
Deferred revenue, net of current portion   —    69,999 
Deferred tax liability   67,379    67,378 
Total liabilities  $11,442,699   $20,010,976 
           
Stockholders’ equity (deficit)          
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 2,788 and 6,158 shares issued and outstanding as of December 31, 2025 and 2024, respectively   1    1 
Common stock, $0.0001 par value; 100,000,000 shares authorized 45,192,374 and 16,297,190 shares issued and outstanding as of December 31, 2025 and 2024, respectively   4,232    1,630 
Additional paid-in capital   88,478,448    67,683,754 
Accumulated deficit   (75,265,959)   (67,703,873)
Total stockholders’ equity (deficit)  $13,216,722   $(18,488)
Total liabilities and stockholders’ equity (deficit)  $24,659,421   $19,992,488