Related Party Transactions |
3 Months Ended | ||
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Mar. 31, 2026 | |||
| Related Party Transactions [Abstract] | |||
| RELATED PARTY TRANSACTIONS |
On October 7, 2024, the Company entered into a Business Funding Agreement (the “Funding Agreement”) with ASPIS Cyber Technologies, Inc. (“ASPIS”), pursuant to which ASPIS agreed to make a $2,500,000 investment in the Company. ASPIS, the Company’s largest shareholder, is a cloud-based mobile endpoint cyber security technology company for anti-tapping and anti-hacking within the government, finance, gaming and social media sectors.
ASPIS is an affiliate of Cronus Equity Capital Group, LLC (“CECG”). ASPIS holds approximately 43.97% and CECG holds approximately 20.20%, respectively, of the outstanding common shares of the Company based on the amount of Company common shares issued and outstanding as of March 31, 2026. See Note 7.
In addition, for the three months ended March 31, 2026 and 2025 ASPIS represented approximately 0% and 88% of revenue and 91% and 100% of the accounts receivable as of March 31, 2026 and 2025, respectively.
As of March 31, 2026 and December 31, 2025 the Company had a receivable balance owed from ASPIS of $176,000 and $836,000, respectively. |
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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