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CONSOLIDATED BALANCE SHEETS (Unaudited Consolidated Condensed) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash	$ 573	$ 1,288
Trade accounts receivable	7,246	7,642
Allowance for credit losses	(867)	(806)
Trade accounts receivable, net	6,379	6,836
Inventories, net	17,559	18,511
Prepaid expenses and other current assets	1,902	2,141
Total current assets	26,413	28,776
Equipment and leasehold improvements, net	14,746	14,329
Operating leases, right of use	6,598	6,913
Other assets, net	37	37
Total assets	47,794	50,055
Current liabilities:
Line of credit – accounts receivable, related party	3,047	4,767
Current portion of operating lease obligations	1,296	1,255
Accounts payable	4,672	4,098
Deferred revenue	1,165	930
Accrued expenses	2,511	2,879
Total current liabilities	12,691	13,929
Long-term portion of operating lease obligations	7,440	7,798
Long-term line of credit – inventory, related party	9,500	9,500
Long-term debt, related party	1,000	1,000
Asset retirement obligations	196	194
Total long-term liabilities	18,136	18,492
Stockholders’ equity:
Preferred stock, $.01 par value, 24,088 shares authorized, and no shares issued and outstanding
Common stock, $.01 par value, 95,000,000 shares authorized; 70,632,445 and 70,614,045 shares issued and outstanding on March 31, 2026 and December 31, 2025, respectively	706	706
Additional paid-in capital	115,665	115,566
Accumulated deficit	(99,404)	(98,638)
Total stockholders’ equity	16,967	17,634
Total liabilities and stockholders’ equity	$ 47,794	$ 50,055

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

SOLESENCE, INC. 10-Q