Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 18,819,529 $ 2,193,573
Restricted cash 105,000 105,000
Certificate of deposit 2,028,253 0
Accounts receivable, net of allowance for doubtful accounts of $111,465 and $99,233 at September 30, 2025 and December 31, 2024, respectively 1,579,784 88,247
Inventory 497,717 1,455,477
Inventory deposits 282,224 191,156
Prepaid expenses and other current assets 1,892,168 1,032,699
Total current assets 25,204,675 5,066,152
Long-term assets:    
Digital assets 334,724,091 0
Digital assets restricted by lenders as collateral for loans 130,804,221 0
Property, equipment, and intangible asset, net 448,367 221,836
Other long-term assets 199,281 199,281
Right-of-use assets - operating leases 880,599 739,234
Total assets 492,261,234 6,226,503
Current liabilities:    
Accounts payable 962,247 385,326
Accrued liabilities 949,375 1,379,191
Vendor settlements - short-term 1,704,895 2,092,975
Term loan 49,850,087 0
Current portion of notes payable 7,822 7,181
Warrant liabilities 106,934 111,658
Right-of-use operating lease liabilities - short-term 516,229 443,950
Customer deposits 10,618 216,522
Total current liabilities 54,108,207 4,636,803
Notes payable, net of current portion 22,584 28,533
Vendor settlements - long-term 0 1,189,184
Right-of-use operating lease liabilities - long-term 489,681 331,222
Total liabilities 54,620,472 6,185,742
COMMITMENTS AND CONTINGENCIES  
Stockholders’ equity:    
Preferred stock: $0.00001 par value, 5,000,000 shares authorized, 25,000 shares designated, no shares issued and outstanding as of September 30, 2025 and December 31, 2024 0 0
Common stock: $0.00001 par value, 250,000,000 shares authorized, 42,337,879 shares issued and outstanding as of September 30, 2025 and 78,859 shares issued and outstanding as of December 31, 2024 475 1
Treasury stock (39,406,458) 0
Additional paid-in capital 684,278,820 166,357,207
Accumulated deficit (207,232,075) (166,316,447)
Total stockholders’ equity 437,640,762 40,761
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 492,261,234 $ 6,226,503