Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flow from operating activities:    
Net loss $ (40,915,628) $ (40,292,940)
Adjustments to reconcile net loss to net cash used in operating activities:    
Unrealized loss on digital assets 14,106,222 0
Loss on repayment of credit facility 125,377 (0)
Loss on repayment of May 2024 Notes (0) 1,470,554
Loss on extinguishment of convertible notes 0 1,314,065
(Gain) loss on change in fair value of financial liabilities (4,724) 14,673,972
Noncash interest income on certificate of deposit (28,253) 0
Loss on conversion of notes to common stock 0 333,544
Stock-based compensation 14,855,030 295,882
Loss on write down of inventory and inventory deposits 82,512 9,062,364
Loss on sale/write off of property & equipment 120,312 842,555
Bad debt (recovery) expense 12,231 (26,172)
Non-cash interest expense 69,174 553,803
Amortization of right-of-use assets 314,966 295,019
Depreciation and amortization 272,739 269,570
Changes in operating assets and liabilities:    
Accounts receivable (1,503,768) (117,533)
Inventory 557,989 (784,169)
Inventory deposits (91,068) (995,245)
Prepaid assets and other current assets (859,469) 1,431,359
Accounts payable 576,921 (575,620)
Accrued liabilities and vendor settlements (2,007,080) 583,157
Right-of-use liabilities - operating leases (332,922) (295,005)
Customer deposits (205,904) (311,162)
Net cash used in operating activities (14,855,343) (12,272,003)
Cash flow from investing activities:    
Purchases of digital assets (451,634,534) 0
Proceeds paid for website development (46,620) 0
Purchase of property and equipment (204,924) (276,420)
Proceeds from sale of property and equipment 56,550 19,717
Proceeds from insurance settlement 0 58,058
Purchase of certificate of deposit (2,000,000) 0
Net cash used in investing activities (453,829,528) (198,645)
Cash flow from financing activities:    
Repayment of notes payable (5,308) (47,031)
Proceeds from credit facility, net of issuance costs of $194,551 34,805,449 0
Repayment of credit facility (35,000,000) 0
Proceeds from term loan, net of issuance costs of $149,913 49,850,087 0
Proceeds from issuance of common stock units and pre-funded warrant units from February 2025 public offering, net of issuance costs of $1,296,118 10,703,882 0
Proceeds from issuance of common stock and pre-funded warrants from July 2025 private placement, net of issuance costs of $21,136,401 452,292,054 0
Proceeds from exercise of warrants 1,784,000 0
Proceeds from the issuance of common stock issued from the At the Market Offering, net of issuance costs of $374,392 10,288,062 0
Repurchase of common stock (39,406,458) 0
Repurchase of fractional shares (941) 0
Proceeds from issuance of common stock units and pre-funded warrant units from July 2024 public offering, net of issuance costs of $1,210,753 0 10,789,261
Repayment of May 2024 Notes 0 (2,942,170)
Proceeds from issuance of May 2024 Notes and warrants, net of issuance costs of $245,150 0 2,255,851
Proceeds from exercise of Series B Warrants 0 130,522
Proceeds from exercise of buy down warrants 0 3,500
Net cash provided by financing activities 485,310,827 10,189,933
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 16,625,956 (2,280,715)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 2,298,573 8,193,346
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 18,924,529 5,912,631
Supplemental disclosure of cash flow information:    
Cash paid for interest 455,939 54,904
Cash paid for income taxes 0 0
Non-cash transactions    
Issuance of common stock for exercise of pre-funded warrants 25 0
Issuance of common stock for digital assets 28,000,000 0
Transfer of inventory to property & equipment 317,259 0
Transfer of digital assets to lender for collateral 130,804,221 0
Recognition of right of use asset and liability - operating lease 563,660 0
Conversion of Convertible Notes for common stock 0 7,414,025
Exchange of Convertible Notes for Preferred Stock 0 24,716,118
Reclassification of warrant liability to equity for cashless exercise of Series A Warrants 0 17,352,653
Reclassification of warrant liability to equity for modification of Series B Warrants 0 3,405,662
Exchange of property & equipment in lieu of payments due for inventory purchases 0 60,000
Exchange of finished goods inventory with vendor for raw materials inventory $ 0 $ 417,285