Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 8,963,856 $ 2,193,573
Restricted cash 105,000 105,000
Certificate of deposit 2,049,413 0
Accounts receivable, net of allowance for doubtful accounts of $71,869 and $99,233 at December 31, 2025 and December 31, 2024, respectively 312,106 88,247
Inventory 330,619 1,455,477
Inventory deposits 15,556 191,156
Prepaid expenses and other current assets 2,479,310 1,032,699
Total current assets 14,255,860 5,066,152
Long-term assets:    
Digital assets 126,926,895 0
Digital assets restricted by lenders as collateral for loans 230,048,488 0
Property and equipment, net 234,652 206,138
Intangible asset, net 36,908 15,698
Other long-term assets 155,056 199,281
Right-of-use assets - operating leases 778,235 739,234
Total assets 372,436,094 6,226,503
Current liabilities:    
Accounts payable 745,466 385,326
Accrued liabilities 560,761 1,379,191
Vendor settlements - short-term 1,189,184 2,092,975
Term loan 49,890,972 0
Current portion of notes payable 8,047 7,181
Warrant liabilities 64,985 111,658
Right-of-use operating lease liabilities - short-term 322,103 443,950
Customer deposits 3,145 216,522
Total current liabilities 52,784,663 4,636,803
Long-term loan 49,945,046 0
Notes payable, net of current portion 20,485 28,533
Vendor settlements - long-term 0 1,189,184
Right-of-use operating lease liabilities - long-term 471,683 331,222
Total liabilities 103,221,877 6,185,742
COMMITMENTS AND CONTINGENCIES  
Stockholders’ equity:    
Preferred stock: $0.00001 par value, 5,000,000 shares authorized, 25,000 shares designated as Series A, no shares issued and outstanding as of December 31, 2025 and December 31, 2024 0 0
Common stock: $0.00001 par value, 250,000,000 shares authorized,33,800,951 shares issued and outstanding as of December 31, 2025 and 78,859 shares issued and outstanding as of December 31, 2024 475 0
Treasury Stock (96,282,082) 0
Additional paid-in capital 681,864,757 166,357,208
Accumulated deficit (316,368,933) (166,316,447)
Total stockholders’ equity 269,214,217 40,761
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 372,436,094 $ 6,226,503