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

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flow from operating activities:    
Net loss $ (150,052,486) $ (45,510,309)
Adjustments to reconcile net loss to net cash used in operating activities:    
Unrealized loss on digital asset 122,659,151 0
Deferred tax benefit (5,383,973)
Loss on repayment of credit facility 125,377 (0)
(Gain) loss on change in fair value of financial liabilities (46,673) 14,933,739
Noncash interest income on certificate of deposit (49,413) 0
Stock-based compensation 17,824,939 310,961
Loss on write down of inventory and inventory deposits 145,124 9,286,071
Loss on lease termination 72,544 0
Loss on sale/write off of property & equipment 76,349 844,945
Bad debt expense 40,730 29,560
Non-cash interest expense 117,909 553,803
Amortization of right-of-use assets 417,330 396,979
Depreciation and amortization 301,537 362,138
Loss on repayment of May 2024 Notes (0) 1,470,554
Loss on extinguishment of convertible notes 0 1,314,065
Loss on conversion of convertible notes to common stock 0 333,544
Gain on exercise of Series B Warrants 0 (165,355)
Changes in operating assets and liabilities:    
Accounts receivable (264,589) 85,496
Inventory 668,921 (933,844)
Inventory deposits 175,600 (767,410)
Prepaid assets and other current assets (1,446,611) 871,498
Accounts payable 360,141 (445,859)
Accrued liabilities and vendor settlements (2,911,405) 1,592,444
Right-of-use liabilities - operating leases (466,036) (399,609)
Customer deposits (213,377) (200,963)
Net cash used in operating activities (17,848,911) (16,037,552)
Cash flow from investing activities:    
Purchase of digital assets (451,634,534) 0
Proceeds paid for website development (46,620) 0
Purchase of property and equipment (204,927) (312,090)
Proceeds from sale of property and equipment 134,749 23,717
Proceeds from insurance settlement 0 58,060
Purchase of certificate of deposit (2,000,000) 0
Net cash used in investing activities (453,751,332) (230,313)
Cash flow from financing activities:    
Repayment of notes payable (7,182) (48,702)
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 Credit facility, net of issuance costs of $62,804 49,937,196 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 buy down 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 in 2025 and $112,814 in 2024 10,288,063 184,830
Repurchase of common stock (96,282,082) 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
Net cash provided by financing activities 478,370,526 10,373,092
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 6,770,283 (5,894,773)
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 9,068,856 2,298,573
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,135,910 88,710
Cash paid for income taxes 0 0
Non-cash transactions:    
Issuance of common stock for digital assets 28,000,000 0
Transfer of inventory to property & equipment 310,813 0
Transfer of digital assets to lender for collateral 230,048,488 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
Conversion of preferred stock for common stock 0 3
Issuance of common stock for exercise of pre-funded warrants 25 2
Series B Warrants [Member]    
Cash flow from financing activities:    
Proceeds from exercise of buy down warrants 0 130,522
Buy Down Warrants [Member]    
Cash flow from financing activities:    
Proceeds from exercise of buy down warrants $ 0 $ 3,500