Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 5,702,409 $ 8,963,856
Restricted cash 105,000 105,000
Certificate of deposit 2,070,558 2,049,413
Financing receivable 2,436,983 0
Accounts receivable, net of allowance for doubtful accounts of $78,840 and $71,869 at March 31, 2026 and December 31, 2025, respectively 63,318 312,106
Inventory and inventory deposits 396,589 346,175
Prepaid expenses and other current assets 2,063,494 2,479,310
Total current assets 12,838,351 14,255,860
Long-term assets:    
Digital assets 129,132,431 126,926,895
Digital assets restricted by lenders as collateral for loans 74,794,125 230,048,488
Property and equipment and intangible assets, net 280,719 271,560
Other long-term assets 99,666 155,056
Right-of-use assets - operating leases 673,918 778,235
Total assets 217,819,210 372,436,094
Current liabilities:    
Accounts payable 3,824,669 745,466
Accrued liabilities 1,391,122 560,761
Vendor settlements - short-term 728,839 1,189,184
Term loan 0 49,890,972
Right-of-use operating lease liabilities - short-term 230,309 322,103
Other current liabilities 136,882 76,177
Total current liabilities 6,311,821 52,784,663
Long-term loan 44,952,897 49,945,046
Notes payable, net of current portion 18,326 20,485
Right-of-use operating lease liabilities - long-term 453,322 471,683
Total liabilities 51,736,366 103,221,877
COMMITMENTS AND CONTINGENCIES  
Stockholders’ equity:    
Preferred stock: $0.00001 par value, 5,000,000 shares authorized, 100,000 shares designated as Series A, no shares issued and outstanding as of March 31, 2026 and December 31, 2025 0 0
Common stock: $0.00001 par value, 250,000,000 shares authorized, 29,326,650 shares outstanding as of March 31, 2026 and 33,800,951 shares outstanding as of December 31, 2025 535 475
Treasury stock: 24,200,757 shares as of March 31, 2026 and 13,771,094 shares as of December 31, 2025 (140,501,869) (96,282,082)
Additional paid-in capital 708,356,659 681,864,757
Accumulated deficit (401,772,481) (316,368,933)
Total stockholders’ equity 166,082,844 269,214,217
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 217,819,210 $ 372,436,094