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 ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flow from operating activities:    
Net loss $ (85,403,548) $ (2,460,430)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on digital asset 78,354,036 0
Loss (gain) on change in fair value of financial liabilities 62,017 (28,432)
Noncash interest income on certificate of deposit (21,145) 0
Stock-based compensation 1,704,252 10,052
Loss on write down of inventory and inventory deposits 11,374 17,992
Write-off of unamortized issuance costs on repayment of term loan 68,142 0
Bad debt expense 6,970 16,397
Non-cash interest expense 48,737 0
Amortization of right-of-use assets 104,317 103,855
Depreciation and amortization 14,588 40,754
Changes in operating assets and liabilities:    
Financing and accounts receivables (2,195,165) (32,549)
Inventory and inventory deposits (61,788) 376,290
Prepaid assets and other current assets 471,206 (449,845)
Accounts payable 3,079,203 (163,969)
Accrued liabilities and vendor settlements 370,016 (726,467)
Right-of-use liabilities - operating leases (110,155) (106,502)
Other current liabilities (1,545) (169,034)
Net cash used in operating activities (3,498,488) (3,571,888)
Cash flow from investing activities:    
Purchase of property and equipment (23,744) (201,841)
Proceeds from sale of digital assets 74,694,788 0
Net cash provided by (used in) investing activities 74,671,044 (201,841)
Cash flow from financing activities:    
Repayment of term loan (50,000,000) 0
Payment on credit facility (10,000,000) 0
Proceeds from issuance of common stock units and pre-funded warrant units from March 2026 offering, net of issuance costs of $212,322 24,787,679 0
Proceeds from issuance of common stock from pre-funded warrant exercises 31 0
Proceeds from borrowings on credit facility 5,000,000 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 0 10,703,882
Proceeds from the issuance of common stock issued from the At the Market Offering, net of issuance costs of $320,867 0 8,846,761
Repayments on notes payable (1,926) (1,719)
Repurchase of common stock (44,219,787) (401,806)
Net cash (used in) provided by financing activities (74,434,003) 19,147,118
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (3,261,447) 15,373,389
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 9,068,856 2,298,573
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 5,807,409 17,671,962
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,008,200 88,208
Cash paid for income taxes 0 0
Non-cash transactions    
Issuance of common stock for exercise of pre-funded warrants 3 14
Transfer of inventory to property & equipment 0 59,175
Transfer of digital assets from lender for repayment of loans outstanding 142,699,201 0
Transfer of digital assets from lender for reduction in collateral requirement 38,529,097 0
Transfer of digital assets to lender for margin call 73,686,505 0
Transfer of digital assets to lender for collateral for borrowings $ 13,032,157 $ 0