Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 78,052,383 $ 8,963,856
Restricted cash 105,000 105,000
Certificate of deposit 0 2,049,413
Accounts receivable, net of allowance for doubtful accounts of $82,621 and $71,869 at September 30, 2026 and December 31, 2025, respectively 48,247 312,106
Inventory and inventory deposits 295,507 346,175
Prepaid expenses and other current assets 1,717,807 2,479,310
Total current assets 80,218,944 14,255,860
Long-term assets:    
Digital assets 14,272,816 126,926,895
Digital assets restricted by lenders as collateral for loans 63,927,546 230,048,488
Data center investments 22,900,000 0
Property and equipment and intangible assets, net 255,422 271,560
Other long-term assets 97,405 155,056
Right-of-use assets - operating leases 509,893 778,235
Total assets 182,182,026 372,436,094
Current liabilities:    
Accounts payable 1,158,849 745,466
Related party liability 7,007,297 0
Accrued liabilities 1,064,542 560,761
Vendor settlements 0 1,189,184
Term loan 0 49,890,972
Right-of-use operating lease liabilities - short-term 97,042 322,103
Other current liabilities 93,541 76,177
Total current liabilities 9,421,271 52,784,663
Delayed draw term loans 34,968,598 49,945,046
Notes payable, net of current portion 0 20,485
Right-of-use operating lease liabilities - long-term 415,484 471,683
Total liabilities 44,805,353 103,221,877
COMMITMENTS AND CONTINGENCIES
Stockholders’ equity:    
Preferred stock: $0.00001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of September 30, 2026 and December 31, 2025 0 0
Common stock: $0.00001 par value, 250,000,000 shares authorized, 28,160,111 shares outstanding as of September 30, 2026 and 33,800,951 shares outstanding as of December 31, 2025 544 475
Treasury stock: 26,310,005 shares as of September 30, 2026 and 13,771,094 shares as of December 31, 2025 (150,252,502) (96,282,082)
Additional paid-in capital 708,449,452 681,864,757
Accumulated deficit (420,820,821) (316,368,933)
Total stockholders’ equity 137,376,673 269,214,217
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 182,182,026 $ 372,436,094