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 ($)
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net loss $ (104,451,888) $ (35,531,655)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on digital assets 69,280,274 14,106,222
Deferred tax benefit 0 (5,383,973)
Loss on repayment of credit facility (0) 125,377
Stock-based compensation 1,797,041 14,855,030
(Gain) Loss on change in fair value of financial liabilities 25,387 (4,724)
Loss on write down of inventory 114,611 82,512
Loss on sale/write off of property & equipment 0 120,312
Loss on write off of intangible asset 27,195 0
Write-off of unamortized issuance costs on repayment of term loan 68,142 0
Bad debt expense 2,133,568 12,231
Non-cash interest expense/(income), net 21,454 40,921
Amortization of right-of-use assets 295,216 314,966
Depreciation and amortization 37,092 272,739
Changes in operating assets and liabilities:    
Accounts receivables (1,869,709) (1,503,768)
Inventory and inventory deposits (63,943) 466,921
Prepaid expenses, other current and long-term assets 819,154 (859,469)
Accounts payable 413,383 576,921
Related party payable 7,007,297 0
Accrued liabilities and vendor settlements (704,266) (2,007,080)
Right-of-use liabilities - operating leases (308,134) (332,922)
Other current liabilities 24 (205,904)
Net cash used in operating activities (25,358,102) (14,855,343)
Cash flows from investing activities:    
Investment in EMHU LLC and CDP (22,900,000) 0
Purchases of digital assets (2,048,839) (451,634,534)
Payment for website development 0 (46,620)
Purchase of property and equipment (29,330) (204,924)
Proceeds from sale of digital assets 211,543,583 0
Proceeds from sale of property and equipment 47 56,550
Purchase of certificate of deposit 0 (2,000,000)
Proceeds from maturity of certificate of deposit 2,092,397 0
Net cash provided by (used in) investing activities 188,657,858 (453,829,528)
Cash flows from financing activities:    
Repayment of term loan (50,000,000) 0
Payment on credit facility (30,000,000) 0
Proceeds from borrowings on credit facility 15,000,000 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 44 0
Repurchase of common stock (53,970,420) (39,406,458)
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 $374,392 0 10,288,062
Repayments on notes payable (28,532) (5,308)
Proceeds from credit facility, net of issuance costs of $194,551 0 34,805,449
Repayment of credit facility 0 (35,000,000)
Proceeds from term loan, net of issuance costs of $149,913 0 49,850,087
Proceeds from issuance of common stock and pre-funded warrants from July 2025 private placement, net of issuance costs of $21,136,401 0 452,292,054
Proceeds from exercise of warrants 0 1,784,000
Repurchase of fractional shares 0 (941)
Net cash (used in) provided by financing activities (94,211,229) 485,310,827
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 69,088,527 16,625,956
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 78,157,383 18,924,529
Supplemental disclosure of cash flow information:    
Cash paid for interest 3,952,254 455,939
Cash paid for income taxes 0 0
Non-cash transactions    
Accrued purchase of fixed asset 18,863 0
Issuance of common stock for exercise of pre-funded warrants 1 25
Recognition of right of use asset and liability - operating lease 26,874 563,660
Transfer of digital assets from lender for repayment of loans outstanding 176,951,929 0
Transfer of digital assets from lender for reduction in collateral requirement 50,413,627 0
Transfer of digital assets to lender for margin call 30,563,705 0
Transfer of digital assets to lender for collateral for borrowings 87,355,553 130,804,221
Issuance of common stock for digital assets 0 28,000,000
Transfer of inventory to property & equipment $ 0 $ 317,259