16. SUBSEQUENT EVENTS

2025 Line of Credit Agreement - Coinbase

On April 14, 2025, the Company signed the 2025 Amended Master Loan with Coinbase Credit, for a line of credit in which the Lender will lend the Company certain digital assets or cash. Concurrent with entering into the 2025 Amended Master Loan agreement, the parties to the Amended Master Loan Agreement increased the credit limit from $50,000 to $200,000. The Company expects to utilize the line of credit to borrow USD collateralized with bitcoin to support its operations. After March 31, 2025, the Company began to draw down against this facility, and, as of the date of this report, the Company had an outstanding balance $115,000 under the facility.

Miner Option Exercise

In April 2025, the Company exercised an option to purchase 13,200 miners for approximately $76,600, net of previously deposited funds. The Company negotiated the payment to be made with bitcoin at a 15% conversion premium to spot price on the date of transfer. The total number of bitcoin transferred as consideration for the option exercise was approximately 691 and had a total fair value of $66,751, or a spot price of approximately $96,600 per bitcoin. Additionally, as part of the agreement to pay in bitcoin, the Company received an option to purchase 691 bitcoin back at a later date at the conversion premium price, which is approximately $110,900 per bitcoin. The Company utilized proceeds from its Coinbase Line of Credit to purchase the 691 bitcoin at spot for this transaction.