2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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6 Months Ended |
Mar. 31, 2025 |
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| Accounting Policies [Abstract] |
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| Schedule of Earnings Per Share Basic and Diluted |
Provided below is the income per share calculation for the three and six months ended March 31, 2025 and 2024:
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For the Three Months
Ended March 31, |
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For the Six Months
Ended March 31, |
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($ in thousands, except share and per share amounts) |
|
2025 |
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|
2024 |
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|
2025 |
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|
2024 |
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Numerator |
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Net (loss) income attributable to common shareholders - Basic |
|
$ |
(138,792 |
) |
|
$ |
123,893 |
|
|
$ |
102,858 |
|
|
$ |
149,223 |
|
Non-cash interest expense on convertible notes |
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|
— |
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|
|
— |
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|
818 |
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|
|
— |
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Net (loss) income attributable to common shareholders - Dilutive |
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|
(138,792 |
) |
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|
123,893 |
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|
|
103,676 |
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|
149,223 |
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Denominator |
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Weighted-average common shares outstanding - Basic |
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280,853,882 |
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209,287,089 |
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|
282,722,198 |
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|
|
193,964,904 |
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Dilutive impact of stock options and other share-based awards |
|
|
— |
|
|
|
2,811,979 |
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|
|
511,028 |
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|
|
2,938,690 |
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Dilutive impact of convertible notes |
|
|
— |
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|
— |
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25,103,310 |
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|
|
— |
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Weighted-average common shares outstanding - Dilutive |
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|
280,853,882 |
|
|
|
212,099,068 |
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|
|
308,336,536 |
|
|
|
196,903,594 |
|
(Loss) income per common share attributable to common shareholders |
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Basic |
|
$ |
(0.49 |
) |
|
$ |
0.59 |
|
|
$ |
0.36 |
|
|
$ |
0.77 |
|
Diluted |
|
$ |
(0.49 |
) |
|
$ |
0.58 |
|
|
$ |
0.34 |
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|
$ |
0.76 |
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The un-weighted securities excluded from the computation of diluted earning per share because to so would have been anti-dilutive are as follows:
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For the Three Months
Ended March 31, |
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For the Six Months
Ended March 31, |
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2025 |
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|
2024 |
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|
2025 |
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|
2024 |
|
2030 Convertible Note |
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43,930,770 |
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|
- |
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- |
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- |
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Series A preferred stock conversion |
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5,250,000 |
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5,250,000 |
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|
5,250,000 |
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5,250,000 |
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Anti-dilutive stock options |
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2,403,954 |
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1,035,179 |
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1,805,151 |
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1,035,179 |
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Anti-dilutive restricted stock awards |
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1,780,149 |
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- |
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- |
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- |
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Anti-dilutive warrants |
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1,604,559 |
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- |
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1,596,999 |
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- |
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Total anti-dilutive securities |
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54,969,432 |
|
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6,285,179 |
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|
|
8,652,150 |
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|
|
6,285,179 |
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| Schedule of Financial Instruments |
The following table presents the Company’s financial instruments that are measured and recorded at fair value on the Company’s balance sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2025 and September 30, 2024:
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March 31, 2025 |
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($ in thousands) |
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Amount |
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Level 1 |
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Level 2 |
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Level 3 |
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Assets: |
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Cash equivalents(1) |
|
$ |
96,410 |
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$ |
96,410 |
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|
$ |
— |
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|
$ |
— |
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Bitcoin |
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|
979,635 |
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|
979,635 |
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— |
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— |
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ILAL derivative asset |
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|
71 |
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— |
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— |
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|
71 |
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Investment in debt security |
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3,896 |
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— |
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— |
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|
3,896 |
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Liabilities: |
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Interest rate swap derivative |
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|
23 |
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— |
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|
23 |
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— |
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Warrant liabilities |
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|
128 |
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— |
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|
128 |
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— |
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September 30, 2024 |
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($ in thousands) |
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Amount |
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Level 1 |
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Level 2 |
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Level 3 |
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Assets: |
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Cash equivalents(1) |
|
$ |
120,638 |
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|
$ |
120,638 |
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|
$ |
— |
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|
$ |
— |
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Receivable from bitcoin collateral(2) |
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|
77,827 |
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|
— |
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|
77,827 |
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|
— |
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Bitcoin |
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|
431,661 |
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|
431,661 |
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|
— |
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|
— |
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ILAL derivative asset |
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|
1,832 |
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— |
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— |
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|
1,832 |
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Investment in debt security |
|
|
918 |
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|
— |
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— |
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|
918 |
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Liabilities: |
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Interest rate swap derivative |
|
|
100 |
|
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|
— |
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|
100 |
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|
— |
|
(1) Represents money market funds. (2) See Note 9 - Loans for more information.
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