v3.26.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (33,195,206) $ (16,274,815)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,204,126 667,061
Impairment of assets 5,563,227 4,137,271
Realized gains on digital assets (86,728)
Unrealized losses on digital assets 7,766,498
Share-based compensation 1,795,671 22,780
Shares issued for consulting services 228,969 27,624
Shares issued for compensation 62,759
Amortization of debt issuance costs 3,122,808 2,583,211
Amortization of power purchase agreement 217,548
Change in fair value of derivative liabilities (2,976,911) (1,392,530)
Loss (gain) on debt conversion (86,563) 1,627,858
Loss on debt extinguishment 10,131,237 2,805,306
Loss on disposal of business 880,482
Loss on disposal of fixed assets 4,252
Loss on long-term investment 97,488
Write-off of deposit 50,000
Prepaid research and development 63,566
Changes in operating assets and liabilities:    
Revenue from crypto asset production (2,340,279) (26,282)
Other receivables 90,952 (84,661)
Prepaid expenses and other current assets (5,297,820) (286,399)
Inventories (3,586)
Deposit receivable (73,849)
Lease deposit asset (108,557) 15,502
Contingent payable 80,218
Accounts payable and accrued liabilities (1,305,307) 641,284
Other current liabilities (50,000) (15,336)
Net cash used in operating activities (14,445,853) (5,271,278)
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions (4,765,000) (673,769)
Acquisition of property and equipment (1,248,464) (839,937)
Cash consideration paid for business combination (356,079)
Digital asset purchases (109,999,778)
Proceeds from sale of digital assets 450,884
Proceeds from sale of intangible assets 50,000
Net cash used in investing activities (115,512,358) (1,869,785)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from common shares issued for cash at the market 1,559,186 2,775,616
Share issuance costs paid for share issued at the market (111,449)
Proceeds from common shares issued in the offering 130,923,680
Share issuance costs paid for shares issued in the offering (6,140,667)
Proceeds from pre-funded warrants issued for cash in the offering 14,452,256
Share repurchases in the open market (257,964)
Proceeds from debentures, net of discount 11,295,000 2,250,000
Repayment of convertible debentures (431,552) (1,331,467)
Financing costs of debentures (157,000) (84,463)
Proceeds from loan payable 220,000
Repayment of loan payable (42,787)
Proceeds from the exercise of warrants 403,061
Other 177
Net cash provided by financing activities 151,711,941 3,609,686
Effect of exchange rate changes on cash (108,148) 142,667
Change in cash and cash equivalents 21,645,582 (3,388,710)
Cash and cash equivalents, beginning of year 489,868 3,878,578
Cash and cash equivalents, end of year 22,135,450 489,868
Supplemental cash flow information:    
Cash paid during the period for interest 38,656 53,403
Cash paid during the period for income taxes
Supplemental disclosure of non-cash investing and financing transactions    
Shares issued for conversion of convertible debt 16,186,143 11,469,407
Shares issued in exchange for digital assets 73,666,305
Reclassification of derivative liabilities 2,771,503
Escrow receivable obtained in connection with issuance of convertible debt 5,430,000
Warrants issued with convertible debt and classified as equity 2,779,314
Initial fair value of debenture warrants initially classified as derivatives 4,146,652 1,131,000
Initial fair value of conversion feature of debentures initially classified as derivatives $ 1,183,000 $ 898,000