LIQUIDITY AND GOING CONCERN |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| LIQUIDITY AND GOING CONCERN | NOTE 2 — LIQUIDITY AND GOING CONCERN
As of March 31, 2026, the Company had approximately $6.2 million in cash and cash equivalents and an accumulated deficit of approximately $146.1 million. For the three months ended March 31, 2026, the Company used approximately $4.5 million of cash in operating activities, and for the year ended December 31, 2025, approximately $7.0 million. The Company generated no revenue during either period and has incurred recurring net losses.
While the Company raised significant capital during the year ended December 31, 2025, including net proceeds of $37.7 million from the Subscription Agreement in September 2025, a portion of those proceeds was used to repay existing debt and fund the company’s existing research and development operations, and the remaining balance was largely deployed to support the Company’s cryptocurrency treasury initiatives. Further, the Company has not raised capital during the three months ended March 31, 2026, and has no committed sources of additional financing as of the date of issuance of these financial statements.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The financial statements do not include any adjustments that would be necessary should the Company be unable to continue as a going concern, and therefore, be required to liquidate its assets and discharge its liabilities in other than the normal course of business and at amounts that may differ from those reflected in the accompanying financial statements.
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