| Fair Value Measurements |
Note
14. Fair Value Measurements
The
Company’s financial instruments include cash, accounts payable, notes payable and warrant liability. Cash and warrant liability
are measured at fair value. Accounts payable and notes payable are measured at amortized cost and approximates fair value due to their
short duration and market rate for similar instruments, respectively.
As
of March 31, 2026, the following financial assets and liabilities were measured at fair value on a recurring basis presented on the Company’s
condensed consolidated balance sheet:
Schedule
of Assets and Liabilities Measured at Fair Value on Recurring Basis
| | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| | |
Fair Value Measurements Using | | |
| |
| | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| | |
| | | |
| | | |
| | | |
| | |
| Assets | |
| | | |
| | | |
| | | |
| | |
| Cash | |
$ | 12,320,547 | | |
$ | - | | |
$ | - | | |
$ | 12,320,547 | |
| USDC | |
| 1 | | |
| - | | |
| - | | |
| 1 | |
| USDT | |
| 1 | | |
| - | | |
| - | | |
| 1 | |
| Digital commodities | |
| 118,628,818 | | |
| - | | |
| - | | |
| 118,628,818 | |
| Digital commodities, Locked SOL | |
| - | | |
| 43,861,455 | | |
| - | | |
| 43,861,455 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total assets measured at fair value | |
$ | 130,949,367 | | |
$ | 43,861,455 | | |
$ | - | | |
$ | 174,810,822 | |
| | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | |
| Warrant liability | |
| - | | |
| 80,742 | | |
| - | | |
| 80,742 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total liabilities measured at fair value | |
$ | - | | |
$ | 80,742 | | |
$ | - | | |
$ | 80,742 | |
As
of December 31, 2025, the following financial assets and liabilities were measured at fair value on a recurring basis presented on the
Company’s condensed consolidated balance sheet:
| | |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
| | |
Fair Value Measurements Using | | |
| |
| | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| | |
| | | |
| | | |
| | | |
| | |
| Assets | |
| | | |
| | | |
| | | |
| | |
| Cash | |
$ | 10,382,745 | | |
$ | - | | |
$ | - | | |
$ | 10,382,745 | |
| USDC | |
| 1 | | |
| - | | |
| - | | |
| 1 | |
| USDT | |
| 1 | | |
| - | | |
| - | | |
| 1 | |
| Digital commodities | |
| 177,425,549 | | |
| - | | |
| - | | |
| 177,425,549 | |
| Digital commodities, Locked SOL | |
| - | | |
| 72,685,576 | | |
| - | | |
| 72,685,576 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total assets measured at fair value | |
$ | 187,808,296 | | |
$ | 72,685,576 | | |
$ | - | | |
$ | 260,493,872 | |
| | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | |
| Warrant liability | |
| - | | |
| 97,450 | | |
| - | | |
| 97,450 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total liabilities measured at fair value | |
$ | - | | |
$ | 97,450 | | |
$ | - | | |
$ | 97,450 | |
|