RELATED PARTY TRANSACTIONS |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | 14. RELATED PARTY TRANSACTIONS
Key management personnel include those persons having the authority and responsibility of planning, directing, and executing the activities of the Company. The Company has determined that its key management personnel consist of the Company’s officers and directors.
During the three months ended March 31, 2026 and 2025, the Company incurred $0.1 million in cash compensation to our non-employee, independent board members. These amounts owing have been included in accounts payable and accrued liabilities.
During the three months ended March 31, 2026, the Company incurred $0.6 million to Hivemind Capital Partners, LLC (“Hivemind”), our Avalanche Protocol asset manager, which is a company controlled by Matt Zhang, the current chairman of the board of the Company. The agreement with Hivemind entitles the asset manager to receive an annual management fee equal to 1.25% of the account size, as defined (the “Management Fee”). The Management Fee is calculated and payable quarterly, in advance, as of the first business day of each calendar quarter. As of March 31, 2026, these fees were paid in full. In addition, Hivemind owns approximately million common shares as March 31, 2026.
During the three months ended March 31, 2025, the Company incurred $10.5 thousand to a former U.S. general counsel firm, Enso Law against legal services, a company controlled by a former director of the Company.
During the three months ended March 31, 2025, the Company incurred $22.5 thousand in legal fees and $57.5 thousand in consulting fees to Jolie Kahn, who is also the Chief Executive Officer of the Company.
There were no other payments to related parties for the three months ended March 31, 2026 and 2025, other than expense reimbursements in the ordinary course of business.
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