v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 2,982,232 $ 4,092,308
Restricted cash 660,000 0
Prepaid expenses 624,091 291,174
Note receivable, net 48,452 0
Derivative assets and digital assets receivable, net 248,105 2,410,043
Total current assets 4,562,880 6,793,525
OTHER ASSETS    
Digital assets 58,113,455 86,637,784
Deferred tax asset 3,664,237 0
Other non-current assets 146,599 239,621
TOTAL ASSETS 66,487,171 93,670,930
CURRENT LIABILITIES:    
Accounts payable - trade [1] 3,069,064 1,988,049
Accrued expenses (1) [1] 1,670,547 1,095,885
Loan payable 15,000,000 0
Current portion of operating lease right-of-use liability 90,083 84,712
Derivative liabilities 152,798 509,022
Total current liabilities 19,982,492 3,677,668
NON-CURRENT LIABILITIES:    
Operating lease liability, net of current portion 103,818 150,106
Deferred tax liability 0 8,311,381
Total liabilities 20,086,310 12,139,155
COMMITMENTS AND CONTINGENCIES (Note 14)
STOCKHOLDERS' EQUITY    
Common stock 388,144 388,144
Additional paid in capital 282,901,721 271,689,292
Accumulated deficit (236,889,004) (190,545,661)
Total stockholders' equity 46,400,861 81,531,775
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 66,487,171 $ 93,670,930
[1] Includes approximately $1.0 million payable for costs incurred pursuant to service agreements with affiliated entities as of June 30, 2026. See Note 13.