v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS USED IN OPERATING ACTIVITIES:    
Net loss $ (46,343,343) $ (5,107,637)
Adjustments to reconcile net loss to net cash used in Operating activities    
Depreciation and amortization 6,184 14,325
Loss on disposal of fixed assets [1] 22,363 0
Stock based compensation - stock option grants 11,212,099 593,681
Provision for credit losses 2,531,270 0
Amortization of operating lease right-of-use asset 64,475 55,709
Issuance of common stock for services 0 176,000
Interest expense for default of convertible notes 0 748,600
Amortization of debt issuance costs 0 654,110
Change in fair value of digital assets 29,710,439 0
Other derivative income, net (2,228,110) 0
Deferred income taxes (11,975,617) 0
Interest income on note receivable (3,452) 0
Changes in operating assets and liabilities:    
Prepaid expenses (332,917) 0
Operating lease right-of-use liability (40,917) (47,441)
Derivative liabilities (356,224) 0
Digital assets - receivable, net (1,198,991) 0
Derivative assets 2,231,659 0
Accounts payable - trade and accrued expenses 1,475,676 197,204
Other long-term assets 0 125,000
NET CASH USED IN OPERATING ACTIVITIES (15,225,406) (2,590,449)
CASH FLOWS USED IN INVESTING ACTIVITIES:    
Purchase of USDC (10,000,000) 0
Liquidation of USDC 10,000,000 0
Draws on note receivable (225,000) 0
NET CASH USED IN INVESTING ACTIVITIES: (225,000) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from draws on loan payable 15,000,000 0
Proceeds from debt offering 0 200,000
Proceeds from Original Issuance Notes 0 246,000
Proceeds from issuance of common stock for stock option exercise 330 0
Proceeds from At The Market common stock offering 0 1,284,623
NET CASH PROVIDED BY FINANCING ACTIVITIES 15,000,330 1,730,623
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (450,076) (859,826)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period 4,092,308 1,032,329
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period 3,642,232 172,503
Supplemental disclosures of cash flow information:    
Interest paid 127,500 2,000
Income taxes paid 0 0
Supplemental disclosure of non-cash investing and financing activities:    
Deemed dividends on Series C, D and H Preferred Stock 0 2,181,823
Common stock issued for debt payment 0 1,358,597
Premiums received in digital assets from treasury trading strategy 1,875,425 0
Conversion of notes payable into Series H convertible preferred stock $ 0 $ 583,794
[1] Represents the net book value of fixed assets sold in connection with the March 27, 2026 divestiture transaction. See Note 13.