v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 3,589,598 $ 8,963,856
Restricted cash 105,000 105,000
Certificate of deposit 0 2,049,413
Accounts receivable, net of allowance for doubtful accounts of $95,530 and $71,869 at June 30, 2026 and December 31, 2025, respectively 49,992 312,106
Inventory and inventory deposits 334,053 346,175
Prepaid expenses and other current assets 968,865 2,479,310
Total current assets 5,047,508 14,255,860
Long-term assets:    
Digital assets 80,521,703 126,926,895
Digital assets restricted by lenders as collateral for loans 90,122,335 230,048,488
Investment in EMHU LLC 2,900,000 0
Property and equipment and intangible assets, net 240,961 271,560
Other long-term assets 106,705 155,056
Right-of-use assets - operating leases 593,433 778,235
Total assets 179,532,645 372,436,094
Current liabilities:    
Accounts payable 748,294 745,466
Related party payable 7,828,001 0
Accrued liabilities 1,529,697 560,761
Vendor settlements 368,905 1,189,184
Term loan 0 49,890,972
Right-of-use operating lease liabilities - short-term 161,803 322,103
Other current liabilities 108,065 76,177
Total current liabilities 10,744,765 52,784,663
Long-term loan 54,960,747 49,945,046
Notes payable, net of current portion 0 20,485
Right-of-use operating lease liabilities - long-term 436,558 471,683
Total liabilities 66,142,070 103,221,877
COMMITMENTS AND CONTINGENCIES  
Stockholders’ equity:    
Preferred stock: $0.00001 par value, 5,000,000 shares authorized, 100,000 shares designated as Series A and, no shares issued and outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock: $0.00001 par value, 250,000,000 shares authorized, 28,110,111 shares outstanding as of June 30, 2026 and 33,800,951 shares outstanding as of December 31, 2025 544 475
Treasury stock: 26,310,005 shares as of June 30, 2026 and 13,771,094 shares as of December 31, 2025 (150,252,502) (96,282,082)
Additional paid-in capital 708,449,448 681,864,757
Accumulated deficit (444,806,915) (316,368,933)
Total stockholders’ equity 113,390,575 269,214,217
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 179,532,645 $ 372,436,094