v3.26.1
Convertible notes (Tables)
6 Months Ended
Jun. 30, 2026
Convertible notes  
Schedule of description of convertible notes

Issue Date

June 6, 2025

Face Value

$11,000,000

Maturity

June 6, 2027

Coupon

7.0% per annum, quarterly, PIK-eligible

Conversion Price

Initially $7.36 subject to adjustments

Floor Price

$0.74 per share

Redemption

120% upon Issuer’s Call, 0% on Maturity

Use of Proceeds

80% for SOL investment; 20% for operations

 

Issue Date

May 28, 2026

Face Value

$600,000

Maturity

May 28, 2028

Coupon

7.0% per annum; payable at the Company's option in cash, shares or PIK

Conversion Price

Initially $5.136

Floor Price

$0.4774 per share

Redemption

120% upon Issuer's Call; 100% at Maturity

Use of Proceeds

Held in Control Account until Available Cash Test is met; thereafter for working capital and AI-related capital expenditures (no Solana purchase requirement)

Schedule of assumptions

Input

 

June 30, 2026

 

 

December 31, 2025

 

Face value

 

$600,000

 

 

$7,775,000

 

Fair value

 

$667,413

 

 

$8,201,746

 

Volatility

 

 

161.0%

 

 

100.0%

Risk-free rate

 

 

4.13%

 

 

3.48%

Remaining contractual term

 

1.91 years

 

 

1.43 years

 

PIK interest rate

 

 

7.00%

 

 

7.00%

Stock price

 

$0.678

 

 

$0.178

 

Conversion price (effective)

 

$0.6441

 

 

$0.74

 

Conversion price (floor)

 

$0.4774

 

 

$0.74

 

Redemption premium

 

 

120%

 

 

120%
Schedule of changes in the fair value of the company's convertible notes

Fair value at December 31, 2024

 

 

-

 

Initial recognition at principal amount

 

 

11,000,000

 

Changes in fair value recognized in earnings

 

 

807,703

 

Conversion into common and preferred stock

 

 

(3,605,957 )

Fair value at December 31, 2025

 

 

8,201,746

 

Changes in fair value recognized in earnings

 

 

860,631

 

Conversion into common stock

 

 

(3,899,856 )

Fair value at March 31, 2026

 

 

5,162,521

 

Changes in fair value recognized in earnings

 

 

464,471

 

Conversion into common stock

 

 

(5,559,579 )

Initial recognition at principal amount

 

 

600,000

 

Fair value at June 30, 2026

 

 

667,413