v3.26.1
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SCHEDULE OF NET SALES BY MAJOR PRODUCT CATEGORY

The following tables set forth net revenue, cost of sales, and gross profit (loss) by reportable segment for the three and six months ended June 30, 2026 and 2025:

 

in thousands  Wholesale and Distribution   Digital Asset   Total   Wholesale and Distribution   Digital Asset   Total 
   Three Months Ended June 30, 2026   Three Months Ended June 30, 2025 
in thousands  Wholesale and Distribution   Digital Asset   Total   Wholesale and Distribution   Digital Asset   Total 
Net revenue  $82   $—   $82   $788   $—   $788 
Cost of sales   50    —    50    786    —    786 
Gross profit (loss)   32    —    32    2    —    2 
                               
Staking and yield revenue, net   

—

    

309

    

309

    

—

    

—

    

—

 

 

in thousands  Wholesale and Distribution   Digital Asset   Total   Wholesale and Distribution   Digital Asset   Total 
   Six Months Ended June 30, 2026   Six Months Ended June 30, 2025 
in thousands  Wholesale and Distribution   Digital Asset   Total   Wholesale and Distribution   Digital Asset   Total 
Net revenue  $109   $—   $109   $2,257   $—   $2,257 
Cost of sales   282    —    282    1,534    —    1,534 
Gross profit (loss)   (173)   —    (173)   723    —    723 
                               
Staking and yield revenue, net   

—

    

729

    

729

    

—

    

—

    

—

 
SCHEDULE OF DETAILED INFORMATION ABOUT REPORTABLE SEGMENT

The following tables set forth operating expenses by reportable segment for the three and six months ended June 30, 2026 and 2025.

 

SCHEDULE OF DETAILED INFORMATION ABOUT REPORTABLE SEGMENT

(in thousands) 

Wholesale and

Distribution

   Digital Asset   Total    Wholesale and
Distribution		     Digital Asset     Total  
   Three Months Ended June 30, 2026   Three Months Ended June 30, 2025 
(in thousands)  Wholesale and Distribution   Digital Asset   Total   Wholesale and Distribution   Digital Asset   Total 
Operating expenses                              
Salaries, benefits and payroll taxes  $295   $443   $738   $1,119   $—   $1,119 
Stock-based compensation – strategic advisory warrants   —    236    236    —    —    — 
General and administrative   1,412    1,113    2,525    1,938    —    1,938 
Depreciation and amortization   126    —    126    201    —    201 
Total operating expenses  $1,833   $1,792   $3,625   $3,258   $—   $3,258 

 

(in thousands) 

Wholesale and

Distribution

   Digital Asset   Total    Wholesale and
Distribution		     Digital Asset     Total  
   Six Months Ended June 30, 2026   Six Months Ended June 30, 2025 
(in thousands)  Wholesale and Distribution   Digital Asset   Total   Wholesale and Distribution   Digital Asset   Total 
Operating expenses                              
Salaries, benefits and payroll taxes  $1,350   $822   $2,172   $2,386   $—   $2,386 
Stock-based compensation – strategic advisory warrants   —    476    476    —    —    — 
General and administrative   2,770    3,741    6,511    4,762    —    4,762 
Depreciation and amortization   253    —    253    307    —    307 
Total operating expenses  $4,373   $5,039   $9,412   $7,455   $—   $7,455 
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT

The following table sets forth certain asset categories reviewed by the CODM in evaluating the Company’s reportable segments and liquidity profile:

 

(in thousands)  Wholesale and Distribution   Digital Asset   Total   Wholesale and Distribution   Digital Asset   Total 
   As of June 30, 2026   As of December 31, 2025 
(in thousands)  Wholesale and Distribution   Digital Asset   Total   Wholesale and Distribution   Digital Asset   Total 
Cash equivalents, including qualifying stablecoins  $43   $6,022   $6,065   $1,733   $30,780   $32,513 
Accounts receivable, net   13    —    13    1,572    —    1,572 
Stablecoin-related protocol instruments   —    8,057    8,057    —    —    — 
Digital assets – BERA & BERA-equivalents   —    16,442    16,442    —    36,555    36,555 
SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREA

The following table sets forth revenues disaggregated by geography:

 

(in thousands)  2026   2025   2026   2025 
   Three Months Ended June 30,   Six Months Ended June 30, 
(in thousands)  2026   2025   2026   2025 
Net revenue                    
United States  $82   $788   $109   $2,257 
Canada   —    —    —    — 
Europe   —    —    —    — 
Total net revenue   82    788    109    2,257 
Staking and yield revenue, net                    
United States   309    —    729    — 
Canada   —    —    —    — 
Europe   —    —    —    — 
Total staking and yield revenue, net   309    —    729    — 

 

The following table sets forth our long-lived assets by geographic area, which consist of property and equipment, net, and operating lease right-of-use assets:

 SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREA

(in thousands)  June 30, 2026   December 31, 2025 
   As of 
(in thousands)  June 30, 2026   December 31, 2025 
United States  $—   $397 
Canada   —    — 
Europe   —    — 
Total long-lived assets  $—   $397 
SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREA

The following table sets forth our long-lived assets by geographic area, which consist of property and equipment, net, and operating lease right-of-use assets:

 SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREA

(in thousands)  June 30, 2026   December 31, 2025 
   As of 
(in thousands)  June 30, 2026   December 31, 2025 
United States  $—   $397 
Canada   —    — 
Europe   —    — 
Total long-lived assets  $—   $397