v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net (loss) income $ (4,625) $ 1,080
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 16 46
Stock-based compensation expense 894 405
Change in fair value of warrant liabilities (47) 3
Change in fair value of convertible notes (1,285)
Change in fair value of crypto assets – Bitcoin (147) 837
Change in fair value of 2024 SEPA derivative liabilities (245) (434)
Realized loss (gain) on sale of crypto assets – Bitcoin 234 (844)
Gain on troubled debt restructurings (3,707)
Non-cash interest 45
Change in operating assets and liabilities:    
Accounts receivable (169) (41)
Prepaid expenses and other current assets 218 92
Accounts payable and accrued expenses 160 (191)
Deferred revenues 294 (49)
Net cash used in operating activities (3,417) (4,043)
Cash flows from investing activities:    
Purchases of property and equipment (11) (8)
Purchases of crypto assets – Bitcoin (2,200)
Sales of crypto assets – Bitcoin 419 3,458
Net cash provided by investing activities 408 1,250
Cash flows from financing activities:    
Proceeds from 2024 SEPA 962
Proceeds from subscription agreements 2,050 1,197
Proceeds from exercise of warrants 43
Proceeds from private placement 2,497
Repayment of Yorkville Note (262)
Repayment of deferred underwriter fees payable (500)
Repayment of loans payable (273) (189)
Net cash provided by financing activities 2,782 2,743
Net decrease in cash and cash equivalents (227) (50)
Cash and cash equivalents at beginning of period 585 172
Cash and cash equivalents at end of period 358 122
Supplemental disclosures of cash flow information:    
Cash paid for interest 19 8
Cash paid for taxes 1
Supplemental disclosures of non-cash investing and financing activities:    
Conversion of officer accrued salary into shares of common stock 182 1,392
Issuance of common stock in connection with settlement of vendor payable 111
Issuance of common stock upon conversion of convertible notes 1,902
Issuance of common stock upon conversion of loans with related parties 2,334
Issuance of common stock upon conversion of loan extensions with related parties $ 2,584