v3.26.1
Subsequent Events
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events

Note 15 – Subsequent Events

 

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, other than as described below, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment to or disclosure in the financial statements.

 

ATM Financing

 

During the period from July 1, 2026 to August 17, 2026, the Company sold a total of 599,207 shares of Common Stock under the ATM Agreement for aggregate total gross proceeds of approximately $631,500 at an average selling price of $1.05 per share, resulting in net proceeds of approximately $608,000 after deducting commissions and other transaction costs.

 

DeFi Borrowing

 

During the period from July 1, 2026 to August 17, 2026 the Company borrowed an additional $6,500,000 in stablecoins through Aave, a decentralized finance protocol, collateralized by the Company’s ETH already deposited on the protocol. No additional collateral was posted in connection with these borrowings. During this same period, the Company also withdrew 1,340 ETH, with an aggregate fair value of approximately $2,497,000, which was deployed into additional Imperium liquidity pools.

 

As of August 17, 2026, the Company had approximately $42,979,000 in outstanding DeFi borrowings, inclusive of accrued interest, collateralized by approximately 46,525 ETH with an aggregate fair value of approximately $88,650,000, based on the ETH closing price of $1,905 on that date.

 

Appointment of Independent Director

 

On July 1, 2026, the Board of Directors appointed Chris Janis as an independent director, Chairperson of the Audit Committee, and a member of the Compensation Committee. Mr. Janis will receive compensation on the same terms as the Company’s other independent directors, as disclosed in the Company’s Current Report on Form 8-K filed in connection with the appointment.

 

Accelerated Settlement and Conversion of RSUs into Restricted Common Stock

 

In July 2026, the settlement of 2,066,300 RSUs was accelerated, and the RSUs were converted into an equal number of restricted shares of Common Stock issued to executive officers and employees. The restricted shares retain the awards’ original time-based vesting conditions and schedules ranging from six months to five years.