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 shares of Common Stock under the ATM Agreement for aggregate total gross proceeds of approximately $631,500 at an average selling price of $ 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 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 $ 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 RSUs was accelerated, and the RSUs were converted into an equal number of restricted shares of Common Stock issued to executive officers and employees. |