v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (72,392,917) $ 10,296,097
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization expense 4,967,754 1,537,948
Amortization of loan origination costs 33,883 17,187
Amortization of discount on convertible note 0 135,334
Bad debt expense 302,244 0
Amortization of premium on loan receivable 0 (16,281)
Non-cash interest expense 0 6,418
Recovery of credit losses 0 (36,921)
Amortization of right-of-use assets 4,645,883 462,598
Interest expense under finance lease obligations 1,756,748 133,297
Income from equity method investments (21,994) (864,320)
Gain on sale of equity method investments (12,569,661) 0
Gain on remeasurement of investment in TCM 0 (14,549,536)
Change in fair value of warrant liability 1,585,838 692,103
Change in fair value of digital assets 0 (37,984)
Change in fair value of convertible note (2,380,000) 0
Change in fair value of additional convertible notes option (3,850,850) 0
Change in deferred taxes (185,064) 285,120
Stock-based compensation 241,809 250,552
Issuance of warrants for services 74,659 0
Issuance of warrants as consideration payable to customer 192,512 0
Gain on sale of property and equipment (36,298) 0
Loss on issuance of convertible note 73,881,850 0
Loss on extinguishment of debt 0 153,834
Changes in operating assets and liabilities:    
Accounts receivable (11,302,778) 37,057
Due from related party 0 (1,590)
Prepaid expenses and other current assets (1,163,945) (102,410)
Proceeds from sale of digital assets 102,068 1,438,271
Deposits 0 69,672
Mining of digital assets (102,068) (1,290,847)
Accounts payable 6,298,796 1,158,630
Accrued expenses 1,842,851 11,192
Deferred revenue 30,460,939 0
Operating lease liabilities (29,212) (30,219)
Intangible assets (47,833) (3,600)
Due to related party 0 (547,484)
Net cash provided by (used in) operating activities 22,305,214 (795,882)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (36,824,254) (1,014,539)
Proceeds from sale of property and equipment 478,164 0
Proceeds from collections of loans receivable 0 285,654
Deposits on mining equipment 0 (313,088)
Deposits on power equipment (14,146,100) 0
Data center set up costs (1,474,621) 0
Purchase of equity securities (1,000,000) 0
Proceeds from sale of U.S. dollar coin 0 391,584
Cash acquired as part of business acquisition 0 2,449,042
Proceeds from sale of equity method investments 16,559,622 0
Distributions from equity method investments 259,163 1,904,000
Distributions to joint venture partners (182,793) 0
Net cash (used in) provided by investing activities (36,330,819) 3,702,653
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock, net of issuance costs 5,980,834 1,897,028
Repayments on finance lease obligations (6,518,746) (521,865)
Proceeds from convertible note payable 28,800,000 0
Proceeds from exercise of warrants 12,501 0
Payment of debt issuance costs (2,249,000) 0
Proceeds from line of credit, net of issuance costs 20,268,245 0
Repayments of line of credit (1,386,697) (299,077)
Net cash provided by (used in) financing activities 42,205,404 (2,896,954)
NET CHANGE IN CASH AND RESTRICTED CASH 28,179,799 9,817
CASH AND RESTRICTED CASH, beginning of period 11,712,493 3,970,466
CASH AND RESTRICTED CASH, end of period 39,892,292 3,980,283
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for income taxes 0 0
Cash paid for interest 2,229,681 301,593
Non-cash financing and investing activities    
Non-cash contribution to equity method investment 0 115,210
Issuance of Common Stock and Series D Preferred Stock for the acquisition of TCM 0 20,250,013
Exchange of TCM stock options resulting in issuance of stock options in acquisition 0 1,883,955
Issuance of preferred stock upon partial conversion of convertible note 0 164,427
Acquisition of right-of-use asset in exchange for lease obligations 45,504,172 5,820,225
Lease liabilities arising from obtaining right-of-use assets 43,713,270 6,078,929
Nonrelated Party    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of notes payable (851,845) (293,104)
Related Party    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of notes payable (1,849,888) (453,388)
Repayments of convertible note payable - related party $ 0 $ (3,226,548)