v3.26.3
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 3,465,652 $ 4,092,308
Restricted cash 662,535 0
Prepaid expenses 529,750 291,174
Note receivable, net 102,616 0
Derivative assets and digital assets receivable, net 1,876,404 2,410,043
Total current assets 6,636,957 6,793,525
OTHER ASSETS    
Digital assets 82,749,435 86,637,784
Deferred tax asset 2,297,304 0
Other non-current assets 113,663 239,621
TOTAL ASSETS 91,797,359 93,670,930
CURRENT LIABILITIES:    
Accounts payable - trade [1] 2,972,544 1,988,049
Accrued expenses (1) [1] 1,192,057 1,095,885
Loan payable 21,000,000 0
Current portion of operating lease right-of-use liability 172,244 84,712
Derivative liabilities 5,534,942 509,022
Total current liabilities 30,871,787 3,677,668
NON-CURRENT LIABILITIES:    
Operating lease liability, net of current portion 0 150,106
Deferred tax liability 0 8,311,381
Total liabilities 30,871,787 12,139,155
COMMITMENTS AND CONTINGENCIES (Note 14)
STOCKHOLDERS' EQUITY    
Common stock 388,169 388,144
Additional paid in capital 292,481,584 271,689,292
Accumulated deficit (231,944,181) (190,545,661)
Total stockholders' equity 60,925,572 81,531,775
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 91,797,359 $ 93,670,930
[1] Includes approximately $0.6 million payable for costs incurred pursuant to service agreements with affiliated entities as of September 30, 2026. See Note 13.