Liquidity and Going Concern	9 Months Ended
Sep. 30, 2026
Liquidity and Going Concern
Liquidity and Going Concern	Note 2. Liquidity and Going Concern For the nine months ended September 30, 2026, the Company generated revenue from staking rewards, net of fees, of $4,221,155 and reported a net loss of $16,844,143. As of September 30, 2026, the Company had aggregate cash of $3,895,611. The Company assesses its liquidity based on its ability to generate and maintain adequate sources of liquidity to meet its current and future obligations. Its expected primary uses of liquidity on a short- and long-term basis include working capital requirements, business acquisitions and other general corporate purposes. The Company’s future capital requirements will depend on a number of factors. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASC Subtopic 205-40), management evaluated whether conditions and events, considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date these unaudited condensed consolidated financial statements are issued. As of September 30, 2026, the Company had cash of $3,895,611 and USDC of $1,011,949. Management evaluated the Company’s forecasted operating cash requirements and obligations, including the repayment of the $10,000,000 principal amount of the July 2026 Collateralized Term Loan, which matures on January 10, 2027 (see Note 7), and plans to fund these requirements through the sale of AVAX that is not subject to lock-up restrictions or pledged as collateral. Accordingly, approximately 1.6 million AVAX, with a fair value of $17,593,657 as of September 30, 2026, has been classified as a current asset on the condensed consolidated balance sheet (see Note 11). As of September 30, 2026, approximately 4.9 million AVAX, with a fair value of approximately $53.8 million, were not subject to lock-up restrictions or pledged as collateral. Accordingly, after considering the Company’s cash, liquid digital assets, expected operating cash flows and other available sources of liquidity, management concluded that the conditions and events considered in the aggregate do not raise substantial doubt about the Company’s ability to continue as a going concern for at least twelve months from the date these unaudited condensed consolidated financial statements are issued.

Liquidity and Going Concern

9 Months Ended

Sep. 30, 2026

Note 2. Liquidity and Going Concern

For the nine months ended September 30, 2026, the Company generated revenue from staking rewards, net of fees, of $4,221,155 and reported a net loss of $16,844,143. As of September 30, 2026, the Company had aggregate cash of $3,895,611.

The Company assesses its liquidity based on its ability to generate and maintain adequate sources of liquidity to meet its current and future obligations. Its expected primary uses of liquidity on a short- and long-term basis include working capital requirements, business acquisitions and other general corporate purposes. The Company’s future capital requirements will depend on a number of factors.

In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASC Subtopic 205-40), management evaluated whether conditions and events, considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date these unaudited condensed consolidated financial statements are issued.

As of September 30, 2026, the Company had cash of $3,895,611 and USDC of $1,011,949. Management evaluated the Company’s forecasted operating cash requirements and obligations, including the repayment of the $10,000,000 principal amount of the July 2026 Collateralized Term Loan, which matures on January 10, 2027 (see Note 7), and plans to fund these requirements through the sale of AVAX that is not subject to lock-up restrictions or pledged as collateral. Accordingly, approximately 1.6 million AVAX, with a fair value of $17,593,657 as of September 30, 2026, has been classified as a current asset on the condensed consolidated balance sheet (see Note 11). As of September 30, 2026, approximately 4.9 million AVAX, with a fair value of approximately $53.8 million, were not subject to lock-up restrictions or pledged as collateral.

Accordingly, after considering the Company’s cash, liquid digital assets, expected operating cash flows and other available sources of liquidity, management concluded that the conditions and events considered in the aggregate do not raise substantial doubt about the Company’s ability to continue as a going concern for at least twelve months from the date these unaudited condensed consolidated financial statements are issued.

- Definition

The entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.

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