v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (14,681,105) $ (5,346,499)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 1,669,970 4,076,921
Noncash lease expense 111,896 96,373
Amortization of debt issue costs and debt discount 711,540 42,528
Stock option expense 530,448 135,426
Accrued interest expense on finance lease 26,244 30,553
Loss on fair value of Bitcoin, net 5,103,025 (1,898,459)
Loss on fair value of digital assets receivable 4,879,213 0
Impairment loss on mining machine deposit 17,193 0
Unrealized loss on marketable securities (5,730) 13,820
Gain on Galaxy loan derivative (1,692,033) 0
Change in credit loss reserve on digital assets receivable (9,187) 0
Unrealized loss (gain) on investment and equity securities (12,913) 156,874
Loss on disposal of fixed assets (2,739) 286,359
Write-off of income tax receivable 31,187 0
Change in operating assets and liabilities:    
Prepaid expenses and other assets 480,006 398,424
Due to related party 28,507 5,449
Accounts payable and accrued expenses (230,218) 540,514
Mining of digital assets (3,986,400) (4,080,304)
Lease liability payments (191,786) (171,474)
Net cash used in operating activities (7,222,882) (5,713,495)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (252,145) (377,212)
Collection of note receivable 0 200,000
Proceeds from sale of fixed assets 0 953,153
Investment in digital assets - Tether (5,296) (30,315)
Proceeds from sale of Bitcoin 6,555,285 3,323,773
Proceeds from the sale of Tether 3,173 29,460
Change in deposits for mining equipment 0 (986,690)
Distribution to members 0 (1,015)
Net cash provided by investing activities 6,315,278 3,106,085
CASH FLOWS FROM FINANCING ACTIVITIES:    
Insurance financing repayments (461,406) (410,877)
Proceeds from warrant exercise, net of issuance costs 2,909 0
Proceeds from the issuance of common stock, net of issuance costs 795,463 0
Issuance costs 0 (6,285)
Net cash used in financing activities 336,966 (417,162)
NET DECREASE IN CASH (570,638) (3,024,572)
CASH - BEGINNING OF PERIOD 1,424,426 3,378,152
CASH - END OF PERIOD 853,788 353,580
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES    
Insurance financing 0 168,324
Recognition of Galaxy loan derivative 760,105 0
Digital assets transferred to digital assets receivable, net 2,375,176 0
SUPPLEMENTAL DISCLOSURES OF CASHFLOW INFORMATION    
Cash paid for taxes 0 0
Cash paid for interest 568,015 337,850
Original Product [Member]    
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net collections (investment) of finance receivables 8,332 (2,434)
Special Product [Member]    
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net collections (investment) of finance receivables $ 5,929 $ (2,635)

Source

HTML PDF
ZIP