v3.26.1
Condensed Statements of Cash Flows - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities      
Net income (loss) $ 30,950,963 $ 39,791,513 $ (12,174,452)
Adjustments to reconcile net income (loss) to net cash and cash equivalents used in operating activities:      
Stock-based compensation   3,436,835 5,953,282
Change in fair value of shares issued for accrued dividend   158,544  
Amortization of debt discount   110,921 585,508
Non-cash lease expense   208,954 151,179
Recovery of credit losses (909,842) (405,331)  
Gain on extinguishment of liabilities     (89,623)
Realized gain - digital assets and digital assets receivable   (21,483,269)  
Unrealized gain - digital assets, net (16,939,634) (27,913,613)  
Net gains on derivative instruments (112,032) (151,433)  
Impairment loss - digital intangible assets 768,857 2,000,525  
Non-cash revenue, net   (601,964)  
Non-cash interest income from digital assets receivable   (307,278)  
Non-cash portion of other income   22,603  
Paid-in-kind interest expense   169,125 211,520
Changes in operating assets and liabilities:      
Refunded deposit     (888,000)
Prepaid expenses and other current assets   (1,910,336) (321,270)
Accounts payable   (178,786) (1,053,087)
Accrued expenses and other current liabilities   204,368 76,963
Lease liabilities   (245,365) (341,817)
Net Cash and Cash Equivalents Used In Operating Activities   (7,093,987) (7,889,797)
Cash Flows From Investing Activities      
Purchases of property and equipment     (22,959)
Purchase of digital assets   (8,873,800) (45,500,000)
Sales and dispositions of digital assets   2,440,000  
Purchases of USDC   (2,518,820)  
Proceeds from sales of USDC   2,000,000  
Net Cash and Cash Equivalents Used In Investing Activities   (6,952,620) (45,522,959)
Cash Flows From Financing Activities      
Proceeds from sale of preferred stock and warrants in private placement     50,000,000
Proceeds from induced exercise of stock warrants     1,039,206
Proceeds from induced exercise of stock warrants     1,953,504
Payment to taxing authorities in connection with shares directly withheld from employees   (231,098)  
Repayments of notes payable   (235,559) (1,463,438)
Payment of issuance costs for debt modification     (177,228)
Payment of cash issuance costs for induced exercise of stock warrants     (116,456)
Reverse stock split settlement of fractional shares     (160)
Net Cash and Cash Equivalents Provided By Financing Activities   17,372,945 58,823,584
Net Increase in Cash and Cash Equivalents   3,326,338 5,410,828
Cash and Cash Equivalents - Beginning of Period   6,310,878 2,121,463
Cash and Cash Equivalents - End of Period 9,637,216 9,637,216 7,532,291
Supplemental Disclosure of Cash Flow Information:      
Interest   179,582  
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Modification date carrying value of extinguished Avenue Loan     10,262,280
Modification date fair value of modified Avenue Loan     10,172,657
Exchange of digital intangible assets for digital intangible assets receivable   18,746,744  
Exchange of digital intangible assets receivable for digital intangible assets   19,454,154  
Digital assets received for digital assets receivable   22,528,501  
Deposits into Hyperion Rysk Vault   1,812,029  
Redemption from Hyperion Rysk Vault   1,854,834  
Warrant modification and additional warrants - incremental value     1,194,102
Prepaid insurance financed by note payable   598,055  
Common stock issued for accrued dividends payable   1,719,187  
Accrued dividend payable to preferred stockholders   1,533,775  
Shares withheld for employee tax liabilities   148,000  
Treasury shares retired   253,558  
Deposits of digital assets into liquid staking activities   364,962  
Liability for digital assets received pursuant to partnership agreement   150,163  
Common stock issued upon conversion of preferred stock   60  
Issuance of common stock upon vesting of restricted stock units   36  
Digital assets acquired in exchange for USDC   3,549,105  
Digital assets disposed of in exchange for USDC   2,874,699  
Conversion of USDH to USDC, net   1,926,018  
At Market Offering      
Cash Flows From Financing Activities      
Proceeds from sale of common stock 1,973,363 8,954,461 8,508,666
Payment of issuance costs (126,464) (442,180) (286,260)
Public offering      
Cash Flows From Financing Activities      
Proceeds from sale of common stock 10,476,097 10,476,097  
Payment of issuance costs $ (1,148,776) $ (1,148,776)  
Private Placement      
Cash Flows From Financing Activities      
Payment of issuance costs     $ (634,250)

Source

10-Q XBRL Zip