Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 1,683 $ 3,330 [1]
Accounts receivable 509 349 [1]
Unbilled accounts receivable 719 109 [1]
Inventories 994 1,618 [1]
Crypto assets 8,148  
Prepaid expenses and other current assets 4,473 1,033 [1]
Total current assets 16,526 6,439 [1]
Property and equipment, net 303 58 [1]
Intangible assets 97,548 92,575 [1]
Goodwill 19,135  
Investments in non-marketable securities 4,300  
Deposit for business combination [1]   1,000
Other assets 846 553 [1]
Total assets 138,658 100,625 [1]
Current Liabilities:    
Accounts payable 5,190 2,779 [1]
Accrued liabilities 5,184 1,334 [1]
Short-term promissory notes 873  
Total current liabilities 24,161 4,113 [1]
Other long term note payable 127  
Warrant liabilities 9 664 [1]
Other liabilities 648 553 [1]
Total liabilities 39,150 14,899 [1]
Commitments and contingencies (Note 10) [1]
Stockholders' Equity:    
Common stock, par value $0.0001; 300,000,000 shares authorized; 217,201,387 and 52,034,060 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 22 5 [1]
Additional paid-in capital 477,592 384,172 [1]
Accumulated deficit (378,106) (298,451) [1]
Total stockholders' equity 99,508 85,726 [1]
Total liabilities, redeemable convertible preferred stock and stockholders' equity 138,658 100,625 [1]
Nonrelated Party    
Current Liabilities:    
Short-term convertible notes 12,167  
Convertible notes 10,450  
Related Party    
Current Liabilities:    
Short-term convertible notes 747  
Convertible notes $ 3,755 $ 9,569 [1]
[1] The condensed consolidated balance sheet as of December 31, 2024 was derived from the audited consolidated balance sheet as of that date.