Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 2,004,000 $ 3,330,000
Accounts receivable 888,000 349,000
Related party receivable $ 30,000,000  
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration] Related Party  
Unbilled accounts receivable $ 1,705,000  
Inventories 636,000 1,618,000
Crypto assets 92,222,000  
Deferred offering costs 5,500,000 0
Prepaid software license, current 7,759,000  
Prepaid expenses and other current assets 2,159,000 1,142,000
Total current assets 142,873,000 6,439,000
Property and equipment, net 606,000 58,000
Intangible assets 94,816,000 92,575,000
Goodwill 19,135,000  
Prepaid software license, noncurrent 6,956,000  
Investment in non-marketable securities 4,300,000  
Deposit for business combination 1,000,000 1,000,000
Other assets 5,018,000 553,000
Total assets 274,704,000 100,625,000
Current Liabilities:    
Accounts payable 10,832,000 2,779,000
Accrued liabilities 11,002,000 1,334,000
Due to related party 98,000  
Short-term convertible note payable, related party 3,936,000  
Short-term promissory notes 1,013,000  
Total current liabilities 26,881,000 4,113,000
Warrant liabilities 9,000 664,000
Other liabilities 3,923,000 553,000
Total liabilities 36,730,000 14,899,000
Stockholders' Equity:    
Common stock, par value $0.0001; 2,020,000,000 shares authorized; 573,438,153 and 52,034,060 shares issued and outstanding as of December 31, 2025 and 2024, respectively 59,000 5,000
Additional paid-in capital 615,360,000 384,172,000
Accumulated deficit (377,445,000) (298,451,000)
Total stockholders' equity 237,974,000 85,726,000
Total liabilities and stockholders' equity 274,704,000 100,625,000
Related Party    
Current Liabilities:    
Convertible notes   $ 9,569,000
Nonrelated Party    
Current Liabilities:    
Convertible notes $ 5,917,000