v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (21,089,145) $ (1,755,479)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 25,282 1,709,985
Loss on disposal of fixed asset 359,965
Loss on impairment of long-lived assets 1,659,835
Stock-based compensation 1,896,596 713,749
Shares issued for services 126,000
Series H-7 preferred stock waiver 350,000
Series I financing costs 754,815
Change in fair value - derivative liability (2,854,000) (6,739,000)
Change in fair value - warrant liability 11,627,100 (10,956,900)
Amortization of right-of-use asset 202,648 197,457
Bad debt expense 189,092
Unrealized loss on digital assets 2,151,001
Unrealized gain on marketable securities 91,936 98,315
Realized gain on marketable securities (409,818) (1,322,971)
Impairment of inventory 4,909,190
Impairment of prepaid inventory 731,129
Vendor settlements 547,847
Change in operating assets and liabilities:    
Accounts receivable 29,908
Inventory (1,794,806)
Prepaid expenses and other current assets 1,040,184 (76,484)
Deposits and other assets 500 22,491
Accounts payable (946,359) (618,362)
Accrued expenses and other current liabilities (317,227) (1,149,677)
Lease obligations - operating leases (219,085) (196,686)
Net cash used in operating activities (7,695,572) (13,315,402)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (199,323)
Proceeds from sale of marketable securities, net 32,739,898 66,132,029
Purchase of digital assets (4,100,000)
Purchase of marketable securities (31,500,546) (68,997,205)
Net cash used in investing activities (2,860,648) (3,064,499)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of preferred stock (I), net of transaction costs 6,314,297  
Proceeds from exercise of Series H-7 Preferred warrants 1,015,356  
Payment of preferred stock redemption (Series H-7) (7,881,528) (10,198,929)
Payment of shares buyback (376,630)
Repurchase of cash-settled restricted stock (285,250)
Net cash used in financing activities (551,875) (10,860,809)
Net change in cash, cash equivalents and restricted cash (11,108,095) (27,240,710)
Cash, cash equivalents and restricted cash, beginning of period 16,200,157 43,440,867
Cash, cash equivalents and restricted cash, end of period 5,092,062 16,200,157
Supplemental disclosure of cash and non-cash transactions:    
Fixed asset additions included in accounts payable and accrued expenses 57,791
Accrual of Series H-7 convertible preferred stock dividends 1,759,618 1,878,713
Deemed dividend Series H-7 warrants 662,551 564,886
Accretion of discounts to redemption value of H-7 convertible preferred stock 8,706,401 8,255,150
Accretion of discounts to redemption value of I convertible preferred stock 1,882,957
Accrued Series H-7 preferred stock redemption payable 11,071,253 1,285,680
Accrual of Series I Convertible Preferred Stock Dividends 140,972
Non-cash redemption of Series H-7 preferred stock 4,794,828 2,802,561
Reclassification of warrant liability to equity (H-7) 13,891,000
Reclassification of warrant liability to equity (I) 4,080,034
Accrued waiver fee related to Series H-7 preferred stock 350,000
Prepaid insurance financed through accrued expenses 110,208 286,955
Supplemental disclosure of restricted cash:    
Cash and cash equivalents 4,981,798 16,035,475
Restricted cash 110,264 164,682
Total cash, cash equivalents and restricted cash $ 5,092,062 $ 16,200,157

Source

PDF HTML
ZIP XBRL