v3.25.3
SEGMENTED INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENTED INFORMATION

17. SEGMENTED INFORMATION

 

The Company has chosen to organize its operating segments based on products or services offered. Each operating segment is also a reportable segment (i.e., operating segments have not been aggregated). The Company’s operating and reportable segments at September 30, 2025, include Bitcoin Mining and Unthink Food, which produces high protein baking flour. All other activities, including financing, are carried out through the corporate entity. At September 30, 2025, Bitcoin Mining operations were conducted at the Redwater Property in Alberta, Canada, and the Bald Eagle Property in Ohio, USA, which reflects the manner in which the Company’s Chief Operating Decision Maker (“CODM”), its Chief Executive Officer, reviews and assesses the performance of the business and allocates resources.

 

The information used by the CODM to assess performance and allocate resources includes various measures of segment profit, however, for the purposes of the disclosures required by ASC 280, Segment Reporting and ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Company has determined that the measure most consistent with the measurement principles used in measuring the corresponding amounts in the condensed consolidated unaudited financial statements is net income. Segment financial information is used to monitor forecast versus actual results in order to make key operating decisions for each segment. The CODM evaluates the performance or allocate resources for each segment based on the Company’s assets or liabilities.

 

The following discloses key financial information including the significant segment expenses, in the context of deriving net income, that are regularly provided to and reviewed by the CODM reconciled to the segment’s net income:

 

   Bitcoin Mining   un(Think) Foods   Radical Clean Solutions   Corporate   Total 
Nine Months Ended September 30, 2025:                         
Revenue  $1,250,592   $532   $-   $-   $1,251,124 
Significant segment expenses:                         
Cost of revenue, excluding depreciation  $728,762   $-   $-   $-   $728,762 
Bitcoin unrealized (gain) loss market valuation   (80,577)   -    -    -    (80,577)
Bitcoin realized (gain) loss market valuation   (48,371)   -    -    -    (48,371)
Selling, general and administrative   52,889    29,147    -    4,930,232    5,012,268 
Consulting   -    -    -    190,075    190,075 
Depreciation and amortization   397,229    477,009    -    -    874,238 
Accretion interest expense   -    -    -    2,320,917    2,320,917 
Repairs and maintenance   407,393    -    -    -    407,393 
Severance expense   -    -    -    124,983    124,983 
Foreign exchange (gain) loss   (556)   4,007    -    70,097    73,548 
Change in fair value of derivatives   -    -    -    (2,976,911)   (2,976,911)
Loss (gain) on conversion of convertible debt   -    -    -    (86,563)   (86,563)
Loss on extinguishment of debt   -    -    -    10,119,711    10,119,711 
Other (income) expense   -    -    -    (51,997)   (51,997)
Net (gain) loss from discontinued operations   -    -    320,189    -    320,189 
Loss on disposal of business   -    -    880,482    -    880,482 
Total operating expenses and other expenses (income)  $1,456,769   $510,163   $1,200,671   $14,640,544   $17,808,147 
Net loss  $(206,177)  $(509,631)  $(1,200,671)  $(14,640,544)  $(16,557,023)

 

 

   Bitcoin Mining   un(Think) Foods   Radical Clean Solutions   Corporate   Total 
Three Months Ended September 30, 2025:                         
Revenue  $525,915   $-   $-   $-   $525,915 
Significant segment expenses:                         
Cost of revenue, excluding depreciation  $265,908   $-   $-   $-   $265,908 
Bitcoin unrealized (gain) loss market valuation   (259)   -    -    -    (259)
Bitcoin realized (gain) loss market valuation   (48,371)   -    -    -    (48,371)
Selling, general and administrative   27,714    6,549    -    2,365,226    2,399,489 
Consulting   -    -    -    2,605    2,605 
Depreciation and amortization   172,307    138,762    -    -    311,069 
Accretion interest expense   -    -    -    383,290    383,290 
Repairs and maintenance   207,002    -    -    -    207,002 
Foreign exchange (gain) loss   (1,240)   82    -    (2,920)   (4,078)
Loss on extinguishment of debt   -    -    -    5,389,070    5,389,070 
Other (income) expense   -    -    -    15,657    15,657 
Net (gain) loss from discontinued operations   -    -    (20,511)   -    (20,511)
Loss on disposal of business   -    -    (23,630)   -    (23,630)
Total operating expenses and other expenses (income)  $623,061   $145,393   $(44,141)  $8,152,928   $8,877,241 
Net loss  $(97,146)  $(145,393)  $44,141   $(8,152,928)  $(8,351,326)

 

 

Other segment items consist of loss on disposition of property, plant and equipment, change in fair value of derivatives, impairment loss, interest income, and foreign exchange (loss) gain, as reported on the condensed consolidated unaudited income statements.

 

The following table summarizes the additions to long-lived assets, total long-lived assets, and total assets by segment, used by the CODM to assess segment performance.

 

   Bitcoin Mining  

Radical

Clean Solutions

   Unthink Food   Corporate   Total 
As of September 30, 2025                         
Property and equipment, additions  $4,339,193   $     -   $-   $-   $4,339,193 
                          
Balances:                         
Property and equipment, net   4,691,326    -    -    -    4,691,326 
Intangible assets and goodwill, net   1,984,567    -    6,799,354    -    8,783,921 
Total long-lived assets  $6,675,893    -   $6,799,354   $-   $13,475,247 
                          
As of December 31, 2024                         
Property and equipment, additions  $807,741   $-   $-   $-   $807,741 
Intangible assets, additions   625,736    -    -    -    625,736 
                          
Balances                         
Property and equipment, net   807,471    -    -    1,424    808,895 
Intangible assets and goodwill, net   604,456    -    7,209,120    -    7,813,576 
Total long-lived assets  $1,411,927    -   $7,209,120   $

1,424

   $8,622,471 

 

 

The following tables summarize revenue, assets, and property, plant, and equipment by geographic area based on the location of the underlying action activity or rendering of services and location of the underlying assets:

 

   Nine Months Ended September 30, 
   2025   2024 
         
Revenue          
Canada  $214,636   $- 
United States   1,036,488    - 
Total Revenue  $1,251,124   $- 

 

   Three Months Ended September 30, 
   2025   2024 
Revenue          
Canada  $52,701   $- 
United States   473,214    - 
Total Revenue  $525,915   $- 

 

   September 30, 2025   December 31, 2024 
Assets          
Cash and cash equivalents for all segments          
Canada  $84,836   $423,907 
United States   809,865    65,961 
Total cash and cash equivalents  $894,701   $489,868 
           
Property Plant and Equipment          
Canada  $693,356   $808,895 
United States   3,997,970    - 
Total property plant and equipment  $4,691,326   $808,895 

 

The revenues for the Radical Clean Solutions segment were generated from one customer for the periods ended June 30, 2025 and 2024.

 

The revenues for the Bitcoin mining segment were generated from Bitcoin pools.