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 $ (35,916,250) $ (12,197,568)
Adjustments to reconcile net loss to net cash used in operating activities:    
Unrealized loss from digital assets holdings 22,010,362
Deferred tax benefit (6,187,113)
Writeoff of deferred offering costs 92,168
Stock based compensation 2,877,856 710,313
Stock issuance pursuant to services agreement 8,253 20,550
Increase in operating assets:    
Prepaid expenses and other current assets (308,055) (34,222)
Increase in operating liabilities:    
Accounts payable 222,477 181,089
Accrued expenses 1,071,986 417,847
Net cash used in operating activities (16,128,316) (10,901,991)
Cash flows from investing activities:    
Purchase of digital assets (77,572,567)
Net cash used in investing activities (77,572,567)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon private investment in public equity offerings 3,725,003 4,104,161
Proceeds from issuance of common stock upon registered direct public offerings 7,090,014
Proceeds from issuance of common stock upon cash and cryptocurrency private investment in public equity offering 99,368,636
Proceeds from issuance of common stock upon at-the-market offerings 5,489,238 83,568
Proceeds from exercise of common stock warrants 1,538,800
Proceeds from exercise of options 166,250
Payment of deferred offering costs and other issuance costs (9,981,802) (661,729)
Proceeds from insurance premium financing liability 285,178 393,960
Repayment of insurance premium financing liability (285,178) (393,960)
Repayments of note payable (221,869)
Net cash provided by financing activities 107,174,270 3,526,000
Net increase (decrease) in cash 13,473,387 (7,375,991)
Cash, beginning of period 3,559,361 10,935,352
Cash, end of period 17,032,748 3,559,361
Cash paid for interest expense 28,345 13,684
Supplemental disclosure of non-cash financing activities:    
Placement agent warrants as issuance costs of private investment in public equity offerings 169,019 154,983
Amortization of deferred offering costs from ATM offering 24,832
Reduction of premium related to insurance premium financing 101,102
Issuance of note payable for settlement of previously incurred professional fees 314,485
Forgiveness of note payable principal 92,616
Issuance of options to settle liability 200,212
Digital assets received in cash and cryptocurrency private investment in public equity offering $ 446,198,164