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 $ (65,547,000) $ (62,538,000)
Net loss from discontinued operations (779,000)
Net loss from continuing operations (65,547,000) (61,759,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 19,819,000 24,437,000
Amortization of debt discount 5,899,000 7,773,000
Amortization of right-of-use assets 1,482,000 1,743,000
Stock-based compensation 709,000 3,256,000
Loss (gain) on the sale of fixed assets 1,802,000 (79,000)
Impairment of goodwill and intangible assets 1,500,000
Impairment of property and equipment 2,996,000 19,446,000
Impairment of equity securities 8,616,000
Revenue, crypto assets mining (21,307,000) (24,960,000)
Proceeds from the sale of crypto assets 13,117,000 25,350,000
Change in fair value of crypto assets 7,640,000 (29,000)
Realized gains on sale of marketable securities (8,173,000)
Realized (gains) losses on non-marketable equity securities (44,000) 5,083,000
Gain on conversion of investment in equity securities to marketable equity securities (17,900,000)
Proceeds from the sale of investment in equity securities 3,953,000
Gain on the sale of equity securities (1,401,000)
Change in fair value of embedded derivative liabilities (3,180,000) (910,000)
Loss from investment in unconsolidated entity 1,957,000
Gain from reversal of deferred underwriting commissions of Ault Disruptive Technologies Corporation (“Ault Disruptive”) subsidiary (3,450,000)
Loss (gain) on extinguishment of debt 3,432,000 (2,981,000)
Gain on deconsolidation of subsidiary (12,377,000)
Other 277,000 (2,725,000)
Changes in operating assets and liabilities:    
Marketable equity securities (2,364,000) 11,457,000
Accounts receivable (4,224,000) 316,000
Inventories 408,000 (36,000)
Prepaid expenses and other current assets 55,000 948,000
Other assets (122,000) (2,609,000)
Accounts payable and accrued expenses (11,302,000) 2,409,000
Lease liabilities (2,237,000) (1,725,000)
Net cash used in operating activities from continuing operations (62,516,000) (13,045,000)
Net cash used in operating activities from discontinued operations (6,366,000)
Net cash used in operating activities (62,516,000) (19,411,000)
Cash flows from investing activities:    
Purchase of property and equipment (24,539,000) (4,828,000)
Purchase of crypto assets (45,483,000)
Acquisition of Gresham Worldwide, Inc. (“Gresham”), net of cash acquired 5,231,000
Cash decrease upon deconsolidation of subsidiary (6,000)
Investments in loans receivable (2,772,000) (1,034,000)
Investments in non-marketable equity securities (550,000)
Proceeds from the sale of fixed assets 3,020,000 12,957,000
Proceeds from sale of investments in common stock, related party 2,219,000
Investment in notes receivable, related party (11,120,000)
Principal payments on loans receivable 1,182,000
Payments from notes receivable, related party 2,635,000
Other (6,000) (109,000)
Net cash (used in) provided by investing activities from continuing operations (70,189,000) 6,986,000
Net cash used in investing activities from discontinued operations (3,799,000)
Net cash (used in) provided by investing activities (70,189,000) 3,187,000
Cash flows from financing activities:    
Gross proceeds from sales of Class A common stock 124,998,000 14,598,000
Financing cost in connection with sales of Class A common stock (3,900,000) (513,000)
Proceeds from sales of Series B preferred stock 32,414,000
Proceeds from sales of Series C preferred stock and warrants, related party 8,500,000
Proceeds from sales of Series G and Series H preferred stock and warrants, related party 4,960,000
Proceeds from subsidiaries’ sale of stock to non-controlling interests 1,898,000
Distribution to Circle 8 non-controlling interest (125,000)
Proceeds from notes payable 51,234,000 60,948,000
Payments on notes payable (57,272,000) (60,172,000)
Payments on convertible notes payable, related party (243,000)
Proceeds from notes payable, related party 1,522,000
Payments on notes payable, related party (1,864,000)
Payments of preferred dividends (8,550,000) (5,277,000)
Proceeds from sales of convertible notes 17,243,000 6,700,000
Payments on convertible notes (6,212,000) (1,280,000)
Net cash provided by financing activities from continuing operations 156,312,000 23,295,000
Net cash provided by financing activities from discontinued operations 2,552,000
Net cash provided by financing activities 156,312,000 25,847,000
Effect of exchange rate changes on cash and cash equivalents from continuing operations 597,000 30,000
Net increase in cash and cash equivalents and restricted cash 24,204,000 9,653,000
Cash and cash equivalents and restricted cash at beginning of period - continuing operations 25,022,000 11,068,000
Cash and cash equivalents and restricted cash at beginning of period - discontinued operations (4,301,000)
Cash and cash equivalents and restricted cash at beginning of period 25,022,000 15,369,000
Cash and cash equivalents and restricted cash at end of period 49,226,000 25,022,000
Less cash and cash equivalents and restricted cash of discontinued operations at end of period
Cash and cash equivalents and restricted cash of continued operations at end of period 49,226,000 25,022,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest - continuing operations 2,699,000 10,721,000
Cash paid during the period for interest - discontinued operations
Non-cash investing and financing activities:    
Settlement of accounts payable with crypto assets 30,000 39,000
Settlement of interest payable with crypto assets 142,000
Settlement of note payable with crypto assets 506,000
Offset of fees receivable against note payable 2,200,000
Conversion of convertible notes payable into shares of Class A common stock 21,959,000 4,780,000
Conversion of Series B preferred stock into shares of Class A common stock 50,000
Conversion of debt and equity securities to marketable securities 4,996,000
Exchange of related party advances for investment in other equity securities, related party 2,000,000
Recognition of new operating lease right-of-use assets and lease liabilities $ 2,254,000 $ 2,080,000
Notes payable exchanged for convertible notes payable 9,103,000
Dividend of ROI investment in White River to ROI shareholders $ 19,210,000
Redeemable non-controlling interests in equity of subsidiaries paid with cash and marketable securities held in trust account 2,225,000
Paid-in-kind dividends settled through issuance of Series B preferred stock 92,000
Dividend paid in TurnOnGreen common stock in additional paid-in capital 4,900,000
Accrued ROI commitment shares payable to non-controlling interests 2,600,000
Settlement of subsidiary financing obligation with non-controlling interests 2,600,000
Conversion of loan receivable into equity investment $ 3,307,000
Accrued interest added to note payable 626,000
Issuance of Series D preferred stock in satisfaction of notes payable $ 3,450,000
Conversion of notes receivable, related party into equity in connection with the acquisition of Gresham $ 28,753,000