v3.26.1
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues, net $ 5,592,309 $ 7,087,837
Operating expenses    
Banking and payments costs 4,806,374 6,758,924
Custody and trading costs 598,415 45,785
Compensation and benefits 4,034,267 6,457,940
Marketing expenses 268,108 399,798
Professional fees 1,667,414 1,788,505
Amortization expense 156,079 91,071
(Gain) loss on customer rewards liability (1,507,471) (1,100,857)
(Gain) loss on digital assets - rewards treasury 1,689,455 1,010,586
Other selling, general and administrative expenses 1,709,981 1,136,455
Total operating expenses 13,422,622 16,588,207
Operating loss (7,830,313) (9,500,370)
Gain (loss) on digital assets - investment treasury (28,629,465) (15,617,152)
Change in fair value of SAFEs 0 (6,503,113)
Change in fair value of convertible note 13,200,089 (6,534,143)
Convertible note issuance costs and fees 0 (9,569,109)
Loss on extinguishment of debt (4,005,132) 0
Interest expense (2,273,828) (1,271,638)
Other income 374,214 120,303
Other expense, net (21,334,122) (39,374,852)
Net loss before income taxes (29,164,435) (48,875,222)
Income tax expense (benefit) 3,471 3,978
Net loss $ (29,167,906) $ (48,879,200)
Net loss per share attributable to common stockholders:    
Basic $ (0.59) $ (1.92)
Diluted $ (0.59) $ (1.92)
Weighted-average common shares outstanding:    
Basic 49,656,409 25,436,398
Diluted 49,656,409 25,436,398