Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 103,783 $ 112,974
Accounts receivable, net of allowance for credit losses of $113 and $166 as of September 30, 2025 and December 31, 2024, respectively 350 276
Digital currencies 127 103
Prepaid expenses and other current assets 583 406
Total current assets 104,843 113,759
Non-current assets:    
Property and equipment, net 13 24
Right-of-use asset, net 626 840
Other assets 158 158
Total non-current assets 797 1,022
Total assets 105,640 114,781
Current liabilities:    
Accounts payable 3,177 3,754
Accrued expenses 152 148
Deferred revenue 1,290 1,034
Lease liability 335 313
PhunCoin subscription payable 1,202 1,202
Total current liabilities 6,156 6,451
Deferred revenue 793 528
Lease liability 366 619
Total noncurrent liabilities 1,159 1,147
Total liabilities 7,315 7,598
Commitments and contingencies (see Note 7)
Stockholders' equity (deficit)    
Common stock, $0.0001 par value, 1,000,000,000 shares authorized; 20,197,456 shares issued and 20,187,326 shares outstanding as of September 30, 2025 and 20,166,665 shares issued and 20,156,535 shares outstanding as of December 31, 2024 2 2
Treasury stock (502) (502)
Additional paid-in capital 421,421 421,003
Accumulated deficit (322,596) (313,320)
Total stockholders' equity 98,325 107,183
Total liabilities and stockholders' equity $ 105,640 $ 114,781