Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 100,587 $ 112,974
Accounts receivable, net of allowance for credit losses of $113 and $166 as of December 31, 2025 and December 31, 2024, respectively 300 276
Digital currencies 96 103
Prepaid expenses and other current assets 19,164 406
Total current assets 120,147 113,759
Non-current assets:    
Property and equipment, net 11 24
Right-of-use asset, net 552 840
Other assets 158 158
Total non-current assets 721 1,022
Total assets 120,868 114,781
Current liabilities:    
Accounts payable 1,070 3,754
Accrued expenses 19,905 148
Deferred revenue 1,386 1,034
Lease liability 342 313
PhunCoin subscription payable 1,202 1,202
Total current liabilities 23,905 6,451
Deferred revenue 369 528
Lease liability 277 619
Total noncurrent liabilities 646 1,147
Total liabilities 24,551 7,598
Commitments and contingencies (See Note 7)
Stockholders' equity    
Common stock, $0.0001 par value, 1,000,000,000 shares authorized; 20,198,290 shares issued and 20,188,160 shares outstanding as of December 31, 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 421,538 421,003
Accumulated deficit (324,721) (313,320)
Total stockholders' equity 96,317 107,183
Total liabilities and stockholders' equity $ 120,868 $ 114,781