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 $ (34,623,504) $ (22,576,017)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 496,722 1,099,277
Non-cash operating lease expense 1,240,290 1,128,953
Non-cash payment of legal fees 247,772 0
Change in fair value of warrant liabilities 0 (100)
Loss (gain) on investment in marketable securities and derivative (170,061) 536,116
(Gain) on transactions denominated in a foreign currency (249,908) (1,168,493)
Change in fair value of short-term investments 1,302,521 0
Change in fair value of digital assets 78,076 0
Depreciation and amortization 1,556,129 1,585,535
Impairment of goodwill 668,818 9,567,000
Impairment of long-lived assets 7,247,732 357,826
CECL reserve 2,601,155 0
Deferred tax benefit (536,663) (425,417)
Changes in operating assets and liabilities:    
Accounts receivable 222,549 (180,489)
Interest receivable (698,121) 82,693
Other receivables (2,400,000) 0
Prepaid expenses and other current assets (35,555) 27,228
Deposit 3,700,000 0
Accounts payable 5,748,496 737,594
Accrued expenses and other current liabilities 5,726,349 429,272
Operating lease liability (1,470,538) (1,522,993)
Deferred revenue (438,107) 552,634
Total Adjustments 24,837,656 12,806,636
Net Cash Used In Operating Activities (9,785,848) (9,769,381)
Cash Flows From Investing Activities    
Investment in unconsolidated affiliate (3,051,300) 0
Investment in digital assets (200,000) 0
Land deposit (1,861,337) (2,223,810)
Proceeds from maturity of short-term investments 134,281,789 127,733,566
Proceeds from early withdrawal of short-term investments 68,066,429 0
Proceeds from repayment of short-term loan 4,500,000 1,340,000
Purchases of short-term investments (232,514,993) (79,612,566)
Payment for investment in marketable securities 0 (5,011,365)
Proceeds from sale of marketable securities 3,056,668 781,025
Loans receivable (10,552,822) (19,062,401)
Purchases of intangible assets 0 (53,020)
Purchases of property and equipment (118,482) (82,951)
Net Cash (Used In) Provided By Investing Activities (38,394,048) 23,808,478
Cash Flows From Financing Activities    
Repurchases of common stock   (422)
Proceeds from issuance of common stock 0 8,599,962
Issuance costs associated with common stock issuance (885) (247,734)
Payment to taxing authority in connection with shares withheld for employee payroll tax (94,513) 0
Return of share subscription proceeds due to cancellation of share purchase agreement (6,600,000) (2,000,000)
Proceeds from loans payable 50,034,319 26,038,919
Repayment of loans payable (42,538,257) (8,461,338)
Net Cash Provided By Financing Activities 800,664 23,929,387
Effect of Exchange Rate Changes on Cash (19,463) (46,265)
Net (Decrease) Increase In Cash and Cash Equivalents (47,398,695) 37,922,219
Cash and cash equivalents - Beginning of Period 59,242,802 21,320,583
Cash and cash equivalents - End of Period 11,844,107 59,242,802
Cash and cash equivalents consisted of the following:    
Cash and cash equivalents 7,046,410 19,235,190
Money market funds 4,797,697 40,007,612
Total cash and cash equivalents and restricted cash 11,844,107 59,242,802
Supplemental Disclosures of Cash Flow Information    
Interest 301,031 68,341
Income taxes 0 0
Non-Cash Investing and Financing Activities:    
Cumulative effect adjustment upon adoption of ASU 2023-08 (89,428) 0
Shares withheld for accrued employee payroll tax liability 0 179,342
ROU asset and lease liability $ 0 $ 85,095

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