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

SEGMENT REPORTING (Tables)

v3.26.1
SEGMENT REPORTING (Tables)
12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SCHEDULE OF NET SALES BY MAJOR PRODUCT CATEGORY

 

(in thousands)   2025     2024  
    For the year ended December 31,  
(in thousands)   2025     2024  
Net revenue   $ 4,142     $ 13,275  
Cost of revenue     16,820       6,993  
Gross profit (loss)   $ (12,678 )   $ 6,282  

 

The following table sets forth information by reportable segment for the years ended December 31, 2025 and 2024 for the digital asset segment.

 

(in thousands)   2025     2024  
    For the year ended December 31,  
(in thousands)   2025     2024  
Net revenue   $ 214     $ -  
Cost of revenue     -       -  
Gross profit (loss)   $ 214     $ -  

SCHEDULE OF DETAILED INFORMATION ABOUT REPORTABLE SEGMENT

The following table sets forth information by reportable segment for the years ended December 31, 2025.

 

(in thousands)   Wholesale and Distribution     Digital Asset     Total  
Operating expenses                        
Salaries, benefits and payroll taxes   $ 9,506     $ 441     $ 9,947  

Stock based compensation – strategic advisory warrants

    18,553             18,553  
General and administrative     9,112       1,534       10,646  
Restructuring expenses     1,492             1,492  
Impairment     650             650  
Depreciation     493             493  
Total operating expenses   $ 39,806     $ 1,974     $ 41,781  
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT

The following table sets forth specific asset categories which are reviewed by our CODM in the evaluation of operating segments:

 

(in thousands)   2025     2024  
    For the year ended December 31,  
(in thousands)   2025     2024  
Accounts receivable, net   $ 1,572     $ 4,262  
Inventories   $ -     $ 14,215  
Vendor deposits   $ -     $ 3,091  
SCHEDULE OF NET SALES DISAGGREGATED BY GEOGRAPHY

The following table sets forth net sales disaggregated by geography:

 

(in thousands)   2025     2024  
    For the year ended December 31,  
(in thousands)   2025     2024  
United States   $ 4,351     $ 10,900  
Canada     4       157  
Europe     -       2,218  
Total net sales   $ 4,355     $ 13,275  
SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREA

The following table sets forth our long-lived assets by geographic area, which consist of property and equipment, net, and operating lease right-of-use assets:

 

(in thousands)   2025     2024  
    As of December 31,  
(in thousands)   2025     2024  
United States   $ 397     $ 2,459  
Canada     -       4  
Europe     -       -  
Total long-lived assets   $ 397     $ 2,463