Quarterly report [Sections 13 or 15(d)]

SEGMENT REPORTING (Tables)

v3.26.1
SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SCHEDULE OF NET SALES BY MAJOR PRODUCT CATEGORY

The following table sets forth net revenue, cost of revenue, and gross profit by reportable segment for the three months ended March 31, 2026 and 2025:

 

in thousands   Wholesale and Distribution     Digital Asset     Total     Wholesale and Distribution     Digital Asset     Total  
    Three Months Ended March 31, 2026     Three Months Ended March 31, 2025  
in thousands   Wholesale and Distribution     Digital Asset     Total     Wholesale and Distribution     Digital Asset     Total  
Net revenue   $ 27     $ 421     $ 448     $ 1,469       —     $       1,469  
Cost of revenue     231       —       231       748       —            748  
Gross profit   $ (204 )   $ 421     $ 217     $ 721       —     $ 721  
SCHEDULE OF DETAILED INFORMATION ABOUT REPORTABLE SEGMENT

The following table sets forth operating expenses by reportable segment for the three months ended March 31, 2026.

 

(in thousands)  

Wholesale and

Distribution

     Digital Asset     Total     Wholesale and
Distribution		     Digital Asset     Total  
   

Three Months Ended March 31, 2026

     Three Months Ended March 31, 2025  
(in thousands)  

Wholesale and

Distribution

     Digital Asset     Total     Wholesale and
Distribution		     Digital Asset     Total  
Operating expenses                                                
Salaries, benefits and payroll taxes   $ 1,055     $ 379     $ 1,434     $

1,267

     $

—

     $

1,267

  
Strategic advisory warrants     —       240       240       —       —       —  
General and administrative     1,360       2,629       3,989      

2,823

       —      

2,823

  
Depreciation     126       —       126      

106

       —      

106

  
Total operating expenses   $ 2,541     $ 3,248     $ 5,789     $

4,196

     $ —     $ 4,196  
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT

The following table sets forth certain asset categories reviewed by the CODM in evaluating the Company’s reportable segments and liquidity profile:

 

(in thousands)   Wholesale and Distribution     Digital Asset     Total     Wholesale and Distribution     Digital Asset     Total  
    As of March 31, 2026     As of December 31, 2025  
(in thousands)   Wholesale and Distribution     Digital Asset     Total     Wholesale and Distribution     Digital Asset     Total  
Cash equivalents, including qualifying stablecoins     268       13,052       13,320       1,733       30,780       32,513  
Accounts receivable, net     883       -       883       1,572       -       1,572  
Digital asset loan receivable     -       235       235       -       -       -  
Stablecoin-related protocol instruments     -       3,999       3,999       -       -       -  
Digital assets – BERA & BERA-equivalents     -       34,232       34,232       -       36,555       36,555  

SCHEDULE OF NET SALES DISAGGREGATED BY GEOGRAPHY

The following table sets forth net revenue disaggregated by geography:

 

(in thousands)   2026     2025  
    Three Months Ended March 31,  
(in thousands)   2026     2025  
United States   $ 448     $ 1,469  
Canada     —       —  
Europe     —       —  
Total net revenue   $ 448     $ 1,469  
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:

 SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREA

(in thousands)   March 31, 2026     December 31, 2025  
    As of  
(in thousands)   March 31, 2026     December 31, 2025  
United States   $ 122     $ 397  
Canada     —       —  
Europe     —       —  
Total long-lived assets   $ 122     $ 397