Quarterly report [Sections 13 or 15(d)]

SEGMENT REPORTING (Tables)

v3.26.1
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SCHEDULE OF NET SALES BY MAJOR PRODUCT CATEGORY

The following tables set forth net revenue, cost of sales, and gross profit (loss) by reportable segment for the three and six months ended June 30, 2026 and 2025:

 

in thousands   Wholesale and Distribution     Digital Asset     Total     Wholesale and Distribution     Digital Asset     Total  
    Three Months Ended June 30, 2026     Three Months Ended June 30, 2025  
in thousands   Wholesale and Distribution     Digital Asset     Total     Wholesale and Distribution     Digital Asset     Total  
Net revenue   $ 82     $ —     $ 82     $ 788     $ —     $ 788  
Cost of sales     50       —       50       786       —       786  
Gross profit (loss)     32       —       32       2       —       2  
                                                 
Staking and yield revenue, net    

—

      

309

      

309

      

—

      

—

      

—

  

 

in thousands   Wholesale and Distribution     Digital Asset     Total     Wholesale and Distribution     Digital Asset     Total  
    Six Months Ended June 30, 2026     Six Months Ended June 30, 2025  
in thousands   Wholesale and Distribution     Digital Asset     Total     Wholesale and Distribution     Digital Asset     Total  
Net revenue   $ 109     $ —     $ 109     $ 2,257     $ —     $ 2,257  
Cost of sales     282       —       282       1,534       —       1,534  
Gross profit (loss)     (173 )     —       (173 )     723       —       723  
                                                 
Staking and yield revenue, net    

—

      

729

      

729

      

—

      

—

      

—

  

SCHEDULE OF DETAILED INFORMATION ABOUT REPORTABLE SEGMENT

The following tables set forth operating expenses by reportable segment for the three and six months ended June 30, 2026 and 2025.

 

SCHEDULE OF DETAILED INFORMATION ABOUT REPORTABLE SEGMENT

(in thousands)  

Wholesale and

Distribution

     Digital Asset     Total     Wholesale and
Distribution		     Digital Asset     Total  
    Three Months Ended June 30, 2026     Three Months Ended June 30, 2025  
(in thousands)   Wholesale and Distribution     Digital Asset     Total     Wholesale and Distribution     Digital Asset     Total  
Operating expenses                                                
Salaries, benefits and payroll taxes   $ 295     $ 443     $ 738     $ 1,119     $ —     $ 1,119  
Stock-based compensation – strategic advisory warrants     —       236       236       —       —       —  
General and administrative     1,412       1,113       2,525       1,938       —       1,938  
Depreciation and amortization     126       —       126       201       —       201  
Total operating expenses   $ 1,833     $ 1,792     $ 3,625     $ 3,258     $ —     $ 3,258  

 

(in thousands)  

Wholesale and

Distribution

     Digital Asset     Total     Wholesale and
Distribution		     Digital Asset     Total  
    Six Months Ended June 30, 2026     Six Months Ended June 30, 2025  
(in thousands)   Wholesale and Distribution     Digital Asset     Total     Wholesale and Distribution     Digital Asset     Total  
Operating expenses                                                
Salaries, benefits and payroll taxes   $ 1,350     $ 822     $ 2,172     $ 2,386     $ —     $ 2,386  
Stock-based compensation – strategic advisory warrants     —       476       476       —       —       —  
General and administrative     2,770       3,741       6,511       4,762       —       4,762  
Depreciation and amortization     253       —       253       307       —       307  
Total operating expenses   $ 4,373     $ 5,039     $ 9,412     $ 7,455     $ —     $ 7,455  
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 June 30, 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   $ 43     $ 6,022     $ 6,065     $ 1,733     $ 30,780     $ 32,513  
Accounts receivable, net     13       —       13       1,572       —       1,572  
Stablecoin-related protocol instruments     —       8,057       8,057       —       —       —  
Digital assets – BERA & BERA-equivalents     —       16,442       16,442       —       36,555       36,555  
SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREA

The following table sets forth revenues disaggregated by geography:

 

(in thousands)   2026     2025     2026     2025  
    Three Months Ended June 30,     Six Months Ended June 30,  
(in thousands)   2026     2025     2026     2025  
Net revenue                                
United States   $ 82     $ 788     $ 109     $ 2,257  
Canada     —       —       —       —  
Europe     —       —       —       —  
Total net revenue     82       788       109       2,257  
Staking and yield revenue, net                                
United States     309       —       729       —  
Canada     —       —       —       —  
Europe     —       —       —       —  
Total staking and yield revenue, net     309       —       729       —  

 

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)   June 30, 2026     December 31, 2025  
    As of  
(in thousands)   June 30, 2026     December 31, 2025  
United States   $ —     $ 397  
Canada     —       —  
Europe     —       —  
Total long-lived assets   $ —     $ 397  
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)   June 30, 2026     December 31, 2025  
    As of  
(in thousands)   June 30, 2026     December 31, 2025  
United States   $ —     $ 397  
Canada     —       —  
Europe     —       —  
Total long-lived assets   $ —     $ 397