XML 19 R8.htm IDEA: XBRL DOCUMENT v3.25.1
Digital Assets
 3 Months Ended
Mar. 31, 2025
Digital Assets [Abstract]  
DIGITAL ASSETS

NOTE 2 - DIGITAL ASSETS

 

The following table summarizes the digital currency transactions of Bitcoin for:

 

   As of
March 31,
2025		   As of
December 31,
2024		 
ASC 2023-08 fair value adjustment  $
-
   $739,000 
Digital assets beginning balance   1,016,000    2,097,000 
Revenue recognized from mined digital assets   1,545,000    20,539,000 
Cost of digital assets sold for cash   (1,647,000)   (20,260,000)
Cost of digital assets transferred for noncash expenditures   
-
    (3,665,000)
Fair value gain on digital assets   (127,000)   1,566,000 
Digital assets ending balance  $787,000   $1,016,000 

 

For the three months ended March 31, 2025 and 2024, the Company used digital assets with a value of $0 and $1,750,000, respectively, for the payment of principal and interest for its notes payable.

 

The following table presents the Company’s Bitcoin holdings as of:

 

   March 31,
2025		   December 31,
2024		 
Number of Bitcoin held   9.53    10.93 
Carrying basis - per Bitcoin  $90,258   $61,532 
Fair value - per Bitcoin  $82,534   $92,987 
Carrying basis of Bitcoin  $860,592   $672,259 
Fair value of Bitcoin  $787,000   $1,016,000 

The carrying basis (or cost basis) represents the valuation of Bitcoin at the time the Company earns the Bitcoin through mining activities.

 

The Company’s Bitcoin holdings are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements. As of March 31, 2025 and December 31, 2024, the Company held no other crypto currency.

 

As of March 31, 2025 and December 31, 2024, the Company held 100% of its Bitcoin in cold storage and nil in hot wallets, respectively.