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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Mar. 31, 2025
Accounting Policies [Abstract] |
Schedule of Earnings Per Share Basic and Diluted | Provided below is the income per share calculation for the three and six months ended March 31, 2025 and 2024:
|  | For the Three Months Ended March 31, |  |  | For the Six Months Ended March 31, |
($ in thousands, except share and per share amounts) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Numerator |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income attributable to common shareholders - Basic |  | $ | (138,792 | ) |  | $ | 123,893 |  |  | $ | 102,858 |  |  | $ | 149,223 |
Non-cash interest expense on convertible notes |  |  | — |  |  |  | — |  |  |  | 818 |  |  |  | — |
Net (loss) income attributable to common shareholders - Dilutive |  |  | (138,792 | ) |  |  | 123,893 |  |  |  | 103,676 |  |  |  | 149,223 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding - Basic |  |  | 280,853,882 |  |  |  | 209,287,089 |  |  |  | 282,722,198 |  |  |  | 193,964,904 |
Dilutive impact of stock options and other share-based awards |  |  | — |  |  |  | 2,811,979 |  |  |  | 511,028 |  |  |  | 2,938,690 |
Dilutive impact of convertible notes |  |  | — |  |  |  | — |  |  |  | 25,103,310 |  |  |  | — |
Weighted-average common shares outstanding - Dilutive |  |  | 280,853,882 |  |  |  | 212,099,068 |  |  |  | 308,336,536 |  |  |  | 196,903,594 |
(Loss) income per common share attributable to common shareholders |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.49 | ) |  | $ | 0.59 |  |  | $ | 0.36 |  |  | $ | 0.77 |
Diluted |  | $ | (0.49 | ) |  | $ | 0.58 |  |  | $ | 0.34 |  |  | $ | 0.76 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The un-weighted securities excluded from the computation of diluted earning per share because to so would have been anti-dilutive are as follows:
|  | For the Three Months Ended March 31, |  |  | For the Six Months Ended March 31, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
2030 Convertible Note |  |  | 43,930,770 |  |  |  | - |  |  |  | - |  |  |  | - |
Series A preferred stock conversion |  |  | 5,250,000 |  |  |  | 5,250,000 |  |  |  | 5,250,000 |  |  |  | 5,250,000 |
Anti-dilutive stock options |  |  | 2,403,954 |  |  |  | 1,035,179 |  |  |  | 1,805,151 |  |  |  | 1,035,179 |
Anti-dilutive restricted stock awards |  |  | 1,780,149 |  |  |  | - |  |  |  | - |  |  |  | - |
Anti-dilutive warrants |  |  | 1,604,559 |  |  |  | - |  |  |  | 1,596,999 |  |  |  | - |
Total anti-dilutive securities |  |  | 54,969,432 |  |  |  | 6,285,179 |  |  |  | 8,652,150 |  |  |  | 6,285,179 |
Schedule of Financial Instruments | The following table presents the Company’s financial instruments that are measured and recorded at fair value on the Company’s balance sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2025 and September 30, 2024:
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
($ in thousands) |  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents(1) |  | $ | 96,410 |  |  | $ | 96,410 |  |  | $ | — |  |  | $ | — |
Bitcoin |  |  | 979,635 |  |  |  | 979,635 |  |  |  | — |  |  |  | — |
ILAL derivative asset |  |  | 71 |  |  |  | — |  |  |  | — |  |  |  | 71 |
Investment in debt security |  |  | 3,896 |  |  |  | — |  |  |  | — |  |  |  | 3,896 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap derivative |  |  | 23 |  |  |  | — |  |  |  | 23 |  |  |  | — |
Warrant liabilities |  |  | 128 |  |  |  | — |  |  |  | 128 |  |  |  | — |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
($ in thousands) |  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents(1) |  | $ | 120,638 |  |  | $ | 120,638 |  |  | $ | — |  |  | $ | — |
Receivable from bitcoin collateral(2) |  |  | 77,827 |  |  |  | — |  |  |  | 77,827 |  |  |  | — |
Bitcoin |  |  | 431,661 |  |  |  | 431,661 |  |  |  | — |  |  |  | — |
ILAL derivative asset |  |  | 1,832 |  |  |  | — |  |  |  | — |  |  |  | 1,832 |
Investment in debt security |  |  | 918 |  |  |  | — |  |  |  | — |  |  |  | 918 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap derivative |  |  | 100 |  |  |  | — |  |  |  | 100 |  |  |  | — |
(1) Represents money market funds. (2) See Note 9 - Loans for more information.

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