v3.25.4

Fair Value Measurements | 12 Months Ended
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Dec. 31, 2025
Fair Value Measurements [Abstract] |
Fair Value Measurements |
17. | Fair Value Measurements
The following table summarizes the assets and liabilities measured at fair value on a recurring basis:
|  | Level 1 |  |  | Level 1 |  |  | Level 3 |
|  | Digital Assets |  |  | Warrant Liability |  |  | Derivative Liability |
December 31, 2024 |  | $ | - |  |  | $ | 40,391,302 |  |  | $ | 184,699,998 |
Purchase of digital assets |  |  | 19,100,000 |  |  |  | - |  |  |  | - |
Change in fair value |  |  | (649,638 | ) |  |  | (24,781,975 | ) |  |  | (9,700,000 | )
Settlement of derivative liability |  |  | - |  |  |  | - |  |  |  | (174,999,998 | )
December 31, 2025 |  | $ | 18,450,362 |  |  | $ | 15,609,327 |  |  | $ | - |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Level 3 |
|  | Warrant Liability |  |  | Marketable Securities |  |  | Derivative Liability |  |  | Contingent Consideration |
December 31, 2023 |  | $ | 7,696,605 |  |  | $ | 1,135,200 |  |  | $ | - |  |  | $ | 1,569,360 |
Settlement by issuance of shares |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,404,753 | )
Reclassification to equity |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,334,516 | )
Reclassification to accounts payable and accrued liabilities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (184,448 | )
Sales and maturities of marketable securities |  |  | - |  |  |  | (1,135,200 | ) |  |  | - |  |  |  | - |
Recognition of a derivative asset |  |  | - |  |  |  | - |  |  |  | (9,200,000 | ) |  |  | - |
Change in fair value |  |  | 32,694,697 |  |  |  | - |  |  |  | 193,899,998 |  |  |  | 1,354,357 |
December 31, 2024 |  | $ | 40,391,302 |  |  | $ | - |  |  | $ | 184,699,998 |  |  | $ | - |
Digital assets Digital assets arose from our Bitcoin investment. Change in fair value of digital assets reflect gains or losses arising from the remeasurement of our bitcoin investment based on an exchanged quoted price. Refer to Note 5. Warrant liability Warrant liability consists of warrants issued by the Company in public offerings, private placements, and forward purchase contracts. As of December 31, 2025 and 2024, the number of warrants outstanding was 8,046,045 and 8,046,076, respectively, with a weighted-average exercise price of $11.50. The warrants are exercisable and will expire on September 16, 2027, or earlier upon redemption or liquidation. All warrants are publicly traded. Derivative liability The derivative liability relates to the net new shares from the Tether transaction. Refer to Note 12. As of the settlement date on February 7, 2025, the fair value of the derivative was $174,999,998, determined as the difference between the value of the net new shares based on the settlement date share price of $12.75 and the forward price of $7.50. In December 2024, the derivative has been valued using the Monte Carlo simulation methodology that included simulating the stock price using a risk-neutral Geometric Brownian Motion-based pricing model. The key inputs used in the model include:
Valuation Date |  | December 20, 2024 |  |  | December 31, 2024 |
Number of shares |  |  | 33,333,333 |  |  |  | 33,333,333 |
Expected term (months) |  |  | 1.25 |  |  |  | 1.00 |
Risk-free interest rate |  |  | 4.36 | % |  |  | 4.35 | %
Expected volatility |  |  | 104 | % |  |  | 238 | %
Contingent consideration The contingent consideration liability arose in May 2023 from the Callin acquisition. The increase in fair value during the year is attributable to changes in the Company’s stock price and the increased probability of each contingency being met. On May 15, 2024, the contingent consideration liability was derecognized. One of the contingent payments was settled through the issuance of shares and the remaining contingent payment was reclassified to equity and accounts payable.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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