Concentration of Credit Risk	3 Months Ended
Mar. 31, 2025
Concentration of Credit Risk
Concentration of Credit Risk	14.Concentration of Credit Risk Credit risk is the risk of loss from amounts owed by the financial counterparties. Credit risk can occur at multiple levels as a result of broad economic conditions, challenges within specific sectors of the economy, or from issues affecting individual companies. Financial instruments that potentially subject the Company to credit risk consist of cash, bitcoins and accounts receivable. The Company maintains cash with major financial institutions. The Company’s cash consists of bank deposits held with banks that, at times, exceed federally insured limits. As of March 31, 2025 and December 31, 2024, the Company held deposits of $6,195 and $5,314, respectively. These deposits are largely uninsured. The Company also invested in U.S. government money market funds in the amount of $3,676 and $3,638 as of March 31, 2025 and December 31, 2024, respectively. The Company held 3,192 bitcoins as of March 31, 2025, valued at $263,504. As of March 31, 2025, two providers accounted for 61.5% and 38.5% of the Company’s total bitcoin holdings. The Company’s bitcoins are held offline in cold storage with third-party providers. The Company limits its credit risk by dealing with counterparties that are considered to be of high credit quality and by performing periodic evaluations of the relative credit standing of these financial institutions. Management periodically monitors the creditworthiness of its customers and believes that it has adequately provided for exposure to potential credit losses. For the three months ended March 31, 2025, two customers (including affiliates) accounted for 41.8% and 31.9% of the Company’s revenues, respectively. For the three months ended March 31, 2024, three customers (including affiliates) accounted for 45.0%, 24.7% and 10.5% of the Company’s revenues, respectively. As of March 31, 2025, two customers accounted for 38.0% and 28.4% of the Company’s accounts receivable, respectively. As of December 31, 2024, three customers accounted for 33.9%, 28.7%, and 14% of the Company’s accounts receivable, respectively. As of March 31, 2025, three vendors accounted for 48.1%, 12.4% and 11.3% of the Company’s accounts payable, respectively. As of December 31, 2024, three vendors accounted for 29.4%, 16.7% and 15.6% of the Company’s accounts payable, respectively.

Concentration of Credit Risk

3 Months Ended

Mar. 31, 2025

14.Concentration of Credit Risk

Credit risk is the risk of loss from amounts owed by the financial counterparties. Credit risk can occur at multiple levels as a result of broad economic conditions, challenges within specific sectors of the economy, or from issues affecting individual companies. Financial instruments that potentially subject the Company to credit risk consist of cash, bitcoins and accounts receivable.

The Company maintains cash with major financial institutions. The Company’s cash consists of bank deposits held with banks that, at times, exceed federally insured limits. As of March 31, 2025 and December 31, 2024, the Company held deposits of $6,195 and $5,314, respectively. These deposits are largely uninsured. The Company also invested in U.S. government money market funds in the amount of $3,676 and $3,638 as of March 31, 2025 and December 31, 2024, respectively. The Company held 3,192 bitcoins as of March 31, 2025, valued at $263,504. As of March 31, 2025, two providers accounted for 61.5% and 38.5% of the Company’s total bitcoin holdings. The Company’s bitcoins are held offline in cold storage with third-party providers. The Company limits its credit risk by dealing with counterparties that are considered to be of high credit quality and by performing periodic evaluations of the relative credit standing of these financial institutions.

Management periodically monitors the creditworthiness of its customers and believes that it has adequately provided for exposure to potential credit losses. For the three months ended March 31, 2025, two customers (including affiliates) accounted for 41.8% and 31.9% of the Company’s revenues, respectively. For the three months ended March 31, 2024, three customers (including affiliates) accounted for 45.0%, 24.7% and 10.5% of the Company’s revenues, respectively. As of March 31, 2025, two customers accounted for 38.0% and 28.4% of the Company’s accounts receivable, respectively. As of December 31, 2024, three customers accounted for 33.9%, 28.7%, and 14% of the Company’s accounts receivable, respectively.

As of March 31, 2025, three vendors accounted for 48.1%, 12.4% and 11.3% of the Company’s accounts payable, respectively. As of December 31, 2024, three vendors accounted for 29.4%, 16.7% and 15.6% of the Company’s accounts payable, respectively.