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Dividends and Capital Distributions | 9 Months Ended
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Sep. 30, 2025
Dividends and Capital Distributions | Note 7 – Dividends and Capital Distributions Dividends Payable On August 1, 2025, the Board approved, and on August 18, 2025 the Company announced, a special dividend of $0.05 per share (the “Bividend”), payable to stockholders of record as of the close of business on September 26, 2025. Holders of the Company’s common stock may elect to receive the Bividend in either cash or Ethereum (ETH), while holders of the Company’s Series V Preferred Stock are entitled to receive the Bividend solely in cash. The total dividend payable as of September 30, 2025 was approximately $3,176,000, which is recorded as dividends payable within stockholders’ equity. The Bividend was subsequently settled in early October 2025 through aggregate cash payments of approximately $2,680,000 and distributions of approximately 123 ETH to stockholders who elected ETH. Convertible Notes Eligible for Capital Distributions – Contingent Liability As of September 30, 2025, the Company had outstanding convertible notes that provide holders the right, upon any subsequent conversion of such notes, to participate in dividends or other distributions on the Company’s common stock declared during the period the notes are outstanding, to the same extent as if the notes had been converted immediately prior to the record date of such distribution. As of September 30, 2025, there were 2,107,757 shares of common stock underlying the outstanding convertible notes that would be entitled to the dividend payments if converted in accordance with the note terms, representing a potential contingent distribution totaling approximately $105,000. Because the obligation to deliver such distributions is contingent upon future conversions, no liability has been recorded as of September 30, 2025, in accordance with ASC 450-20, Contingencies. Loyalty Payment – Contingent Liability In addition, the Board authorized a one-time loyalty payment of $0.35 per share (the “Loyalty Payment”), payable solely in ETH. The Loyalty Payment is available only to holders of common stock of record on September 26, 2025 who (i) completed the required ETH Opt-In and (ii) maintained their shares at the Company’s transfer agent through January 26, 2026. Holders of Series V Preferred Stock are not eligible for the Loyalty Payment. The Loyalty Payment is contingent on stockholder actions through January 26, 2026, and accordingly, no liability has been recorded as of September 30, 2025. For both the Bividend and the Loyalty Payment, the number of ETH units per share is fixed based on the ETH/USD exchange rate on the September 26, 2025 record date. As of September 30, 2025, approximately 3,858,000 common shares had completed the Opt-In process and were held at the transfer agent. If all such shares were to remain eligible through January 26, 2026, the hypothetical maximum Loyalty Payment would be approximately $1,350,000 (shares × $0.35). Using an ETH/USD rate of $4,036 as of the September 26, 2025 record date, this would correspond to approximately 335 ETH. The actual payout, if any, will depend on the final number of qualifying shares and the program’s ETH settlement terms at the time of eligibility.

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- Definition The entire disclosure for distribution of assets, liabilities and stockholders' equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1402 -Paragraph b -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1402 -Paragraph b -Subparagraph (Instruction 4) -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1402 -Paragraph b -Subparagraph (Instruction 1) -Publisher SEC Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1402 -Publisher SEC + Details
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