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Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues, net $ 7,398,939 $ 5,241,889 $ 22,662,702 $ 15,311,724
Operating expenses        
Banking and payment costs 6,519,736 5,014,699 20,961,281 14,459,183
Custody and trading costs 244,954 94,791 433,550 144,577
Compensation and benefits 3,728,954 734,193 13,863,551 2,340,838
Marketing expenses 237,625 138,765 1,258,346 219,567
Professional fees 1,294,394 3,171,141 4,353,244 3,446,671
Amortization expense 232,853 88,155 430,761 207,900
(Gain) loss on customer rewards liability 506,796 (74,091) 1,477,444 2,344,103
(Gain) loss on digital assets - rewards treasury (637,712) (98,715) (1,961,803) (2,639,860)
Other selling, general and administrative expenses 1,211,657 342,110 3,612,533 1,001,612
Total operating expenses 13,339,257 9,411,048 44,428,907 21,524,591
Operating loss (5,940,318) (4,169,159) (21,766,205) (6,212,867)
Gain (loss) on digital assets - investment treasury 10,238,866 729,041 31,203,938 (377,039)
Change in fair value of SAFEs 0 (58,910,897) (6,503,113) (59,042,901)
Change in fair value of convertible note (2,626,932) 0 (14,470,683) 0
Convertible note issuance costs and fees 0 0 (9,569,109) 0
Loss on extinguishment of debt 0 0 (9,612,199) 0
Interest expense (1,179,216) 0 (4,425,703) 0
Other income 60,961 47,036 247,662 72,203
Other income (expense), net 6,493,679 (58,134,820) (13,129,207) (59,347,737)
Net income (loss) before income taxes 553,361 (62,303,979) (34,895,412) (65,560,604)
Income tax expense (benefit) (881) 6,699 3,978 14,567
Net income (loss) 554,242 (62,310,678) (34,899,390) (65,575,171)
Net income (loss) attributable to common stockholders:        
Basic 554,242 (62,310,678) (34,899,390) (65,575,171)
Diluted $ 554,242 $ (62,310,678) $ (34,899,390) $ (65,575,171)
Net income (loss) per share attributable to common stockholders:        
Basic $ 0.01 $ (10.68) $ (0.88) $ (11.23)
Diluted $ 0.01 $ (10.68) $ (0.88) $ (11.23)
Weighted-average shares used to compute net income (loss) per share:        
Basic 46,911,561 5,836,882 39,781,781 5,836,882
Diluted 46,915,361 5,836,882 39,781,781 5,836,882