XML 14 R6.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net Income (Loss) $ (34,899,390) $ (65,575,171)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization expense 430,756 207,900
(Gain) loss on digital assets - rewards treasury (1,961,803) (2,639,860)
(Gain) loss on digital assets - investment treasury (31,203,938) 377,039
Loss on customer rewards liability 1,477,444 2,344,103
Change in fair value of convertible note 14,470,683 0
Convertible note issuance costs and fees 9,569,109 0
Loss on extinguishment of debt 9,612,199 0
Amortization of debt issuance costs 122,902 0
Amortization of debt discount and premium 768,225 0
Change in fair value of SAFEs 6,503,113 59,042,901
Share-based compensation expense 8,470,932 0
Increase (decrease) in cash resulting from changes in:    
Accounts receivable, net 161,515 8,710
Inventories (103,236) (49,789)
Prepaid expenses and other current assets 581,100 (3,313)
Accounts payable (104,846) 1,602,479
Accrued expenses and other current liabilities 2,413,679 49,508
Customer reward liability 1,826,398 1,323,384
Deferred revenue (52,470) (81,116)
Other non-current liabilities 491,397 0
Net cash used in operating activities (11,426,231) (3,393,225)
Cash flows from investing activities    
Purchases of digital assets (3,138,623) (1,306,064)
Proceeds from sales of digital assets 0 104,868
Payments for capitalized software development costs (619,446) (510,051)
Net cash used in investing activities (3,758,069) (1,711,247)
Cash flows from financing activities    
Proceeds from recapitalization 804,600 0
Payments of deferred IPO costs (652,013) 0
Proceeds received from SAFE financings 0 8,000,000
Payment of debt issuance costs (113,320) 0
Proceeds from issuance of common stock 3,478,137 0
Net cash provided by financing activities 3,517,404 8,000,000
Net (decrease) increase in cash and cash equivalents (11,666,896) 2,895,528
Cash and cash equivalents, beginning of period 18,330,359 1,491,544
Cash and cash equivalents, end of period 6,663,463 4,387,072
Non-cash investing and financing activities    
Proceeds from SAFE financings received in digital assets 0 64,106,134
Non-cash payment of interest with common stock 1,246,667 0
Distributions of digital assets to fulfill customer reward redemptions 2,577,906 2,628,920
Distributions of digital assets to satisfy other current obligations 184,983 55,404
Recapitalization 173,019,904 0
Proceeds from convertible debt received in digital assets - related party 43,965,525 0
Change in fair value of Series C Warrants included in loss on extinguishment 498,771 0
Non-cash amortization of deferred issuance costs 43,806  
Distributions of digital assets for prepaid interest - related party $ 2,313,975 $ 0