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v3.25.2

Convertible notes | 6 Months Ended
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Jun. 30, 2025
Convertible notes |
Convertible Notes | Note 10. Convertible notes Conversion of convertible notes in connection with the Business Combination Convertible notes payable is comprised of the following as of December 31, 2024:
Borrower No. |  |  | Amount |  |  | Interest Rate |  |  | Conversion Cap |  |  | Closing Date |  | Maturity Date |  | December 31, 2024 |
| 1 |  |  | $ | 250,000 |  |  |  | 0.44 | % |  | $ | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  | $ | 250,000 |
| 2 |  |  |  | 62,500 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 62,500 |
| 3 |  |  |  | 62,500 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 62,500 |
| 4 |  |  |  | 35,000 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 35,000 |
| 5 |  |  |  | 90,000 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 90,000 |
| 6 |  |  |  | 50,000 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 50,000 |
| 7 |  |  |  | 50,000 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 50,000 |
| 8 |  |  |  | 10,000 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 10,000 |
| 9 |  |  |  | 50,000 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 50,000 |
| 10 |  |  |  | 30,000 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 30,000 |
| 11 |  |  |  | 100,000 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 100,000 |
| 12 |  |  |  | 50,000 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 50,000 |
| 13 |  |  |  | 20,000 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 20,000 |
| 14 |  |  |  | 20,000 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 20,000 |
| 15 |  |  |  | 20,000 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 3/3/2022 |  | 3/3/2027 |  |  | 20,000 |
| 16 |  |  |  | 18,176 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 18,176 |
| 17 |  |  |  | 53,015 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 53,015 |
| 18 |  |  |  | 53,015 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 53,015 |
| 19 |  |  |  | 27,265 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 27,265 |
| 20 |  |  |  | 98,529 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 98,529 |
| 21 |  |  |  | 50,000 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 4/7/2022 |  | 4/7/2027 |  |  | 50,000 |
| 22 |  |  |  | 200,000 |  |  |  | 0.44 | % |  |  | 5,000,000 |  |  | 12/6/2023 |  | 12/6/2028 |  |  | 200,000 |
| 23 |  |  |  | 50,000 |  |  |  | 0.44 | % |  |  | 5,000,000 |  |  | 3/15/2024 |  | 3/15/2029 |  |  | 50,000 |
| 24 |  |  |  | 50,000 |  |  |  | 0.44 | % |  |  | 5,000,000 |  |  | 3/15/2024 |  | 3/15/2029 |  |  | 50,000 |
| 25 |  |  |  | 87,500 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 87,500 |
| 26 |  |  |  | 62,500 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 62,500 |
| 27 |  |  |  | 100,000 |  |  |  | 0.44 | % |  |  | 3,000,000 |  |  | 2/7/2022 |  | 2/7/2027 |  |  | 100,000 |
Totals |  |  | $ | 1,750,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,750,000 |
Upon the closing of the business combination, the above notes $1,750,000 and accrued interest payable $19,072 were converted to 4,433,122 Class B Common Shares. 2025 Convertible Notes On May 30, 2025, the Company entered into a Securities Purchase Agreement for up to an aggregate of $500 million in newly issued Notes. The Purchase Agreement provided for an initial closing of $11 million of Notes. The Company has agreed, subject to certain exceptions contained in the Purchase Agreement, to use 80% of the net proceeds from the notes to purchase certain cryptocurrency as set forth in the Purchase Agreement. The Notes are convertible into Class B common stock of the Company at the option of the holder at an initial conversion price equal to 200% of the closing price of the Common Stock on the trading day immediately prior to the closing date, subject to adjustment as provided for in the Notes. Interest is payable under the Notes at a rate of 7% per annum and is payable, quarterly, at the option of the Company in cash, through the issuance of additional Notes or, under certain situations, through the issuance of shares of Class B common stock. The Notes rank senior to all outstanding and future indebtedness of the Company and its subsidiaries (subject to certain exceptions contained in the notes) and will be secured by a first priority perfected security interest in all of the existing and future assets of the Company and its direct and indirect subsidiaries, including all of the capital stock of each of the subsidiaries and the cryptocurrency purchased with the proceeds of the Notes. The Notes are due on the two-year anniversary of the date of issuance unless earlier converted or repaid. Description of Notes:
Issue Date | June 6, 2025
Face Value | $11,000,000
Maturity | June 6, 2027
Coupon | 7.0% per annum, quarterly, PIK-eligible
Conversion Price | Initially $7.36 subject to adjustments
Floor Price | $0.74 per share
Redemption | 120% upon Issuer’s Call, 0% on Maturity
Use of Proceeds | 80% for SOL investment; 20% for operations
The Company elected the fair value option for the Notes. The fair value of the Notes are remeasured at each balance sheet date and any changes are recorded in the consolidated statements of operations. For the three and six months ended June 30, 2025, the Company recorded a change in the fair value of the Notes in the amount of a loss of $260,630. For the three and six months ended June 30, 2025, interest expense related to the Notes is 50,630.

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