v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:      
Net (loss) income $ (176,952,806) $ 66,140,805 $ 139,760,782
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Depreciation 21,050,529 9,654,039 2,964,283
Inventories provision and write-off 62,311,983 36,708,352
Impairment of property and equipment 42,570,833 16,297,933
Provision for expected credit losses 1,649,653
Write-down of prepaid expenses 3,968,211
Change in fair value of cryptocurrencies 23,355,675 8,446,437 (312,722)
Cryptocurrencies mined (48,801,605) (103,868,145) (37,003,196)
Loss from disposal of property and equipment 818,395 1,886,990 290,619
Share-based compensation 555,045
Employee compensation settled by cryptocurrencies 1,172,391 969,477 10,264,540
Expenses settled by cryptocurrencies 4,377,234 7,329,446 3,418,735
Cryptocurrencies paid to mining pool participants 5,803,256 58,269,299 23,765,150
Cryptocurrencies received from mining machine revenue (13,920,228) (183,749,800) (198,127,459)
Cryptocurrencies received from hosting revenue (3,286,206) (5,643,613) (18,592)
Realized loss on future contracts 560,492 726,746
Rewards earned from crypto short-term investments (right to receive cryptocurrencies) (438,266) (3,653,722)
Non-cash operating leases expense 204,387 12,334 1,362
Deferred income tax expense (recovery) 2,112,353 (2,112,353) (278,065)
Expense of deferred issuance costs 594,473 337,829
Changes in operating assets and liabilities      
Accounts receivable 2,807,030 (2,807,030)
Inventories (74,133,471) (120,843,518) (3,534,937)
Prepaid expenses and other assets (585,280) (2,697,474) (7,545,062)
Other receivables 2,938,361 (7,502,635) (1,043,291)
Accounts payable and accrued liabilities (4,086,929) 5,220,760 3,473,662
Contract liabilities (87,222) (298,688) 353,636
Taxes payable (17,758,521) 16,368,853 34,072,676
Other payables (82,514) (400,342) 681,679
Operating lease liabilities (225,606)
Due to related party 13,418
Net cash used in operating activities (166,896,438) (199,337,316) (31,285,401)
Cash Flows from Investing Activities:      
Proceeds from disposal of property and equipment 218,848
Purchase of property and equipment (4,186,198) (12,968,470) (6,685,461)
Proceeds received from sale of cryptocurrencies 59,515,915 280,951,961 84,426,550
Net cash provided by investing activities 55,548,565 267,983,491 77,741,089
Cash Flows from Financing Activities:      
Advance from (Repayments to) related parties (110,721) 141,099
Increase in deferred issuance costs (427,965) (502,683)
Dividend paid (4,051,000)
Proceeds from initial public offering, net of issuance cost 26,878,358
Proceeds from share issuance 2,500
Net cash provided by (used in) financing activities 22,829,858 (538,686) (361,584)
Effect of foreign exchange rate changes 1,024
Net (decrease) increase in cash and cash equivalents (88,518,015) 68,107,489 46,095,128
Cash and cash equivalents, beginning of year 114,804,348 46,696,859 601,731
Cash and cash equivalents, end of year 26,286,333 114,804,348 46,696,859
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:      
Income taxes paid 18,130,952 381,808 17,488
Cryptocurrencies invested in short-term investments and future contracts 50,811,461 331,569,220
Accounts payable and accrued liabilities settled cryptocurrencies 1,802,802 292,684
Redemption of cryptocurrency short-term investments and future contracts 66,882,828 319,029,349
Cryptocurrencies used for payments of due to related parties 433,833 150,714
Cryptocurrencies used to pay dividends 949,000 5,000,000
Cryptocurrencies received from loan lent to related parties 101,336
Cryptocurrencies lent to third party 5,000,000
Cryptocurrencies received from repayment of cryptocurrency loan to third party 5,197,014
Deferred offering costs recognized against the proceeds from the offering 795,797
Property and equipment transferred from inventory 16,045,768 75,178,970
Right-of-use assets acquired in exchange for operating lease liabilities $ 347,587 $ 382,990