Collateralized Loans & Interest Receivable and Allowance for Credit Losses (Loans) |
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| Collateralized Loans & Interest Receivable and Allowance for Credit Losses (Loans) | Note 4 - Collateralized Loans & Interest Receivable and Allowance for Credit Losses (Loans)
On July 10, 2022, the Company loaned $1,374,691 to an unrelated third party. The loan bore interest at a rate of 4% per annum, due in July 10, 2024, and was secured by 100 Bitcoins, valued at $4,230,078.
On July 10, 2024, the Company collected the outstanding loan principal of $1,374,691, accrued interest of $11,456 and additional one-time processing fees of $16,176. On July 12, 2024, the Company repaid its related note payable in the amount of $1,388,576. On July 15, 2024, the 100 Bitcoins held as collateral were released by the lender and returned to the borrower.
As of December 31, 2025, and 2024, the Company had no outstanding loans receivable, no interest receivable, no digital asset collateral, and no allowance for credit losses. Accordingly, no interest income or provision for credit losses was recognized during the year ended December 31, 2025.
The following table presents the Company’s loan activity and related balances:
The Company generally over collateralizes its loans with digital assets, which allows it to liquidate the pledged collateral for an amount at least equal to the principal owed.
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