THUMZUP MEDIA Corp
For the period ended Jun 30, 2025. Filed Aug 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 14, 2025
DTCX$1.05+5.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-15.
0001641172-25-011020
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001493152-25-011978
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 74 previous paragraphs and 116 current paragraphs.
54 unchanged; 12 reworded; 45 added; 8 removed; 0 previous and 5 current paragraphs rearranged.
Tables are not compared: 9 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (45)
Current report
On August 12, 2025, we entered into a Financial Advisory Agreement (the “American Ventures Advisory Agreement”) with American Ventures LLC, Series XVIII DOGE TREAS (the “Advisor”) pursuant to which the Advisor agreed to provide us with certain financial advisory services, including advising us on crypto treasury strategies, on a non-exclusive basis. Pursuant to the American Ventures Advisory Agreement, we agreed to issue the Advisor 750,000 shares (the “American Ventures Advisory Shares”) of common stock, which such shares of common stock are subject to Stockholder Approval (as defined in the American Ventures Advisory Agreement). The American Ventures Advisory Agreement may be terminated by either party upon five days prior written notice to the other party.
Current report
On August 11, 2025, we entered into a placement agency agreement (the “August 2025 Dominari Agreement”) with Dominari Securities LLC (the “Dominari”) pursuant to which we agreed to issue and sell directly to certain investors (the “Investors”), in a best efforts offering (the “August 2025 Offering”), an aggregate of 5,000,000 shares of our common stock.
Current report
The closing of the August 2025 Offering occurred on August 12, 2025. The gross proceeds to us were approximately $50 million, before deducting the placement agent’s fees and expenses and estimated offering expenses payable by us. We currently intend to use the net proceeds received from the August 2025 Offering to explore the accumulation of cryptocurrencies and mining equipment, working capital and general corporate purposes.
Current report
Pursuant to the August 2025 Dominari Agreement, we paid Dominari a cash fee equal to 7% of the aggregate purchase price paid by the Investors in the August 2025 Offering and a cash fee equal to 1% of the aggregate purchase price paid by the Investors in the August 2025 Offering for non-accountable expenses, and reimbursed Dominari for all reasonable and out-of-pocket expenses incurred in connection with its engagement, including reasonable fees and expenses of its legal counsel in the amount of $150,000. Additionally, we issued warrants (the “August 2025 Dominari Warrants”) to Dominari to purchase up to 350,000 shares of common at an exercise price of $10.00 per share. The August 2025 Dominari Warrant will be exercisable 180 days after the issuance date and has a term of exercise equal to five years from the date of issuance.
Current report
Amendment to Bylaws
Current report
To maintain compliance with the laws of the state of Nevada, on July 16, 2025, the Board of Directors approved an amendment (the “Amendment”) to our Amended and Restated Bylaws (the “Bylaws”). Pursuant to the Amendment, Section 2.5 of Article II of the Bylaws was amended to provide that except as limited by our Articles of Incorporation or by law, a director may be removed by the stockholders only at an annual meeting of stockholders or at a special meeting of stockholders called for such purpose and otherwise in conformity with the Bylaws, and only by the affirmative vote of the holders of two-thirds of the voting power of all the shares entitled to vote at such meeting.
Current report
Withdrawal of Designation of Series B Convertible Preferred Stock
Current report
On July 18, 2025, we filed a Withdrawal of Designation (the “Withdrawal of Designation”) with the Secretary of State of the State of Nevada and terminated the designation of our Series B Preferred Convertible Voting Stock, par value $0.001 per share (the “Series B Preferred Stock”). At the time of the filing of the Withdrawal of Designation, there were no shares of Series B Preferred Stock issued and outstanding. The Withdrawal of Designation became effective upon filing and eliminated from the Articles of Incorporation all matters as set forth in the Certificate of Designation of Rights, Powers, Preferences, Privileges and Restrictions of Series B Preferred Convertible Voting Stock.
Current report
Series C Preferred Stock Offering and Related Transactions
Current report
Series C Offering
Current report
On June 30, 2025, as part of a registered direct offering (the “Series C Offering”), we agreed to sell, pursuant to a securities purchase agreement dated June 30, 2025, by and among us and the investors named therein, an aggregate of 108,336 shares of Company’s Series C Convertible Preferred Stock (the “Series C Preferred Stock”), par value $0.001 per share, at a price of $60.00 per share for gross proceeds of $6,499,980. Each share of Series C Preferred Stock converts into 10 shares of common stock. The aggregate net proceeds to us from the Series C Offering were approximately $6.04 million after deducting placement agent fees and offering expenses payable by us.
Current report
In connection with the Series C Offering, on June 30, 2025, we entered into a Placement Agency Agreement (the “June 2025 Dominari Agreement”) with Dominari.
Current report
Pursuant to the June 2025 Dominari Agreement, we paid Dominari a cash fee equal to 6% of the gross cash proceeds received in the Series C Offering and a 1% non-accountable expense allowance. In addition, we issued to Dominari warrants to purchase up to 65,000 shares of common stock, such amount being equal to equal to 6% of the shares of common stock issuable upon conversion of the Series C Preferred Stock sold in the Series C Offering (the “June 2025 Dominari Warrants”). The June 2025 Dominari Warrants may be exercised on or after January 3, 2026, have an exercise price of $6.00 per share, are non-tradeable and expire on July 8, 2030.
Current report
Related Series C Transactions
Current report
In connection with the Series C Offering, Robert Steele, our Chief Executive Officer, agreed to sell 2,500,000 shares of common stock (the “Private Transaction Shares”) in a private transaction to certain accredited investors who were purchasers in the Series C Offering. The purchase price of the Private Transaction Shares was $0.50 per share and Mr. Steele received $1,250,000 in aggregate net proceeds from the sale of the Private Transaction Shares.
Current report
Additionally, pursuant to an Option Assignment Agreement dated June 19, 2025 (the “Option Assignment Agreement”), for $150,000, Hampton Growth Resources, LLC (the “Assignor”) sold an option to purchase 750,000 shares of our common stock at an exercise price of $0.30 per share (the “Option”) to certain accredited investors who participated in the Series C Offering (the “Assignees”). Mr. Andrew Haag, the brother of a member of our Board of Directors, Robert Haag, is a stockholder of the Company and the Managing Member of the Assignor. The Assignor agreed to purchase the Option for $125,000 from Mr. Daniel Lupinelli, a principal stockholder of the Company beneficially owing 14.47% of the outstanding common stock of the Company. Subsequent to the sale and assignment of the Option, the Assignees are expected to exercise the Option, purchasing 750,000 shares for the purchase price of $225,000, which will be paid to Mr. Lupinelli.
Current report
In relation to the aforementioned private transactions, we are obligated to file within 30 days, a registration statement on Form S-3 to register the resale of up to an aggregate of 3,250,000 shares of common stock, consisting of (i) the 2,500,000 Private Transaction Shares and (ii) 750,000 shares of common stock issuable upon the exercise in full of the Option.
Current report
Other income
Current report
The Company realized a net loss attributable to common stockholders of $1,193,229 and $550,717 for the three months ended June 30, 2025, and 2024, respectively, an increase of $642,512 for the reasons stated above in the section “Operating Expenses.”
Current report
SIX MONTHS ENDED JUNE 30, 2025, AND 2024
Current report
Revenues
Current report
Operating expenses
Current report
Net Loss from operations
Current report
The Company realized a net loss from operations before income taxes of $3,394,790 and$857,010 for the six months ended June 30, 2025, and 2024, respectively, an increase of $2,537,780 for the reasons stated above in the section “Operating Expenses.”
Current report
Other income
Current report
The Company realized a net loss attributable to common stockholders of $3,348,316 and $881,432 for the six months ended June 30, 2025 and 2024, respectively, an increase of $2,466,884 for the reasons stated above in the section “Operating Expenses.”
Current report
On July 18, 2025, we filed the Withdrawal of Designation with the Secretary of State of the State of Nevada and terminated the designation of our Series B Preferred. At the time of the filing of the Withdrawal of Designation, there were no shares of Series B Preferred Stock issued and outstanding. The Withdrawal of Designation became effective upon filing and eliminated from the Articles of Incorporation all matters as set forth in the Certificate of Designation of Rights, Powers, Preferences, Privileges and Restrictions of Series B Preferred Convertible Voting Stock.
Current report
Series C Preferred Stock
Current report
On June 17, 2025, the Company filed a Certificate of Designation (the “Series C Certificate of Designation”) with the Secretary of State of Nevada designating 200,000 shares of preferred stock as Series C Preferred Stock. On June 30, 2025, the Company filed an Amended Series C Certificate of Designation which provides that except as otherwise required by the Nevada Revised Statutes, the holders of Series C Preferred Stock shall have no voting rights with respect to such shares.
Current report
The Series C Preferred Stock is functionally the same as our common stock except for the inclusion of either, at the election of the holder, a 4.99% or 9.99% beneficial ownership equity blocker and a liquidation preference in the event of a Liquidation Event (as defined in the Series C Certificate of Designation) so that before any amount shall be paid to the holders of any of shares of junior stock, the holders of the Series C Preferred Stock shall receive a number of shares of Series C Preferred Stock equal to the amount per share such holder would receive if such holder converted such Series C Preferred Stock into common stock immediately prior to the date of such payment.
Current report
*General.*The Series C Certificate of Designation for authorizes 200,000 shares of Series C Preferred Stock. Each share of Series C Preferred Stock has a stated value of $60.00. Each share of Series C Preferred Stock is convertible into 10 shares of our common stock, subject to certain adjustments. The initial conversion price of the Series C Preferred Stock is $6.00 per share of common stock.
Current report
Exchange Listing. There is no trading market available for the Series C Preferred Stock. We do not intend to list or quote the Series C Preferred Stock on any securities exchange or nationally recognized trading system.
Current report
*Ranking.*The Series C Preferred Stock ranks junior to the Series A Preferred and Series B Preferred, but ranks senior to our common stock and any preferred stock issued after the Series C Preferred Stock. In the event of the merger or consolidation of the Company with or into another entity, the Series C Preferred Stock shall maintain its relative rights, powers, designations, privileges and preferences provided for in the Series C Certificate of Designation. In the event of a liquidation of the Company, the holders of Series C Preferred Stock will share in the distribution of our net assets on an as-converted basis.
Current report
*Voting.*Except as otherwise required by the Nevada Revised Statutes, the holders of Series C Preferred Stock shall have no voting rights with respect to such shares.
Current report
On July 8, 2025, in connection with the Series C Offering, we sold an aggregate of 108,333 shares of Series C Preferred Stock, convertible into 1,083,333 shares of our common stock, at $60.00 per share (each share of Series C is convertible into 10 shares of common stock) on a best-efforts basis for aggregate gross proceeds of $6,499,980 prior to deducting placement agent fees and offering expenses payable by us. The net proceeds to us from the Series C Offering were approximately $6.04 million after deducting placement agent fees and offering expenses payable by us. There is currently no established public market for the Series C Preferred Stock, and we do not expect a market to develop. The Series C Preferred Stock contains a beneficial ownership limitation, pursuant to which a holder may not convert the Series C Preferred Stock into common stock to the extent that, after such conversion, the holder (together with its affiliates) would beneficially own more than either 4.99% or 9.99% of our outstanding common stock, as initially elected by the holder.
Current report
Robert Steele Private Transactions
Current report
On July 8, 2025, simultaneously with the closing of the Series C Offering, Mr. Robert Steele, the Company’s Chief Executive Officer, agreed to sell 2,500,000 shares of common stock (the “Private Transaction Shares”) to certain accredited investors who participated in the Series C Offering. The purchase price of the Private Transaction Shares was $0.50 per share and Mr. Steele received $1,250,000 in aggregate net proceeds from the sale of the Private Transaction Shares. We have agreed to register the resale of the Private Transaction Shares with the Securities and Exchange Commission within 30 days of the closing of the offering of the Private Transaction Shares.
Current report
On August 12, 2025, we entered into the American Ventures Advisory Agreement with the Adivsor, pursuant to which the Advisor agreed to provide us with certain financial advisory services, including advising us on crypto treasury strategies, on a non-exclusive basis. Pursuant to the American Ventures Advisory Agreement, we agreed to issue the Advisor the American Ventures Advisory Shares, which such shares of common stock are subject to Stockholder Approval.
Current report
On August 11, 2025, we entered into the August 2025 Dominari Agreement with Dominari, pursuant to which we agreed to issue and sell directly to the Investors in the August 2025 Offering, an aggregate of 5,000,000 shares of our common stock.
Current report
The closing of the August 2025 Offering occurred on August 12, 2025. The gross proceeds to us were approximately $50 million, before deducting the placement agent’s fees and expenses and estimated offering expenses payable by us. We currently intend to use the net proceeds received from the August 2025 Offering to explore the accumulation of cryptocurrencies and mining equipment, working capital and general corporate purposes.
Showing the first 40 of 45 passages. Open the source sections for the rest.
Removed paragraphs (8)
Previous report
Other expenses
Previous report
The Company realized a net loss attributable to common stockholders of $2,155,087 and $330,712 for the three months ended March 31, 2025 and 2024, respectively, an increase of $1,824,375 for the reasons stated above in the section “Operating Expenses.”
Previous report
Going Concern and Required Capital over the Next Fiscal Year
Previous report
As of March 31, 2025, the Company had cash of $1,035,179 and working capital of $905,928. The Company utilized $1,262,389 in cash for operating activities during the three months ended March 31, 2025. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the financial statements.
Previous report
Under our Treasury Reserve Policy and bitcoin strategy, we have used a significant portion of our cash, including cash generated from capital raising transactions, to acquire bitcoins, which are classified as indefinite-lived intangible assets. As of March 31, 2025, we held approximately 19.106 bitcoins, all of which are unencumbered. We believe our substantial bitcoin holdings can serve as a source of liquidity, if necessary.
Previous report
The bitcoin market historically has been characterized by significant volatility in its price, limited liquidity and trading volumes compared to sovereign currencies markets, relative anonymity, a developing regulatory landscape, susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges, and various other risks inherent in its entirely electronic, virtual form and decentralized network. During times of instability in the bitcoin market, we may not be able to sell our bitcoins at reasonable prices or at all. As a result, our bitcoins are less liquid than our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents. In addition, upon sale of our bitcoin, we may incur additional taxes related to any realized gains or we may incur capital losses as to which the tax deduction may be limited.
Previous report
If the Company raises additional funds by issuing equity securities, its stockholders would experience dilution. Additional debt financing, if available, may involve covenants restricting its operations or its ability to incur additional debt. Any additional debt financing or additional equity that the Company raises may contain terms that are not favorable to it or its stockholders and require significant debt service payments, which diverts resources from other activities. The Company’s ability to raise additional capital will be impacted by market conditions and the price of the Company’s common stock.
Previous report
Accordingly, the accompanying unaudited condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business for one year from the date the condensed financial statements are issued. The carrying amounts of assets and liabilities presented in the unaudited condensed financial statements do not necessarily purport to represent realizable or settlement values. The unaudited condensed financial statements do not include any adjustments that might result should the Company be unable to continue as a going concern.
Reworded paragraphs (12)
Previous wording
The following table sets forth certain selected unaudited condensed statements of operations data for the three months ended March 31, 2025, and 2024.
Current wording
The following table sets forth certain selected unaudited condensed consolidated statements of operations data for the three months ended June 30, 2025, and 2024.
Previous wording
The Company generated revenues of $151 and $405 for the three months ended March 31, 2025, and 2024, respectively, a decrease of $254. The Company has prioritized expanding its footprint of listed businesses before focusing on converting them to paying clients.
Current wording
The Company generated revenues of $15 and $30 for the three months ended June 30, 2025, and 2024, respectively, a decrease of $15. The Company has prioritized expanding its footprint of listed businesses before focusing on converting them to paying clients.
Previous wording
For the three months ended March 31, 2025, and 2024, the Company incurred operating expenses of $1,736,093 and $328,352, respectively, an increase of $1,407,955. The increase in operating expenses was caused by: marketing expenses increasing by $657,183 from $51,765 during the three months ended March 31, 2024, to $708,948 during the same period in 2025, general and administrative expenses increasing by $695,548 from $221,926 during the three months ended March 31, 2024, to $917,474 during the same period in 2025, depreciation and amortization expenses increasing by $16,974 from$17,238 during the three months ended March 31, 2024, to $34,212 during the same period in 2025, and an increase in research and development expenses of $38,036 from $37,423 during the three months ended March 31, 2024, to $75,459 during the same period in 2025.
Current wording
For the three months ended June 30, 2025, and 2024, the Company incurred operating expenses of $1,658,893 and $529,091, respectively, an increase of $1,129,802. The increase in operating expenses was caused by: marketing expenses increasing by $227,628 from $96,674 during the three months ended June 30, 2024, to $324,302 during the same period in 2025, general and administrative expenses increasing by $815,458 from $359,827 during the three months ended June 30, 2024, to $1,175,285 during the same period in 2025, depreciation and amortization expenses increasing by $19,201 from$22,925 during the three months ended June 30, 2024, to $42,126 during the same period in 2025, and an increase in research and development expenses of $67,515 from $49,665 during the three months ended June 30, 2024, to $117,180 during the same period in 2025.
Previous wording
The Company realized a net loss from operations before income taxes of $1,735,942 and$327,947 for the three months ended March 31, 2025, and 2024, respectively, an increase of $1,407,955 for the reasons stated above in the section “Operating Expenses.”
Current wording
The Company realized a net loss from operations before income taxes of $1,658,878 and$529,061 for the three months ended June 30, 2025, and 2024, respectively, an increase of $1,129,817 for the reasons stated above in the section “Operating Expenses.”
Previous wording
For the three months ended March 31, 2025, and 2024, the Company had $24,327 and $-in interest income, respectively. There was loss on the impairment on intangible assets (bitcoin) of $537,253 and $0 during the three months ended March 31, 2025, and 2024, respectively. Additionally, there was unrealized gains on intangible assets (bitcoin) of $113,406 and $0 during the three months ended March 31, 2025, and 2024, respectively.
Current wording
For the three months ended June 30, 2025, and 2024, the Company had ($3,930) and $1,288 in interest (expense) and income, respectively. There was loss on the impairment on intangible assets (bitcoin) of $41,771 and $0 during the three months ended June 30, 2025, and 2024, respectively. Additionally, there was unrealized gains on intangible assets (bitcoin) of $511,339 and $0 during the three months ended June 30, 2025, and 2024, respectively.
Previous wording
As of March 31, 2025, and December 31, 2024, the Company had cash in the amount of $1,035,179 and $4,680,840, respectively. As of March 31, 2025, and December 31, 2024, the Company had stockholders’ equity of $2,796,223 and $4,767,261, respectively.
Current wording
As of June 30, 2025, and December 31, 2024, the Company had cash in the amount of $60,430 and $4,680,840, respectively. As of June 30, 2025, and December 31, 2024, the Company had stockholders’ equity of $1,823,045 and $4,767,261, respectively.
Previous wording
The Company’s accumulated deficit was $(11,846,795) and $(9,691,708) as of March 31, 2025, and December 31, 2024, respectively.
Current wording
The Company’s accumulated deficit was $(13,040,024) and $(9,691,708) as of June 30, 2025, and December 31, 2024, respectively.
Previous wording
The Company used net cash in operating activities of $1,262,389 and $322,856 for three months ended March 31, 2025, and 2024, respectively.
Current wording
The Company used net cash in operating activities of $2,664,485 and $675,323 for six months ended June 30, 2025, and 2024, respectively.
Previous wording
Net cash used in investing activities for three months ending March 31, 2025, and 2024 was $2,085,065 and $60,900, respectively. During the three months ended March 31, 2025, we invested $2,001,065 and $83,819 in the purchase of intangible assets (bitcoin) and capitalized development costs, respectively. During the three months ended March 31, 2024, we invested $60,900 in capitalized development costs.
Current wording
Net cash used in investing activities for six months ending June 30, 2025, and 2024 was $2,157,718 and $126,665, respectively. During the six months ended June 30, 2025, we invested $2,001,246 and $156,471 in the purchase of intangible assets (bitcoin) and capitalized development costs, respectively. During the six months ended June 30, 2024, we invested $126,665 in capitalized development costs.
Previous wording
There was cash used in financing activities for the three months ended March 31, 2025, of $298,207, comprised of cash used to repurchase treasury stock of $298,207. Net cash provided by financing activities was $350,217 for the three months ended March 31, 2024, comprised of $190,000 from the sale of preferred stock and $161,846 from the sale of common stock, net offering expenses of $1,789.
Current wording
There was cash used in financing activities for the six months ended June 30, 2025, of $201,793, comprised of cash used to repurchase treasury stock of $298,207 and cash provided by a Coinbase BTC loan of $500,000. Net cash provided by financing activities was $941,226 for the six months ended June 30, 2024, comprised of $805,000 from the sale of preferred stock and $161,226 from the sale of common stock, net offering expenses of $25,000.
Previous wording
As of March 31, 2025, we had cash on hand of $1,035,179. We currently have minimal sources of liquidity such as arrangements with credit institutions that will have or are reasonably likely to have a current or future effect on our financial condition or immediate access to capital.
Current wording
As of June 30, 2025, we had cash on hand of $60,430. We currently have minimal sources of liquidity such as arrangements with credit institutions that will have or are reasonably likely to have a current or future effect on our financial condition or immediate access to capital.
Previous wording
Our contractual obligations are included in our notes to the condensed financial statements included in Part I, Item I of this Quarterly Report. To the extent that funds generated from our operations, together with our existing capital resources, are insufficient to meet future requirements, we will be required to obtain additional funds through equity or debt financings. No assurance can be given that any additional financing will be made available to us or will be available on acceptable terms should such a need arise.
Current wording
Our contractual obligations are included in our notes to the condensed consolidated financial statements included in Part I, Item I of this Quarterly Report. To the extent that funds generated from our operations, together with our existing capital resources, are insufficient to meet future requirements, we will be required to obtain additional funds through equity or debt financings. No assurance can be given that any additional financing will be made available to us or will be available on acceptable terms should such a need arise.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
The following table sets forth certain selected unaudited condensed consolidated statements of operations data for the six months ended June 30, 2025, and 2024.
Current report — wording carried from elsewhere
The Company generated revenues of $166 and $435 for the six months ended June 30, 2025, and 2024, respectively, a decrease of $269. The Company has prioritized expanding its footprint of listed businesses before focusing on converting them to paying clients.
Current report — wording carried from elsewhere
For the six months ended June 30, 2025, and 2024, the Company incurred operating expenses of $3,394,956 and $857,445, respectively, an increase of $2,537,511. The increase in operating expenses was caused by: marketing expenses increasing by $884,810 from $148,440 during the six months ended June 30, 2024, to $1,033,250 during the same period in 2025, general and administrative expenses increasing by $1,510,974 from $581,7555 during the six months ended June 30, 2024, to $2,092,729 during the same period in 2025, depreciation and amortization expenses increasing by $36,175 from$40,163 during the six months ended June 30, 2024, to $76,338 during the same period in 2025, and an increase in research and development expenses of $105,552 from $87,087 during the six months ended June 30, 2024, to $192,639 during the same period in 2025.
Current report — wording carried from elsewhere
For the six months ended June 30, 2025, and 2024, the Company had $21,678 and $1,288 in interest income, respectively. There was loss on the impairment on intangible assets (bitcoin) of $579,049 and $0 during the six months ended June 30, 2025, and 2024, respectively. Additionally, there was unrealized gains on intangible assets (bitcoin) of $624,745 and $0 during the six months ended June 30, 2025, and 2024, respectively.
Current report — wording carried from elsewhere
Net Loss attributable to common stockholders