AVAX ONE TECHNOLOGY LTD.
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 14, 2025
AVX$4.29+1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001641172-25-024019
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001493152-25-023464
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 109 previous paragraphs and 112 current paragraphs.
66 unchanged; 32 reworded; 14 added; 10 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 18 previous and 45 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 (14)
Current report
Effective as of November 5, 2025, Peter Wylie was appointed as the Company’s Chief Operating Officer. Peter Wylie Jr, is founder and principal of P. Wylie Advisory, a financial and operational consulting firm for startups and growth companies. He is a seasoned entrepreneur and investor with multiple exits in the financial and consumer technology spaces. He has significant operational financial experience, serving as CFO of Napster Holdings Inc, through its acquisition in 2025 by Infinite Reality (now Napster Inc), and CFO/COO of consumer lender CommonBond. Pete co-founded and sold a consumer financial technology company, Gradible, to CommonBond in 2016. He holds B.A. degrees in Journalism and English from the University of North Carolina, where he was a Morehead-Cain Scholar.
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Current report
Three Months Ended September 30, 2025
Current report
These decreases were partially offset by increases of:
Current report
Operating Expenses
Current report
Nine Months Ended September 30, 2025
Current report
These decreases were partially offset by increases of:
Current report
Three months ended September 30, 2025
Current report
The increases in other expense were partially offset by:
Current report
Other Expenses / (Income)
Current report
Nine months ended September 30, 2025
Current report
The increases in other expense were partially offset by:
Current report
As discussed above, the Offering, which closed on October 31, 2025, will provide the Company with up to $10.0 million of working capital. The working capital provided by the Offering, coupled with the projected cash flow from operations is expected to be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the date these financial statements are issued.
Current report
These increases in net cash used by operating activities were partially offset by:
Removed paragraphs (10)
Previous report
Wheat and Flour Market
Previous report
Modern diet is believed to be a contributor to health risks such as heart disease, cancer, diabetes and obesity, due in part to the consumption of highly processed foods that are low in natural fiber, protein and nutrition; and extremely high in simple starch, sugar and calories. These “empty carbs” produce glycemic swings that may cause overeating by triggering cravings for food high in sugar, salt and starch. As an example, conventional baking flour is low in natural fiber (~ 2-3%), low-to-average in protein (~ 9%), and very high in starch (~ 75%)(4). Apart from dietary fiber, whole flour is only marginally better in terms of these macronutrients(2).
Previous report
In contrast, foods high in fiber help to satiate hunger, suppress cravings and raise metabolism(3). They also assist in weight loss, lower cholesterol, and may reduce the risk of cancer, heart disease and diabetes(4).
Previous report
The Company continues to explore opportunities to utilize its patented FORCEGH+™ structure and its related technologies in joint ventures and licensing. The Company is also studying the utilization of FORCEGH+ technologies in arctic, tropical and desert environments and artificial intelligence and blockchain in the development and implementation of FinTech systems to commercial farmers, and advancing on the commercialization of our Hydroxyl clean room systems to greatly reduce the spread of pathogens, mold and disease at processing facilities worldwide.
Previous report
Through the first half of 2025, the Company has been aggressively pursuing a strategic shift towards the advancement of sustainable technology initiatives through the acquisition of Bitcoin mining facilities. The Company plans to reduce the environmental impact of the Bitcoin mining facilities while simultaneously producing revenue from high yield agricultural operations. By utilizing an integrated and automated onsite carbon sequestering agricultural operation to reuse the waste energy from the natural gas generators used in the Bitcoin mining operation, the Company aims to reduce carbon emissions while also contributing to local food security and economic growth. In addition, the Company intends to generate immediate shareholder value through the generation of Bitcoins from the mining operation.
Previous report
Merger and Acquisition (“M&A”)
Previous report
The Company intends to focus any M&A activity on targets which are focused the bitcoin mining space. This refocused M&A strategy will ensure that proper personnel and economic resources are allocated to the Company’s ongoing businesses, while refocusing efforts on synergistic opportunities which work to enhance the Company’s existing assets.
Previous report
A weighted average of the two sites puts the total cost of approximately $44,400 per BTC mined.
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Previous report
For the next twelve months from issuance of these financial statements, the Company will seek to obtain additional capital through the sale of debt or equity financings, including use of its At the Market facility, or other arrangements to fund operations; however, there can be no assurance that the Company will be able to raise needed capital under acceptable terms, if at all. The sale of additional equity may dilute existing shareholders and newly issued shares may contain senior rights and preferences compared to currently outstanding common shares. Issued debt securities may contain covenants and limit the Company’s ability to pay dividends or make other distributions to shareholders. If the Company is unable to obtain such additional financing, future operations would need to be scaled back or discontinued. Due to the uncertainty in the Company’s ability to raise capital, management believes that there is substantial doubt in the Company’s ability to continue as a going concern for twelve months from the issuance of these financial statements.
Reworded paragraphs (32)
Previous wording
Prospective investors should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. See “Cautionary Note Regarding Forward-Looking Statements.” You should review the “Risk Factors” section of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
Current wording
Prospective investors should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this Quarterly Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. See “Cautionary Note Regarding Forward-Looking Statements.” You should review the “Risk Factors” section of this Quarterly Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
Previous wording
AgriFORCE Growing Systems Ltd. (“AgriFORCE™” or the “Company”) was incorporated as a private company by Articles of Incorporation issued pursuant to the provisions of theBusiness Corporations Act (British Columbia) on December 22, 2017. The Company’s registered and records office address is at 800 – 525 West 8 th Avenue, Vancouver, British Columbia, Canada, V5Z 1C6.
Current wording
The “Company was incorporated as a private company by Articles of Incorporation issued pursuant to the provisions of theBusiness Corporations Act (British Columbia) on December 22, 2017. The Company’s registered and records office address is at 800 – 525 West 8 th Avenue, Vancouver, British Columbia, Canada, V5Z 1C6.
Previous wording
During 2024, the Company entered the sustainable Bitcoin mining industry and has completed two acquisitions since late November 2024 pursuant to which the Company now owns and operates three Bitcoin mining facilities, one in Alberta, Canada and two in Ohio, for a total of 1420 BITMAIN Antminer S19j units, 81 BITMAIN Antminer S19k Pro units and 50 BITMAIN Antminer S21 XP units. These facilities are powered by sustainable energy, advancing AgriFORCE’s mission to integrate innovative technologies that promote environmental stewardship while generating significant financial returns.
Current wording
During 2024, the Company entered the sustainable Bitcoin mining industry and has completed two acquisitions since late November 2024 pursuant to which the Company now owns and operates three Bitcoin mining facilities, one in Alberta, Canada and two in Ohio, for a total of 1420 BITMAIN Antminer S19j units, 81 BITMAIN Antminer S19k Pro units and 50 BITMAIN Antminer S21 XP units. These facilities are powered by sustainable energy, advancing the Company’s mission to integrate innovative technologies that promote environmental stewardship while generating significant financial returns.
Previous wording
The Company is an energy-first digital infrastructure company pioneering high-efficiency compute environments across AI, edge computing, and distributed processing. Through its TerraHash Digital™ division, AgriFORCE deploys modular, off-grid compute platforms powered by emissions-tracked natural gas systems—enabling sustainable, scalable digital transformation. The Company’s Power & Compute Initiative bridges financial and environmental performance across multiple industries.
Current wording
The Company is an energy-first digital infrastructure company pioneering high-efficiency compute environments across AI, edge computing, and distributed processing. Through its TerraHash Digital™ division, the Company deploys modular, off-grid compute platforms powered by emissions-tracked natural gas systems—enabling sustainable, scalable digital transformation. The Company’s Power & Compute Initiative bridges financial and environmental performance across multiple industries.
Previous wording
The Company’s legacy businesses consisted of the AgriFORCE™ Brands (“Brands”) and the AgriFORCE™ Solutions (“Solutions”) divisions. Our AgriFORCE™ Brands division has been focused on the development and commercialization of plant-based ingredients and products that deliver more nutritious food. We intend to market and commercialize ingredient supplies, like our Awakened Flour™ and Awakened Grains ™, but have not had any success doing so yet.
Current wording
The Company’s legacy businesses consisted of the AgriFORCE™ Brands (“Brands”) division. Our AgriFORCE™ Brands division has been focused on the development and commercialization of plant-based ingredients and products that deliver more nutritious food. We intend to market and commercialize ingredient supplies, like our Awakened Flour™ and Awakened Grains ™, but have not had any success doing so yet.
Previous wording
Products that AgriFORCE™ intends to develop for commercialization from the CERES-MNG patented process under the UN(THINK)™ foods brand:
Current wording
Products that the Company intends to develop for commercialization from the CERES-MNG patented process under the UN(THINK)™ foods brand:
Previous wording
AgriFORCE™’s organic growth plan is to actively establish and deploy the commercialization of products in four distinct phases:
Current wording
The Company’s organic growth plan is to actively establish and deploy the commercialization of products in four distinct phases:
Previous wording
As of the fourth quarter of 2024, the Company entered into the sustainable Bitcoin mining industry and has completed two acquisitions since late November 2024 pursuant to which the Company now owns and operates three Bitcoin mining facilities, one in Alberta, Canada and two in Ohio, for a total of 1,522 BITMAIN Antminer S19j units, 81 BITMAIN Antminer S19k Pro units and 50 BITMAIN Antminer S21 XP units. These facilities are powered by sustainable energy, advancing AgriFORCE’s mission to integrate innovative technologies that promote environmental stewardship while generating significant financial returns.
Current wording
As of the fourth quarter of 2024, the Company entered into the sustainable Bitcoin mining industry and has completed two acquisitions since late November 2024 pursuant to which the Company now owns and operates three Bitcoin mining facilities, one in Alberta, Canada and two in Ohio, for a total of 1,522 BITMAIN Antminer S19j units, 81 BITMAIN Antminer S19k Pro units and 50 BITMAIN Antminer S21 XP units. These facilities are powered by sustainable energy, advancing the Company’s mission to integrate innovative technologies that promote environmental stewardship while generating significant financial returns.
Previous wording
On November 28, 2024, AgriFORCE Growing Systems, Ltd. (the “Company”) entered into an agreement with Rivogenix Energy Corp. to acquire and consummated the acquisition of various assets which comprise a bitcoin mining facility in Sturgeon County, Alberta, Canada. The assets were acquired for $1.5 million in cash from the Company’s own available cashflow and are comprised of a data center and approximately 130 bitcoin miners.
Current wording
On November 28, 2024, the Company entered into an agreement with Rivogenix Energy Corp. to acquire and consummated the acquisition of various assets which comprise a bitcoin mining facility in Sturgeon County, Alberta, Canada. The assets were acquired for $1.5 million in cash from the Company’s own available cashflow and are comprised of a data center and approximately 130 bitcoin miners.
Previous wording
On January 17, 2025, AgriForce Growing Systems, Ltd. (the “Company”) purchased assets comprising a five MW Bitcoin mining facility (on two sites) in Columbiana County Ohio (the “Facility”) from Bald Eagle County, LLC. The asset purchase price (including purchase of an option to purchase the Facility) was $4.55 million. The assets purchased consist of following assets, inter alia: Nine hundred (900) S-19 J Pro BITMAIN Antminers, transformers necessary to operate the Facility, five (5) custom 40 ft Crypto Canman housing containers including 5 power distribution boxes, one Caterpillar trailer mounted standby generator, one Doosan trailer mounted generator set, eight shipping containers and five 1 MW natural gas generator power plants. The Company also received assignment of power purchase agreements to purchase gas at $0.04 per kWh and access leases to the realty underlying the Facility.
Current wording
On January 17, 2025, the Company purchased assets comprising a five MW Bitcoin mining facility (on two sites) in Columbiana County Ohio (the “Facility”) from Bald Eagle County, LLC. The asset purchase price (including purchase of an option to purchase the Facility) was $4.765 million. The assets purchased consist of following assets, inter alia: Nine hundred (900) S-19 J Pro BITMAIN Antminers, transformers necessary to operate the Facility, five (5) custom 40 ft Crypto Canman housing containers including 5 power distribution boxes, one Caterpillar trailer mounted standby generator, one Doosan trailer mounted generator set, eight shipping containers and five 1 MW natural gas generator power plants. The Company also received assignment of power purchase agreements to purchase gas at $0.04 per kWh and access leases to the realty underlying the Facility.
Previous wording
These acquisitions represented a pivotal first step in AgriFORCE’s commitment to integrating sustainable energy solutions, advanced data operations, and innovative agricultural initiatives to create long-term value for shareholders.
Current wording
These acquisitions represented a pivotal first step in the Company’s commitment to integrating sustainable energy solutions, advanced data operations, and innovative agricultural initiatives to create long-term value for shareholders.
Previous wording
The majority of the mined assets have been held on the Company’s balance sheet, as the starting point of the Company’s Bitcoin treasury strategy. We have only sold two (2) BTC to provide the Company with the necessary cash for maintaining operations. The Company is in the process of developing a written policy to govern the cold-storage and liquidation process for selling and borrowing using our bitcoin assets. As of now, the Company holds all of its bitcoin in a BitGo wallet. There is limited risk in volatility at present in bitcoin pricing due to our policy of holding bitcoin for the long term. We intent to continue to hold up to 50% of the mined assets as we continue to build upon our treasury strategy. In May 2025, we borrowed $200,000 at an interest rate of 11% per annum for 90 days, utilizing three (3) BTC as collateral for the loan. We estimate that the increase in value of the collateral will far exceed the interest costs associated with this loan.
Current wording
The majority of the mined assets have been held on the Company’s balance sheet, as the starting point of the Company’s Bitcoin treasury strategy. We have only sold three (3) BTC to provide the Company with the necessary cash for maintaining operations. The Company is in the process of developing a written policy to govern the cold-storage and liquidation process for selling and borrowing using our bitcoin assets. As of now, the Company holds all of its bitcoin in a BitGo wallet. There is limited risk in volatility at present in bitcoin pricing due to our policy of holding bitcoin for the long term. We intend to continue to hold up to 50% of the mined assets as we continue to build upon our treasury strategy. In May 2025, we borrowed $200,000 at an interest rate of 11% per annum for 90 days, utilizing three (3) BTC as collateral for the loan. During the 90 days the loan was outstanding, we incurred $6,661 in interest expense, while during that same time period the value of the three BTC used as collateral increased in value by approximately $35,000, in the aggregate. On August 29, 2025, the Company repaid the outstanding balance under the May 2025 BitGo loan and entered into a new loan agreement for a total of $275,000, collateralized by four (4) BTC. The loan bears interest at a rate of 9.99% per annum and the term of the loan is open. We estimate that the increase in value of the collateral will far exceed the interest costs associated with this loan just as it did with the May 2025 loan.
Previous wording
Our miners have an average age of three years in all of our facilities. Statistics on our miners are as follows:
Current wording
Our miners have an average age of three years in all our facilities. Statistics on our miners are as follows:
Previous wording
Efficiency: median: 99.86%; mean: 99.58%; range: 99.26 – 99.9%. Our average downtime for scheduled and nonscheduled is 24 hours in a month. This includes activities related to weather and optimization of the power units and miner boards.
Current wording
Efficiency: median: 99.86%; mean: 99.58%; range: 99.26 – 99.9%. Our average downtime for scheduled and non-scheduled is 24 hours in a month. This includes activities related to weather and optimization of the power units and miner boards.
Previous wording
Our weighted average of cost of Bitcoin mined is approximately $44,400. Our approximate inputs are as follows:
Current wording
Our weighted average of cost of Bitcoin mined is approximately $51,031. Our approximate inputs are as follows:
Previous wording
We generate approximately 0.061 BTC per day, generating 1 BTC every 16.4 days at an average cost of $2,785/day, so the Ohio cost is $45,600/BTC mined.
Current wording
We generate approximately 0.051 BTC per day, generating 1 BTC every 19.6 days at an average cost of $2,785/day, so the Ohio cost is $54,600/BTC mined.
Previous wording
This acquisition increased the Company’s hash rate by over 600% and highlights the Company’s strategic growth plan of stranded gas assets to be coupled with sustainable agricultural assets in the coming months. Ohio has positioned itself as a pioneer in blockchain and cryptocurrency innovation, driven by initiatives like the proposed Ohio Bitcoin Reserve Act (HB 703). This legislation, aimed at leveraging Bitcoin as a hedge against currency devaluation, underscores the state’s commitment to financial and technological advancements. AgriFORCE’s investment in the Columbiana County facility aligns with these efforts, cementing Ohio’s reputation as a leader in clean energy integration and digital asset development.
Current wording
This acquisition increased the Company’s hash rate by over 600% and highlights the Company’s strategic growth plan of stranded gas assets to be coupled with sustainable agricultural assets in the coming months. Ohio has positioned itself as a pioneer in blockchain and cryptocurrency innovation, driven by initiatives like the proposed Ohio Bitcoin Reserve Act (HB 703). This legislation, aimed at leveraging Bitcoin as a hedge against currency devaluation, underscores the state’s commitment to financial and technological advancements. The Company’s investment in the Columbiana County facility aligns with these efforts, cementing Ohio’s reputation as a leader in clean energy integration and digital asset development.
Previous wording
● Enhanced Food Security: By implementing agricultural practices that produce nutrient-rich crops, AgriFORCE will contribute to addressing food insecurity challenges in Ohio, where over 14% of households face such issues.
Current wording
● Enhanced Food Security: By implementing agricultural practices that produce nutrient-rich crops, the Company will contribute to addressing food insecurity challenges in Ohio, where over 14% of households face such issues.
Previous wording
On March 4, 2025, Richard Wong and the Company mutually agreed to conclude his employment with the Company. Chris Polimeni was appointed by the board to succeed Richard Wong. Richard Wong will serve in an advisory role to ensure a smooth transition while continuing to support the company’s commitment to delivering value to shareholders and customers.
Current wording
On March 4, 2025, Richard Wong and the Company mutually agreed to conclude his employment with the Company. Chris Polimeni was appointed by the board to succeed Richard Wong as Chief Financial Officer of the Company. Richard Wong will serve in an advisory role to ensure a smooth transition while continuing to support the company’s commitment to delivering value to shareholders and customers.
Previous wording
We commenced mining bitcoin late in the fourth quarter of 2024 with the acquisition of the Redwater facility. As a result, there was no revenue generated from mining operations during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2025, the revenue from bitcoin mining was $451,955 and $724,768, respectively. The operations resulted in the Company mining 4.3 BTC and 7.5 BTC for the three and six months ended June 30, 2025, respectively.
Current wording
We commenced mining bitcoin late in the fourth quarter of 2024 with the acquisition of the Redwater facility. As a result, there was no revenue generated from mining operations during the three and nine months ended September 30, 2024. During the three and nine months ended September 30, 2025, the revenue from bitcoin mining was $525,914 and $1,250,592, respectively. The operations resulted in the Company mining 4.7 BTC and 12.2 BTC for the three and nine months ended September 30, 2025, respectively.
Previous wording
During the three months and six months ended June 30, 2025 and 2024, the Company also sold its hydroxyl generating devices directly to customers and indirectly to customers through sales brokers. During the three months ended June 30, 2025 and 2024, the Company sold and delivered nil and 8 hydroxyl generating devices, resulting in gross sales of nil and $41,315, respectively. During the six months ended June 30, 2025 and 2024, the Company sold and delivered 12 and 8 hydroxyl generating devices, respectively, resulting in gross sales of $71,162 and $41,315, respectively.
Current wording
During the three months and nine months ended September 30, 2025 and 2024, the Company also sold its hydroxyl generating devices directly to customers and indirectly to customers through sales brokers. During the three months ended September 30, 2025 and 2024, the Company sold and delivered nil and 8 hydroxyl generating devices, resulting in gross sales of nil and $41,315, respectively. During the nine months ended September 30, 2025 and 2024, the Company sold and delivered 12 and 8 hydroxyl generating devices, respectively, resulting in gross sales of $71,162 and $41,315, respectively. These revenues are included in gain(loss) from operations of discontinued component
Previous wording
Operating expenses increased during the three months ended June 30, 2025 by $726,747, or 60%, as compared to June 30, 2024 primarily due to the following:
Current wording
Operating expenses decreased during the three months ended September 30, 2025 by $2.3 million, or 43%, as compared to September 30, 2024 primarily due to the following:
Previous wording
Operating expenses increased during the six months ended June 30, 2025 by $1,353,087, or 53%, as compared to June 30, 2024 primarily due to the following:
Current wording
Operating expenses decreased during the nine months ended September 30, 2025 decreased by $0.8 million, or 8%, as compared to September 30, 2024 primarily due to the following:
Previous wording
Other expense for the three months ended June 30, 2025 increased by $3,512,036, or 114%, as compared to June 30, 2024 due to the following:
Current wording
Other expense for the three months ended September 30, 2025 increased by $5.6 million, or 3,800%, as compared to September 30, 2024 due to the following:
Previous wording
Other expense for the six months ended June 30, 2025 decreased when compared to the six months ended June 30, 2024 due to the following:
Current wording
Other expense for the nine months ended September 30, 2025 increased by $4.2 million, or 81%,when compared to the nine months ended September 30, 2024 due to the following:
Previous wording
The Company’s primary need for liquidity is to fund working capital requirements, capital expenditures, and for general corporate purposes. The Company’s ability to fund operations and make planned capital expenditures and debt service obligations depends on future operating performance and cash flows, which are subject to prevailing economic conditions, financial markets, business and other factors. We have recorded a net loss of $8,205,697 for the six months ended June 30, 2025. We have recorded an accumulated deficit of $68,987,816 as of June 30, 2025 and $60,782,119 as of December 31, 2024. Net cash used in operating activities for the six months ended June 30, 2025 and June 30, 2024 was $3,056,552 and $2,228,537, respectively.
Current wording
The Company’s primary need for liquidity is to fund working capital requirements, capital expenditures, and for general corporate purposes. The Company’s ability to fund operations and make planned capital expenditures and debt service obligations depends on future operating performance and cash flows, which are subject to prevailing economic conditions, financial markets, business and other factors. We have recorded a net loss of $16,557,023 for the nine months ended September 30, 2025. We have recorded an accumulated deficit of $77,339,142 as of September 30, 2025 and $60,782,119 as of December 31, 2024. Net cash used in operating activities for the nine months ended September 30, 2025 and 2024 was $5,434,276 and $3,429,189, respectively.
Previous wording
The Company held $185,313 in cash as of June 30, 2025 as compared to $489,868 as of December 31, 2024.
Current wording
The Company held $894,701 in cash as of September 30, 2025 as compared to $489,868 as of December 31, 2024.
Previous wording
The accompanying 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. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. The Company is at the stage of development. As such it is certain that additional financing will be needed by the Company to fund its operations and to develop and commercialize its technology until such time as the profitability of the bitcoin mining operations is sufficient to offset the corporate overhead costs of the Company. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
Current wording
The accompanying interim 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. The interim financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.
Previous wording
The net cash used by operating activities for the six months ended June 30, 2025 was $3,056,552 compared to $2,228,537 for the six months ended June 30, 2024. The increase of $828,015 was primarily due to the following:
Current wording
The net cash used by operating activities for the nine months ended September 30, 2025 was $5,434,274 compared to $3,429,189 for the nine months ended September 30, 2024. The increase in net cash used by operating activities of $2,005,085 was primarily due to the following:
Previous wording
Net cash used in investing activities was $5,683,307. During six months June 2025, the Company paid $4,765,000 for the Bald Eagle Bitcoin Mining Acquisition and received $105,941 for the sale of Crypto Assets.
Current wording
Net cash used in investing activities was $5,516,822. During nine months ended September 30, 2025, the Company paid $4,765,000 for the Bald Eagle Bitcoin Mining Acquisition, invested $1,080,348 in additional equipment related to its Bitcoin mining activities and received $328,526 for the sale of Bitcoin.
Previous wording
Net cash provided by financing activities for the six months ended June 30, 2025, represents net proceeds from debentures of $8,550,000 and Line of Credit $200,000. This was partially offset by repayments on convertible debentures of $110,000, and financing costs of debentures of $157,000. Net cash provided by financing activities for the six months ended June 30, 2024, represents net proceeds from debentures of $2,250,000. This was partially offset by repayments on convertible debentures of $802,282, financing costs of debentures of $84,463.
Current wording
Net cash provided by financing activities for the nine months ended September 30, 2025 was $11,465,126. This primarily represents net proceeds from debentures of $9,795,000, proceeds from the exercise of warrants of $403,061 and proceeds received from the loan payable of $275,000, which were partially offset by repayments on convertible debentures of $110,000, and financing costs of debentures of $157,000. Net cash provided by financing activities for the nine months ended September 30, 2024, represented net proceeds from debentures of $2,250,000. This was partially offset by repayments on convertible debentures of $802,282 and financing costs of debentures of $84,463.
Previous wording
See the footnotes to our unaudited financial statements for the six months ended June 30, 2025 and 2024, included with this quarterly report.
Current wording
See the footnotes to our unaudited financial statements for the nine months ended September 30, 2025 and 2024, included with this quarterly report.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Brands is focused on the development and commercialization of plant-based ingredients and products that deliver healthier and more nutritious solutions. We strive to market and commercialize both branded consumer product offerings and ingredient supply.