Financial Analysis

Note 8. Commitments and Contingencies Bitcoin Production Equipment and Operations On March 16, 2023, the Company entered into a Partnership Agreement and a Property Lease Agreement (together, the Agreements) with a third-party cryptocurrency mining company (Tenant). Under the Lease Agreement, the Company agreed to lease portions of its six-acre mining facility in LaFayette, Georgia, in increments of up to ten 40-foot Spaces (the Spaces), each with access to up to one megawatt (MW) of electrical power. Tenant agreed to pay rent of $ 5 per Space per month (provided the Spaces were powered), plus reimbursement for electricity usage and any related deposits. In connection with the Partnership Agreement, the Company agreed to issue Tenant 500,000 shares of its common stock per month for each rented Space (the Monthly Issuances) and to issue an additional annual share issuance equal to 100% of the aggregate Monthly Issuances for that year (the Annual Issuances, and together, the Issuances). The Agreements had a term of 24 months commencing on April 1, 2023. The Company determined the transaction should be accounted for on a net basis, and the fair value of the equity should be recorded as a direct deduction from rental revenue. The Company determined that the share issuances would be treated as lease incentives and ASC 842-10-30-5 requires lease incentives to be recorded as a reduction of fixed payments when determining lease payments. The Company concluded that the equity portion …

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Note 9. Employee Benefit Plans The Company maintains defined contribution benefit plans under Section 401(k) of the Internal Revenue Code covering substantially all qualified employees of the Company (the 401(k) Plan). Under the 401(k) Plan, the Company may make discretionary contributions of up to 100 % of employee contributions. During the three and nine months ended September 30, 2025, the Company made contributions to the 401(k) Plan of $ 0 and $ 0 , respectively. During the three and nine months ended September 30, 2024, the Company made contributions to the 401(k) plan of $ 1 and $ 2 , respectively. …

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Note 5. Note Payable November 2024 Note On November 1, 2024, the Company exchanged its previously outstanding convertible note for a new secured note in the principal amount of $ 1,620 , with interest at 8 % per annum and a maturity of December 31, 2025 (the November 2024 Note). In case of an event of default under the November 2024 Note, interest shall accrue at the lesser of (i) a rate of 12 % per annum or (ii) the maximum amount permitted by law, and once the event of default is cured, the interest rate shall revert to 8 % per annum. Furthermore, under the terms of the November 2024 Note, an event of default may result, at the holders election, in the accelerated maturity of the note, in which case 110% of the principal of and accrued and unpaid interest on the note will automatically become due and payable. The Company recorded interest expense of $ 26 and $ 119 for the three and nine months ended September 30, 2025, respectively. On May 13, 2025, the Company used $ 400 of the cash proceeds from the sale of its LaFayette, Georgia facility (see Note 4 Property, Plant and Equipment) to make a partial repayment of principal and accrued interest on the November 2024 Note. After this payment, the outstanding principal balance was $ 1,220 as of September 30, 2025. The November 2024 Note was exchanged for a new Convertible Note of equal face value in September 2025 (refer to September 2025 Note section disclosed below ). New Promissory Note Also on November 1, 2024, the Companys …

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Note 6. Leases The Company is not a party to any leases. As a result, the Company did no t record rent expense for the three and nine months ended September 30, 2025 and 2024. The lease liability disclosed on the condensed balance sheet is the loss on lease incentive recorded in April 2023 (See Note 8).

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Recent accounting pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying financial statements, other than those disclosed below. In December 2023, the FASB issued ASU 2023-09, which enhances annual income-tax disclosures by requiring greater disaggregation of the effective-tax-rate reconciliation and additional information about income taxes paid. The standard is effective for annual periods beginning after December 15, 2024. The Company will adopt the guidance in its Form 10-K for the year ended December 31, 2025 and does not expect it to have a material impact on its financial statements. Issued in March 2024, ASU 2024-03 requires public companies to provide expanded annual disclosures of certain natural expense categories and amounts regularly reviewed by management. The guidance is effective for annual periods beginning after December 15, 2024. The Company will adopt the new disclosure requirements in its Form 10-K for the year ended December 31, 2025 and does not expect the adoption to have a material impact on its financial statements.

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Note 10. Related Party Transactions On September 23, 2025, the Company issued shares of its common stock to a director. The Company issued 500,000,000 shares of common stock to a director in settlement of $ 56 of previously accrued fees. The shares have a par value of $ 0.001 , resulting in $ 500 recorded to common stock. The excess of par value over the liability settled, totaling $ 444 , was recorded as a reduction to additional paid-in capital. No incremental compensation expense was recognized as the related services had been fully accrued in prior periods. In separate transactions on September 23, 2025, the Company issued 100,000,000 shares to its Interim CEO & CFO and 100,000,000 shares to an employee. The shares were granted at a fair value of $ 0.0001 per share, resulting in compensation expense of $ 10 for each grant. The shares carry a par value of $ 0.001 , resulting in $ 100 recorded to common stock for each issuance. The excess of par value over the fair value of the shares issued, totaling $ 90 for each grant, was recorded as a reduction to additional paid-in capital. Loans Payable Related Party On August 1, 2023, a former executive loaned the Company $ 15 . The loan bears interest at an annual rate of 4.43 %. A maturity date has not yet been set. For the three and nine months ended September 30, 2025 and 2024, respectively, the Company recorded $ 0.1 and $ 0.5 of interest expense in respect of this loan. Accounts Payable Related Party During the year ended …

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Note 3. Summary of Significant Accounting Policies Use of estimates and assumptions and critical accounting estimates and assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and also affect the amounts of revenues and expenses reported for each period. Actual results could differ from those which result from using such estimates. Management utilizes various other estimates, including but not limited to the valuation allowance for deferred tax assets. The results of any changes in accounting estimates are reflected in the financial statements in the period in which the changes become evident. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period that they are determined to be necessary. Cash and cash equivalents The Company considers all highly liquid instruments with an original maturity of three months or less when acquired to be cash equivalents. The Companys combined accounts were $ 32 and $ 6 as of September 30, 2025, and December 31, 2024, respectively. Accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $ 250 per financial institution. The Company has not experienced any losses in such accounts with these financial institutions. As of September 30, 202 …

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Note 7. Common Stock and Preferred Stock Common stock Common Stock Issuances On July 14, 2025, the Company filed a Preliminary Information Statement on Schedule 14C to increase its authorized common stock and authorize a reverse stock split within a range of ratios to be determined by the Board. The Definitive Information Statement was filed on July 25, 2025, and mailed to shareholders of record on August 7, 2025. The amendment to the Certificate of Incorporation increasing authorized common stock to 10 billion shares became effective in Delaware on August 25, 2025. On September 22, 2025, the Company issued 500,000,000 shares of common stock as part of restructuring its 2024 Notes. The issuance was exempt from registration under Section 3(a)(9) of the Securities Act of 1933, as amended. (See Note 5 for accounting treatment under ASC 470-50.) Additionally, on September 22, 2025, the Company issued 650,000,000 shares of common stock upon conversion of 650,000 shares of Series D Preferred Stock. The converted shares represented all outstanding Series D Preferred Stock. The issuance was exempt from registration under Section 3(a)(9) of the Securities Act of 1933, as amended. On September 23, 2025, the Company issued (i) 100,000,000 shares of common stock valued at $ 10 to its Interim CEO and CFO, Jonathan M. Pfohl, (ii) 100,000,000 shares of common stock valued at $ 10 to another employee, and (iii) 500,000,000 shares of common stock to Director Michael Onghai in exchange for or …

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Note 11. Subsequent Events The Company has evaluated subsequent events through the date these unaudited condensed financial statements were available to be issued and determined that no material events occurred after September 30, 2025 requiring adjustment or disclosure in the accompanying unaudited condensed financial statements.

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