Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

Note 9. Segment Information

The Company applies ASC 280 Segment Reporting in determining its reportable segments. The Company has two reportable segments: Specialty Finance and Mining Operations. The guidance requires that segment disclosures present the measure(s) used by the CODM to decide how to allocate resources and for purposes of assessing such segments’ performance. The Company’s CODM uses revenue, income from operations and income before taxes of our reporting segments to assess the performance of the business of our reportable operating segments.

No operating segments have been aggregated to form the reportable segments. The corporate oversight function, and other components that may earn revenues that are only incidental to the activities of the Company are aggregated and included in the “All Other” category.

The Specialty Finance segment generates revenue from providing funding to nonprofit community associations. The Mining Operations segment generates revenue from the Bitcoin the Company earns through its mining activities.

	Three Months Ended September 30, 2024
	Specialty Finance			Mining Operations			All Other			Total
Revenue, net	$	97,557		$	1,127,455		$	30,461		$	1,255,473
Depreciation and amortization		731			2,347,437			1,466			2,349,634
Operating loss		(222,025	)		(2,062,381	)		(2,129,916	)		(4,414,322	)
Unrealized loss on investment and equity securities		-			-			(346,866	)		(346,866	)
Unrealized loss on marketable securities		-			-			(3,296	)		(3,296	)
Impairment loss on prepaid mining machine deposits		-			(12,941	)		-			(12,941	)
Interest income		-			-			98,343			98,343
Interest expense		-			16,715			(140,750	)		(124,035	)
Loss before income taxes		(222,025	)		(2,058,607	)		(2,522,485	)		(4,803,117	)
Fixed asset additions		-			-			1,826			1,826

	Nine Months Ended September 30, 2024
	Specialty Finance			Mining Operations			All Other			Total
Revenue, net	$	395,988		$	8,618,436		$	-		$	9,014,424
Depreciation and amortization		3,403			7,107,294			4,707			7,115,404
Operating loss		(761,356	)		(3,095,570	)		(4,780,331	)		(8,637,257	)
Unrealized loss on investment and equity securities		-			-			(852,624	)		(852,624	)
Unrealized gain on marketable securities		-			-			984			984
Gain on fair value of purchased Bitcoin, net		-			-			57,926			57,926
Impairment loss on prepaid mining machine deposits		-			(12,941	)		-			(12,941	)
Other income - coupon sales		-			4,490			-			4,490
Interest income		-			-			124,696			124,696
Interest expense		-			(72,511	)		(159,243	)		(231,754	)
Loss before income taxes		(761,356	)		(3,176,532	)		(5,608,592	)		(9,546,480	)
Fixed asset additions		-			1,226,602			1,826			1,228,428

	Three Months Ended September 30, 2023
	Specialty Finance			Mining Operations			All Other			Total
Revenue, net	$	136,035		$	3,283,473		$	-		$	3,419,508
Depreciation and amortization		1,473			1,457,272			58,128			1,516,873
Operating loss		(270,842	)		(1,291,909	)		(1,607,668	)		(3,170,419	)
Unrealized loss on investment and equity securities		-			-			(778,078	)		(778,078	)
Realized gain on securities		-			-			1,788			1,788
Unrealized loss on marketable securities		-			-			2,058			2,058
Impairment loss on Symbiont assets		-			-			(750,678	)		(750,678	)
Credit loss on Seastar Medical Holding Corporation notes receivable		-			-			(22,344	)		(22,344	)
Other income - coupon sales		-			10,160			-			10,160
Interest income		-			-			39,657			39,657
Loss before income taxes		(270,842	)		(1,281,749	)		(3,115,265	)		(4,667,856	)
Fixed asset additions		1,711			165,054			1,929			168,694

	Nine Months Ended September 30, 2023
	Specialty Finance			Mining Operations			All Other			Total
Revenue, net	$	586,030			8,342,646		$	-		$	8,928,676
Depreciation and amortization		3,998			3,423,383			60,485			3,487,866
Operating loss		(679,033	)		(2,178,203	)		(5,438,943	)		(8,296,179	)
Unrealized loss on investment and equity securities		-			-			(10,317,613	)		(10,317,613	)
Unrealized gain on marketable securities		-			-			6,436			6,436
Realized gain on securities		-			-			1,788			1,788
Impairment loss on prepaid machine deposits		-			(36,691	)		-			(36,691	)
Credit loss on Seastar Medical Holding Corporation notes receivable					-			(22,344	)		(22,344	)
Symbiont credit reserve reversal		-			-			1,052,543			1,052,543
Impairment loss on Symbiont assets		-			-			(750,678	)		(750,678	)
Realized gain on sale of purchased digital assets		-			-			1,917			1,917
Other income - coupon sales		-			639,472			-			639,472
Other income - financing revenue		-			-			37,660			37,660
Interest income		-			-			210,881			210,881
Loss before income taxes		(679,033	)		(1,575,422	)		(15,218,353	)		(17,472,808	)
Fixed asset additions		2,939			1,901,099			9,265			1,913,303