SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2022 |
|---|
| Accounting Policies [Abstract] |
|
| SCHEDULE OF RESTRICTED CASH |
SCHEDULE OF RESTRICTED CASH
| |
|
As
of
June 30, 2022 |
|
|
As
of
June 30, 2021 |
|
| Cash and cash equivalents |
|
$ |
86,461,467 |
|
|
$ |
170,615,847 |
|
| Restricted cash |
|
|
3,200,000 |
|
|
|
- |
|
| Cash,
cash equivalents and restricted cash |
|
$ |
89,661,467 |
|
|
$ |
170,615,847 |
|
|
| SCHEDULE OF ACTIVITIES OF DIGITAL CURRENCIES |
The
following table presents the activities of the digital currencies for the six months ended June 30, 2022:
SCHEDULE OF ACTIVITIES OF DIGITAL CURRENCIES
| Digital currencies, Digital currencies, restricted and Digital currencies loaned at December
31, 2021* |
|
$ |
123,243,264 |
|
| Additions of digital currencies |
|
|
76,449,636 |
|
| Digital currencies transferred from fund |
|
|
137,843,761 |
|
| Impairment of digital
currencies |
|
|
(147,141,486 |
) |
| Digital currencies, Digital currencies, restricted and Digital currencies loaned
at June 30, 2022 |
|
$ |
190,395,175 |
|
| * |
|
Includes a loan
of digital currencies of 600 bitcoin ($20,437,284). On June 14, 2022 the Company terminated the loan and there are no loans of digital
assets outstanding as of June 30, 2022. |
|
| SCHEDULE OF DIGITAL CURRENCIES HELD IN FUND |
SCHEDULE
OF DIGITAL CURRENCIES HELD IN FUND
| Digital currencies held in fund at December 31, 2021 |
|
$ |
223,778,545 |
|
| Sale of digital currencies |
|
|
(482,872 |
) |
| Change in fair value of digital currencies held in fund |
|
|
(85,016,208 |
) |
| Management expenses incurred by fund |
|
|
(435,704 |
) |
| Digital currencies transferred out of fund |
|
|
(137,843,761 |
) |
| Digital currencies held in fund at June 30, 2022 |
|
$ |
- |
|
|
| SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS |
The
following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis and
the Company’s estimated level within the fair value hierarchy of those assets and liabilities as of June 30, 2022 and December
31, 2021, respectively:
SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS
| |
|
Fair
value measured at June 30, 2022 |
|
| |
|
Total carrying
value at
June 30, |
|
|
Quoted prices
in active markets |
|
|
Significant
other observable inputs |
|
|
Significant
unobservable inputs |
|
| |
|
2022 |
|
|
(Level
1) |
|
|
(Level
2) |
|
|
(Level
3) |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market
Accounts |
|
$ |
82,884,715 |
|
|
$ |
82,884,715 |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
Fair
value measured at December 31, 2021 |
|
| |
|
Total carrying value at
December 31,
|
|
|
Quoted prices
in active markets |
|
|
Significant
other observable inputs |
|
|
Significant
unobservable inputs |
|
| |
|
2021 |
|
|
(Level
1) |
|
|
(Level
2) |
|
|
(Level
3) |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market
Accounts |
|
$ |
266,635,158 |
|
|
$ |
266,635,158 |
|
|
$ |
- |
|
|
$ |
- |
|
| Digital currencies held in fund |
|
$ |
223,778,545 |
|
|
$ |
- |
|
|
$ |
223,778,545 |
|
|
$ |
- |
|
|
| SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE |
Computation
of potential shares for the diluted earnings (loss) per share calculation at June 30, 2022 and 2021 are as follows:
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE
| |
|
2022 |
|
|
2021 |
|
| |
|
As
of June 30, |
|
| |
|
2022 |
|
|
2021 |
|
| Warrants to purchase common stock |
|
|
324,375 |
|
|
|
457,837 |
|
| Restricted stock |
|
|
1,063,410 |
|
|
|
199,038 |
|
| Options to purchase common stock |
|
|
- |
|
|
|
81,120 |
|
| Convertible notes to exchange
common stock |
|
|
9,812,955 |
|
|
|
- |
|
| Total |
|
|
11,200,740 |
|
|
|
737,995 |
|
|
| SCHEDULE OF COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE |
The
following table sets forth the computation of basic and diluted income (loss) per share:
SCHEDULE
OF COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
|
For
the Three Months Ended June 30, |
|
|
For
the Six Months Ended June 30, |
|
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| Net loss attributable
to common shareholders |
|
$ |
(191,646,642 |
) |
|
$ |
(108,884,620 |
) |
|
$ |
(204,605,231 |
) |
|
$ |
(25,527,878 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares - basic and diluted |
|
|
109,437,293 |
|
|
|
99,466,946 |
|
|
|
106,101,762 |
|
|
|
96,922,964 |
|
| Loss per common share - basic
and diluted |
|
$ |
(1.75 |
) |
|
$ |
(1.09 |
) |
|
$ |
(1.93 |
) |
|
$ |
(0.26 |
) |
|