CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 18,819,529	$ 2,193,573
Restricted cash	105,000	105,000
Certificate of deposit	2,028,253	0
Accounts receivable, net of allowance for doubtful accounts of $111,465 and $99,233 at September 30, 2025 and December 31, 2024, respectively	1,579,784	88,247
Inventory	497,717	1,455,477
Inventory deposits	282,224	191,156
Prepaid expenses and other current assets	1,892,168	1,032,699
Total current assets	25,204,675	5,066,152
Long-term assets:
Digital assets	334,724,091	0
Digital assets restricted by lenders as collateral for loans	130,804,221	0
Property, equipment, and intangible asset, net	448,367	221,836
Other long-term assets	199,281	199,281
Right-of-use assets - operating leases	880,599	739,234
Total assets	492,261,234	6,226,503
Current liabilities:
Accounts payable	962,247	385,326
Accrued liabilities	949,375	1,379,191
Vendor settlements - short-term	1,704,895	2,092,975
Term loan	49,850,087	0
Current portion of notes payable	7,822	7,181
Warrant liabilities	106,934	111,658
Right-of-use operating lease liabilities - short-term	516,229	443,950
Customer deposits	10,618	216,522
Total current liabilities	54,108,207	4,636,803
Notes payable, net of current portion	22,584	28,533
Vendor settlements - long-term	0	1,189,184
Right-of-use operating lease liabilities - long-term	489,681	331,222
Total liabilities	54,620,472	6,185,742
COMMITMENTS AND CONTINGENCIES
Stockholders’ equity:
Preferred stock: $0.00001 par value, 5,000,000 shares authorized, 25,000 shares designated, no shares issued and outstanding as of September 30, 2025 and December 31, 2024	0	0
Common stock: $0.00001 par value, 250,000,000 shares authorized, 42,337,879 shares issued and outstanding as of September 30, 2025 and 78,859 shares issued and outstanding as of December 31, 2024	475	1
Treasury stock	(39,406,458)	0
Additional paid-in capital	684,278,820	166,357,207
Accumulated deficit	(207,232,075)	(166,316,447)
Total stockholders’ equity	437,640,762	40,761
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 492,261,234	$ 6,226,503

Empery Digital Inc. 10-Q