DIGITAL CURRENCIES

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

DIGITAL CURRENCIES

NOTE 2 – DIGITAL CURRENCIES

As of March 31, 2024, the Company held an aggregate amount of $2,704 in digital currencies comprised of unrestricted Bitcoin. Changes in digital currencies consisted of the following for the three months ended March 31, 2024, and 2023:

	Three Months Ended
	March 31, 2024		March 31, 2023
Digital currencies at beginning of period	$	3,175,595	$	109,827
Additions of digital currencies(1)	25,114,221		12,921,075
Realized gain on sale of digital currencies	624,107		326,768
Unrealized gain (loss) on digital currencies	1,227		—
Impairment losses	—		(71,477)
Proceeds from sale of digital currencies	(29,011,738)		(12,613,341)
Impact of ASU 2023-08 as of January 1, 2024	99,292		—
Digital currencies at end of period	$	2,704	$	672,852

(1) Additions of digital currencies were related to mining activities.

2 See Note 1 – Basis of Presentation for more details regarding the Company's adoption of ASU 2023-08 as of January 1, 2024.

As previously disclosed, the Company adopted ASU 2023-08 effective January 1, 2024, using a modified retrospective transition method, with a cumulative-effect adjustment of $99,292 recorded to the opening balance of retained earnings. Following the adoption of ASU 2023-08, realized gains (net of realized losses) on the sale of digital currencies were $624,107 and unrealized gains (net of unrealized losses) on digital currencies were $1,227 for the three months ended March 31, 2024. Furthermore, with the adoption of ASU 2023-08, the Company no longer accounts for digital currencies as indefinite-live intangible assets, and therefore, no impairment losses have been recognized in the current year period.

As of March 31, 2024, the Company's crypto asset holdings were immaterial. As of December 31, 2023, the Company's crypto asset holdings consisted of approximately 76.7 Bitcoin with a carrying value was $3,175,595 and fair value of $3,274,887.