SEDAR Interim Financial Statements

[
  {
    "companyName": "THREED CAPITAL INC.",
    "reportingPeriodEnd": "2025-12-31",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cash": 6293,
      "dueFromBrokers": 6151,
      "prepaidsAndReceivables": 975813,
      "relatedPartyLoanReceivables": 1188190,
      "investmentsAtFairValue": 20757580,
      "digitalAssetsAtFairValueLessCostToSell": 2631212,
      "propertyEquipmentAndRightOfUseAssets": 293116,
      "totalAssets": 25858355,
      "accountsPayableAndAccruedLiabilities": 244960,
      "unearnedRevenue": 746,
      "leaseLiabilities": 313805,
      "totalLiabilities": 559511,
      "shareCapital": 109961580,
      "contributedSurplus": 45299510,
      "warrants": 2085766,
      "foreignCurrencyTranslationReserve": 875075,
      "deficit": -132923087,
      "totalEquity": 25298844,
      "totalLiabilitiesAndEquity": 25858355,
      "cashPerShare": 0.0001,
      "workingCapitalPerShare": 0.0083
    },
    "incomeStatement": {
      "netRealizedLossesOnDisposalOfInvestments": -723442,
      "netUnrealizedGainsLossesOnInvestments": -3169011,
      "netRealizedGainsLossesOnDisposalOfDigitalAssets": 758644,
      "netUnrealizedLossesOnDigitalAssets": -1714431,
      "netInvestmentAndDigitalAssetGainsLosses": -4848240,
      "consultingAndAdministrativeIncome": 198000,
      "interestAndDividendIncome": 64247,
      "totalRevenue": -4585993,
      "operatingGeneralAndAdministrative": 1726509,
      "financeExpenses": 28980,
      "totalExpenses": 1755489,
      "lossBeforeIncomeTaxes": -6341482,
      "incomeTaxExpense": null,
      "netLossForThePeriod": -6341482,
      "exchangeDifferencesOnTranslationOfForeignOperations": -85,
      "totalComprehensiveLossForThePeriod": -6341567,
      "lossPerCommonShareBasic": -0.07,
      "lossPerCommonShareDiluted": -0.07,
      "weightedAverageNumberOfCommonSharesOutstandingBasic": 89498505,
      "weightedAverageNumberOfCommonSharesOutstandingDiluted": 89498505
    },
    "cashFlowStatement": {
      "netLossForThePeriod": -6341482,
      "netRealizedLossesOnDisposalOfInvestments": 723442,
      "netChangeInUnrealizedLossesGainsOnInvestments": 3169011,
      "netRealizedLossesGainsOnDisposalOfDigitalAssets": -758644,
      "netChangeInUnrealizedLossesOnDigitalAssets": 1714431,
      "nonCashConsultingInterestAndDividendIncome": -72040,
      "nonCashTransactionCosts": 2101,
      "stockBasedCompensationExpense": 135909,
      "depreciationExpense": 51860,
      "financeExpense": 25437,
      "totalAdjustments": 4978547,
      "netCashFromOperatingActivitiesBeforeWorkingCapitalChanges": -1362935,
      "proceedsOnDisposalOfInvestments": 2049055,
      "purchasesOfInvestments": -1071910,
      "advancesMadeOnInvestmentsNotYetClosed": null,
      "proceedsOnDisposalOfDigitalAssets": 4692335,
      "purchasesOfDigitalAssets": -5050465,
      "increaseInPrepaidsAndReceivables": -216950,
      "decreaseInDueFromBrokers": -915,
      "decreaseInUnearnedRevenue": -60000,
      "decreaseInDueToBrokers": null,
      "increaseDecreaseInAccountsPayableAndAccruedLiabilities": -312700,
      "netChangeInNonCashWorkingCapitalBalances": -1321525,
      "cashFlowsFromOperatingActivities": -1321525,
      "loansProvidedToOfficer": null,
      "loanPaymentsReceivedFromOfficer": 337514,
      "interestReceivedFromLoanProvidedToOfficer": null,
      "cashFlowsFromInvestingActivities": 337514,
      "proceedsReceivedForSharesAndWarrantsIssued": 1056000,
      "issuanceCostsOfSharesAndWarrantsIssued": -3432,
      "purchaseOfSharesCancelledUnderTheNormalCourseIssuerBid": null,
      "interestExpenseOnMarginBorrowings": 3543,
      "principalPaymentsOfLeaseLiabilities": -71008,
      "cashFlowsFromFinancingActivities": 985103,
      "netIncreaseDecreaseInCashDuringThePeriod": 1092,
      "exchangeRateChangesOnForeignCurrencyCashBalances": -85,
      "cashBeginningOfPeriod": 5286,
      "cashEndOfPeriod": 6293
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Investments",
        "description": "Publicly-traded investments (Level 1)",
        "ownershipPercentage": null,
        "value": 6626822,
        "notes": "Securities traded in active markets, valued at quoted closing trade prices."
      },
      {
        "type": "Investments",
        "description": "Publicly-traded investments with restrictions (Level 2)",
        "ownershipPercentage": null,
        "value": 3693996,
        "notes": "Securities traded on recognized exchanges but escrowed/restricted, valued with discount using Finnerty’s put option model."
      },
      {
        "type": "Investments",
        "description": "Private company investments (Level 3)",
        "ownershipPercentage": null,
        "value": 10436762,
        "notes": "Unlisted private equities, convertible debentures, warrants. Valued using recent transactions, calibration, indexing, discounted cash flow, Black-Scholes."
      },
      {
        "type": "Digital Assets",
        "description": "Digital coins (Level 2)",
        "ownershipPercentage": null,
        "value": 2810,
        "notes": "Valued using observable market inputs."
      },
      {
        "type": "Digital Assets",
        "description": "Digital tokens (Level 2)",
        "ownershipPercentage": null,
        "value": 1777259,
        "notes": "Valued using observable market inputs."
      },
      {
        "type": "Digital Assets",
        "description": "Nodes (Level 3)",
        "ownershipPercentage": null,
        "value": 851143,
        "notes": "Grant rights to operate/host/participate in decentralized network infrastructure. Valued using unobservable market inputs."
      },
      {
        "type": "Convertible Debentures",
        "description": "Loans receivable convertible into common shares",
        "ownershipPercentage": null,
        "value": 1751290,
        "notes": "Interest 8%-10%, maturity 1-2 years. Included in investments at fair value."
      },
      {
        "type": "Joint Venture",
        "description": "Joint Operating Agreement with CEO for monetizing digital assets",
        "ownershipPercentage": 50,
        "value": null,
        "notes": "ThreeD contributes HyperCycle tokens, CEO contributes HYPC nodes. Revenue/expenses shared 50/50. Income cap $2,000,000."
      }
    ],
    "shareStructure": {
      "authorizedShares": "unlimited",
      "issuedShares": 94287635,
      "classesOfShares": ["common shares"],
      "warrants": [
        {
          "number": 5574100,
          "exercisePrice": 0.4,
          "expiryDate": "2027-07-15"
        },
        {
          "number": 13040000,
          "exercisePrice": 0.22,
          "expiryDate": "2028-01-17"
        },
        {
          "number": 7000000,
          "exercisePrice": 0.2,
          "expiryDate": "2030-03-13"
        },
        {
          "number": 11600000,
          "exercisePrice": 0.15,
          "expiryDate": "2030-08-01"
        },
        {
          "number": 6000000,
          "exercisePrice": 0.15,
          "expiryDate": "2030-09-23"
        }
      ],
      "options": [
        {
          "number": 100000,
          "exercisePrice": 0.5,
          "expiryDate": "2026-01-03"
        },
        {
          "number": 1300000,
          "exercisePrice": 0.75,
          "expiryDate": "2026-01-15"
        },
        {
          "number": 400000,
          "exercisePrice": 0.8,
          "expiryDate": "2026-03-18"
        },
        {
          "number": 500000,
          "exercisePrice": 1.25,
          "expiryDate": "2026-03-26"
        },
        {
          "number": 100000,
          "exercisePrice": 0.9,
          "expiryDate": "2026-10-08"
        },
        {
          "number": 750000,
          "exercisePrice": 0.8,
          "expiryDate": "2026-12-13"
        },
        {
          "number": 225000,
          "exercisePrice": 0.8,
          "expiryDate": "2027-02-16"
        },
        {
          "number": 100000,
          "exercisePrice": 0.4,
          "expiryDate": "2027-10-30"
        },
        {
          "number": 821667,
          "exercisePrice": 0.5,
          "expiryDate": "2027-12-01"
        },
        {
          "number": 1450000,
          "exercisePrice": 0.4,
          "expiryDate": "2028-12-19"
        },
        {
          "number": 1750000,
          "exercisePrice": 0.4,
          "expiryDate": "2029-06-11"
        },
        {
          "number": 950000,
          "exercisePrice": 0.25,
          "expiryDate": "2029-09-06"
        },
        {
          "number": 2500000,
          "exercisePrice": 0.25,
          "expiryDate": "2030-01-21"
        }
      ],
      "rightsConvertibleInstruments": "Restricted Share Unit Plan approved but no RSUs granted as of Dec 31, 2025."
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "threeMonthsEndedDec312025": {
          "salariesAndConsultingFees": 288000,
          "ceoPerformanceBonus": null,
          "directorFees": 51250,
          "otherShortTermBenefits": 3008,
          "stockBasedCompensationExpense": 47080,
          "total": 389338
        },
        "sixMonthsEndedDec312025": {
          "salariesAndConsultingFees": 876000,
          "ceoPerformanceBonus": null,
          "directorFees": 102500,
          "otherShortTermBenefits": 5770,
          "stockBasedCompensationExpense": 126799,
          "total": 1111069
        }
      },
      "namedIndividuals": [
        {
          "name": "CEO",
          "title": "Chairman/Chief Executive Officer",
          "period": "sixMonthsEndedDec312025",
          "components": {
            "salary": null,
            "bonus": null,
            "total": null
          }
        },
        {
          "name": "CFO",
          "title": "Chief Financial Officer/Corporate Secretary",
          "period": "sixMonthsEndedDec312025",
          "components": {
            "salary": null,
            "bonus": null,
            "total": null
          }
        }
      ],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "CEO",
          "description": "Loan receivable (Second Loan)",
          "amount": 1188190,
          "period": "As at Dec 31, 2025"
        },
        {
          "counterparty": "Park Place Limited (controlled by CEO)",
          "description": "Prepaid consulting fees",
          "amount": 715212,
          "period": "As at Dec 31, 2025"
        },
        {
          "counterparty": "Independent directors",
          "description": "Director and consulting fees payable",
          "amount": 118500,
          "period": "As at Dec 31, 2025"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "January 2026",
        "description": "100,000 stock options ($0.50 exercise) and 1,300,000 stock options ($0.75 exercise) expired unexercised.",
        "impactValue": null
      },
      {
        "eventDate": "January 2026",
        "description": "100,000 stock options ($0.25 exercise, expiry Jan 21, 2030) and 50,000 stock options ($0.80 exercise, expiry Mar 18, 2026) were cancelled.",
        "impactValue": null
      },
      {
        "eventDate": "After Dec 31, 2025",
        "description": "CEO repaid $159,157 on the Second Loan (Note 6(e)).",
        "impactValue": -159157
      }
    ]
  }
]