SEDAR Interim Financial Statements

[
  {
    "companyName": "BITZERO HOLDINGS INC. (FORMERLY WBM CAPITAL CORP.)",
    "reportingPeriodEnd": "2025-12-31",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cash": 8121992,
      "cashHeldInTrust": 2336631,
      "restrictedCash": 2000000,
      "accountsReceivable": null,
      "digitalCurrency": 1474415,
      "prepaidsAndDeposits": 6234821,
      "indirectTaxesRecoverable": 1033369,
      "totalCurrentAssets": 19201228,
      "propertyPlantAndEquipment": 27734514,
      "constructionInProgress": 3183568,
      "rightOfUseAssets": 2937024,
      "prepaidsAndDepositsNonCurrent": 1569524,
      "totalNonCurrentAssets": 37424630,
      "totalAssets": 56625858,
      "accountsAndOtherPayables": 7643632,
      "contingentConsiderationPayable": 1760547,
      "settlementLiabilityCurrent": 1218679,
      "loansPayableCurrent": 1865524,
      "relatedPartyAdvances": 148800,
      "convertibleDebentures": 1630463,
      "derivativeLiability": 3579694,
      "totalCurrentLiabilities": 17847339,
      "settlementLiabilityNonCurrent": 1276411,
      "loansPayableNonCurrent": 6523619,
      "leaseLiabilityNonCurrent": 2176446,
      "convertiblePromissoryNote": 2556408,
      "totalNonCurrentLiabilities": 12532884,
      "totalLiabilities": 30380223,
      "shareCapital": 114390263,
      "contributedSurplus": 18956519,
      "debentureReserve": 54733,
      "accumulatedOtherComprehensiveLoss": -13491462,
      "accumulatedLosses": -93664418,
      "totalEquity": 26245635,
      "cashPerShare": 0.1855,
      "workingCapitalPerShare": 0.0309
    },
    "incomeStatement": {
      "revenueFromDigitalAssetsMined": 7495738,
      "directCosts": -6924878,
      "administrativeExpenses": -1149879,
      "financeCosts": -3499824,
      "marketingExpenses": -451013,
      "shareBasedExpenses": -12708387,
      "foreignExchangeGainLoss": 846805,
      "realizedLossGainFromSaleOfDigitalCurrency": -21298,
      "lossOnContractSettlement": null,
      "gainOnDerivativeFinancialInstruments": 4328146,
      "lossBeforeIncomeTaxes": -12084590,
      "incomeTax": null,
      "netLoss": -12084590,
      "revaluationLossGainsOnDigitalCurrency": -328261,
      "gainLossOnTranslationOfForeignOperations": 316084,
      "totalComprehensiveLoss": -12096767,
      "lossPerShareBasic": -0.28,
      "lossPerShareDiluted": -0.28,
      "weightedAverageSharesOutstanding": 43777831
    },
    "cashFlowStatement": {
      "netLoss": -12084590,
      "shareBasedExpenses": 12708387,
      "depreciationOfPropertyPlantAndEquipment": 2347226,
      "amortizationOfRightOfUseAssets": 72218,
      "sharesIssuedForServicesRendered": 11983,
      "recognitionOfROUAsset": -3009242,
      "recognitionOfLeaseLiability": 3916032,
      "interestOnLongTermDebt": 3071976,
      "interestOnSettlementLiability": 231223,
      "interestOnConvertibleDebt": 62243,
      "equityClassificationOfLoanProceeds": -3332850,
      "interestOnLeaseLiability": 53947,
      "operatingCashFlowBeforeChangesInNonCashWorkingCapital": 4048553,
      "indirectTaxesRecoverable": -498377,
      "prepaidsAndDeposits": -6141758,
      "accountsReceivable": 380093,
      "digitalCurrencies": -7591018,
      "accountsAndOtherPayables": 333931,
      "settlementLiabilityCurrent": null,
      "cashFromUsedInOperatingActivities": -9468576,
      "purchaseOfPropertyPlantAndEquipment": -1330958,
      "proceedsOnSaleOfDigitalAssets": 6541553,
      "cashFromUsedInInvestingActivities": 5210595,
      "issuanceOfCommonShares": 607707,
      "paymentOfSettlementLiability": -650000,
      "repaymentOnLongTermDebt": -350000,
      "loanProceedsReceivedNet": 8245000,
      "advanceRepaymentOfRelatedPartyBalances": -1994,
      "repaymentOfLeaseLiability": -1793533,
      "cashInterestPaid": -1111137,
      "convertiblePromissoryNoteProceeds": 3928990,
      "cashFromUsedInFinancingActivities": 8875033,
      "netChangeInCashAndCashEquivalents": 4617052,
      "cashHeldInTrustBeginningOfPeriod": 2973500,
      "cashAndCashEquivalentsBeginningOfPeriod": 2501986,
      "effectsOfExchangeRateChangesOnCashAndCashEquivalents": 366085,
      "cashHeldInTrustEndOfPeriod": 2336631,
      "cashAndCashEquivalentsEndOfPeriod": 8121992
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Subsidiary",
        "description": "Exanorth AS",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "Norwegian limited liability entity, wholly owned subsidiary, holds data center in Norway for cryptocurrency mining."
      },
      {
        "type": "Subsidiary",
        "description": "Bitzero Blockchain Inc.",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "Canadian entity, accounting acquirer in reverse takeover."
      },
      {
        "type": "Subsidiary",
        "description": "Bitzero Inc.",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "Barbados entity."
      },
      {
        "type": "Subsidiary",
        "description": "Bitzero ND I",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "United States entity."
      },
      {
        "type": "Subsidiary",
        "description": "Bitzero ND II",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "United States entity."
      },
      {
        "type": "Subsidiary",
        "description": "Zetanorth AS",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "Norwegian entity."
      },
      {
        "type": "Subsidiary",
        "description": "Bitzero Finland Oy",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "Finnish entity, acquired on January 23, 2025, for future operations expansion."
      },
      {
        "type": "Digital Currency",
        "description": "Bitcoin cryptocurrency",
        "ownershipPercentage": null,
        "value": 1474415,
        "notes": "Held as intangible assets, measured at fair value. 17.71 Bitcoin held as of Dec 31, 2025."
      }
    ],
    "shareStructure": {
      "authorizedShares": "unlimited",
      "issuedShares": 50691121,
      "classesOfShares": ["common shares"],
      "warrants": [
        {
          "number": 3243480,
          "exercisePrice": 0.86,
          "expiryDate": null
        }
      ],
      "options": [
        {
          "number": 1068033,
          "exercisePrice": 2.21,
          "expiryDate": null
        }
      ],
      "rightsConvertibleInstruments": "Convertible promissory notes and convertible debentures exist."
    },
    "managementCompensation": {
      "currency": "USD",
      "periods": {
        "2025": {
          "totalCompensationPaidToKeyManagement": 166433,
          "shareBasedPayments": 7776463,
          "total": 7942896
        },
        "2024": {
          "totalCompensationPaidToKeyManagement": 123888,
          "shareBasedPayments": null,
          "total": 123888
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "CEO (Convertible Debenture)",
          "description": "Unsecured convertible loan, principal $1,000,000, no interest prior to maturity, 15% after maturity, convertible at CAD $0.40 per share.",
          "amount": 1000000,
          "period": "Ongoing"
        },
        {
          "counterparty": "Key Management",
          "description": "Amounts due to related parties included in accounts and other payables and related party advances.",
          "amount": 148800,
          "period": "As of Dec 31, 2025"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "January 2026",
        "description": "A portion of the convertible promissory notes was converted into equity, resulting in the issuance of 51,971 common shares at a conversion price of $4.00 per share.",
        "impactValue": null
      },
      {
        "eventDate": "2026-01-19",
        "description": "Restricted share units vested and were settled through the issuance of 400,000 common shares.",
        "impactValue": null
      }
    ]
  }
]