$FRMM

FORUM MARKETS Inc

CIK:0001690080|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total Revenue	$ 1,365		$ 4,224
Cost of Revenue:
Total Cost of Revenue	967		1,473
Gross Profit	398		2,751
Operating Expenses:
General and administrative	10,340	1,353	17,326	3,320
Total Operating Expenses	10,340	1,353	17,326	3,320
Loss From Operations	(9,942)	(1,353)	(14,575)	(3,320)
Other (Expense) Income:
Dividend income	418		472
Interest income	377		481
Other income		7		13
Interest expense	(238)		(1,238)
Other expense			(2,231)
Change in fair value of derivative instruments	636		(10,374)
Change in fair value of available for sale securities	80		126
Digital asset gains and losses	(6,437)		(12,779)
Change in fair value of long-term receivable derivative			(48,637)
Gain (loss) on make whole provision	2,685		(1,200)
Total other (expense) income, net	(2,479)	7	(75,380)	13
Loss Before Income Taxes	(12,421)	(1,346)	(89,955)	(3,307)
Income tax benefit
Net Loss From Continuing Operations	(12,421)	(1,346)	(89,955)	(3,307)
Net Income (Loss) From Discontinued Operations	(397)	(381)	873	(789)
Net Loss	(12,818)	(1,727)	(89,082)	(4,096)
Other Comprehensive Loss:
Foreign currency translation adjustments	16	(143)	(186)	(208)
Total other comprehensive income (loss)	16	(143)	(186)	(208)
Total Comprehensive Loss	$ (12,802)	$ (1,870)	$ (89,268)	$ (4,304)
Basic and Diluted Net Income (Loss) per Common Share
Continuing operation (in Dollars per share)	$ (0.73)	$ (2.36)	$ (4.69)	$ (7.14)
Continuing operations, diluted (in Dollars per share)	(0.73)	(2.36)	(4.69)	(7.14)
Discontinued operation (in Dollars per share)	(0.02)	(0.67)	0.05	(1.7)
Discontinued operations, diluted (in Dollars per share)	$ (0.02)	$ (0.67)	$ 0.05	$ (1.7)
Weighted Average Number of Common Shares Outstanding:
Basic (in Shares)	17,066,476	570,813	19,171,730	462,972
Diluted (in Shares)	17,066,476	570,813	19,171,730	462,972
Aircraft Engine Rental Revenue
Revenue:
Total Revenue	$ 1,365		$ 2,453
Staking Revenue
Revenue:
Total Revenue			1,771
Aircraft Engine Rental
Revenue:
Total Revenue	1,365		2,453
Cost of Revenue:
Total Cost of Revenue	$ 967		$ 1,473

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net loss from continuing operations	$ (89,955)	$ (3,307)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	3,917	681
Depreciation and amortization	1,409
Amortization of loan premiums	9
Change in fair value of long term receivable derivative	48,637
Digital asset gains and losses	12,779
Change in fair value of available for sale securities	(126)
Change in fair value of derivative instruments	10,374
Non-cash staking and incentive revenue	460
Loss on make whole provision	1,200
Changes in operating assets and liabilities:
Accounts receivable	(1,024)
Prepaid expenses and other current assets	(13,997)	374
Right of use asset – operating lease	169
Accounts payable	(1,873)	(93)
Accounts payable - related parties	(17)	2
Accrued expenses	(3,442)	462
Right of use lease liabilities	(903)
Total adjustments	57,572	1,426
Net cash used in operating activities from continuing operations	(32,383)	(1,881)
Net cash used in operating activities from discontinued operations	(509)	(502)
Net cash used in operating activities	(32,892)	(2,383)
Cash Flows from Investing Activities
Purchases of marketable securities	(39,428)
Purchases of digital assets	(757)
Sale of cryptocurrency	128,096
Purchase of loans receivable	(17,474)
Repayment of loans receivable	406
Purchase of property and equipment	(16,813)
Net cash provided by investing activities from continuing operations	54,030
Net cash provided by investing activities from discontinued operations
Net cash provided by investing activities	54,030
Cash Flows from Financing Activities
Repurchases of common stock	(31,322)
Repayment of loans payable	(251)
Proceeds from shares issued for cash, net	5,503
Net cash used in financing activities from continuing operations	(26,070)
Net cash used in financing activities from discontinued operations		(8)
Net cash used in financing activities	(26,070)	(8)
Net Change In Cash, cash equivalents and restricted cash equivalents	(4,932)	(2,391)
Cash, cash equivalents and restricted cash equivalents - Beginning of Period	9,034	4,567
Cash, cash equivalents and restricted cash equivalents - End of Period	4,102	2,176
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for income taxes
Cash paid during the period for interest expense	2	12
Non cash investing and financing activities
Shares issued for settlement of liabilities		751
Prepaid expense financed with notes payable		722
Commitment to repurchase common stock		1,000
Reclassification of deposits for fixed assets	1,216
Loan proceeds received in cryptocurrency	67,039
Loan repayments denominated in cryptocurrency	98,552
Capitalization of ROU assets and liabilities - operating	1,806
Common stock cancelled for withholding taxes	$ 445

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and cash equivalents	$ 4,102	$ 8,018
Restricted cash equivalents		1,016
Accounts receivable	1,024
Loans receivable, current	2,940
Prepaid expenses and other current assets	5,785	4,514
Current assets of discontinued operations	340	22
Total Current Assets	14,191	13,570
Marketable securities	43,966	4,411
Non-marketable securities	45,718	45,718
Digital assets	21,644	61,587
Loans receivable, net of current portion	14,266
Staking receivables		181,011
Property and equipment, net	17,608
Right of use assets - operating	1,638
Total Assets	159,031	306,297
Accounts payable	570	1,539
Accrued expenses	4,354	6,377
Right of use liabilities - operating
Loans payable - current portion		251
Collateralized loan - current portion		31,513
Current liabilities of discontinued operations	355	1,232
Total Current Liabilities	5,279	40,929
Collateralized loan - non current	25,950	25,950
Total Liabilities	31,229	66,879
Commitments and contingencies (Note 12)
Stockholders’ Equity:
Preferred stock, value
Common stock, $0.0001 par value; 5,000,000,000 shares authorized; 13,210,122 and 19,012,231 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	1	2
Treasury stock 3,170 and 0 shares at June 30, 2026 and December 31, 2025, respectively	(17)
Additional paid-in capital	812,123	834,453
Accumulated other comprehensive income	(3,179)	(2,993)
Accumulated deficit	(681,126)	(592,044)
Total Stockholders’ Equity	127,802	239,418
Total Liabilities and Stockholders’ Equity	159,031	306,297
Related Party
Accounts payable – related parties		17
Class B Convertible Preferred Stock
Stockholders’ Equity:
Preferred stock, value
Class C Preferred Stock
Stockholders’ Equity:
Preferred stock, value
Class K Preferred Stock
Stockholders’ Equity:
Preferred stock, value