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Tables in the 10-Q of Nakamoto Inc.

31 tables with numbers, filed Nov 19, 2025. Each one downloads as a CSV for Excel or Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed. Open the filing on sec.gov ↗

Part I – Financial Information
Item 1 Financial Statements	2
Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3 Quantitative and Qualitative Disclosures about Market Risk	29
Item 4 Controls and Procedures	29
Part II – Other Information
Item 1 Legal Proceedings	30
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds	60

	Page
Condensed Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024	3
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	4
Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	5
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)	6
Notes to Condensed Consolidated Financial Statements (Unaudited)	7

	September 30,		December 31,
	2025		2024
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$24,185,083		$2,273,624
Prepaid expenses and other current assets		2,866,714		232,028
Total Current Assets		27,051,797		2,505,652

	For the		For the		For the	For the
	Three Months Ended		Three Months Ended		Nine Months Ended	Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025	September 30, 2024
Revenue	$388,209		$647,867		$1,376,391	$2,115,953
Operating expenses:
Cost of revenues		2,015		7,790		17,481	77,481
Salaries and wages		5,798,570		1,138,561		8,458,035	2,648,814
General and administrative		4,982,754		525,758		6,696,673	1,259,855

	Shares		Amount			Shares		Amount		Amount			Capital		Deficit		Total
	Series A							Treasury		Additional
	Preferred Stock		Common Stock			Stock		Paid-in		Accumulated
	Shares		Amount			Shares		Amount		Amount			Capital		Deficit		Total
Balance at December 31, 2023		-		$-			4,617,798		$4,618			$-		$4,045,024		$(4,158,054)		$(108,412)
Stock-based compensation		-			-			-			-			-			7,616		-	7,616
Net loss		-			-			-			-			-			-		(282,326)	(282,326)
Balance as of March 31, 2024		-		$-			4,617,798		$4,618			$-		$4,052,640		$(4,440,380)		$(383,122)

Level 1:	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2:	Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.
Level 3:	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The significant unobservable inputs used in the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash flow methodologies and similar techniques.

	August 14, 2025
Fair value of equity consideration	$24,999,679
Less: Assets acquired		(188,569)
Add: Liabilities assumed		7,628,701
Add: Put Option liability		27,314,000
Loss on acquisition of Nakamoto	$59,753,811

	September 30, 2025
Digital assets held:	Units		Cost Basis		Fair Value
Bitcoin		5,398		$681,247,326		$615,798,837

	September 30, 2025		December 31, 2024
Leasehold improvements	$107,806		$127,489
Furniture		57,301		70,070
Computer software and equipment		94,996		94,996
Medical equipment		10,976		10,976
Total property and equipment		271,079		303,531
Less accumulated depreciation		(197,412)		(180,576)
Total property and equipment, net	$73,667		$122,955

	September 30, 2025		December 31, 2024
EDM software	$622,008		$388,338
Total capitalized software		622,008		388,338
Less accumulated amortization		(622,008)		-
Total capitalized software, net	$-		$388,338

	September 30, 2025		December 31, 2024
Operating lease right-of-use assets	$513,244		$641,651
Operating lease liabilities, current portion		126,807		138,743
Operating lease liabilities, long-term		399,967		496,017
Total operating lease liabilities	$526,774		$634,760
Weighted-average remaining lease term (years)		5.5		5.8
Weighted-average discount rate		8.5%		9.0%

Year Ending December 31,	Amount
2025 (remaining)	$41,614
2026		164,150
2027		86,366
2028		87,444
2029		83,887
Thereafter		175,400
Total		638,861

	September 30, 2025		December 31, 2024
Leased equipment (property and equipment)	$10,976		$10,976
Less: accumulated depreciation		(3,293)		(1,646)
Total leased equipment, net	$7,683		$9,330
Finance lease liabilities, current portion		-		2,030
Finance lease liabilities, long-term		-		7,615
Total finance lease liabilities	$-		$9,645
Weighted-average remaining lease term (years)		-		4.6

Instrument	Valuation Technique	Significant Unobservable Inputs	Input(s) Used
Put option liability	Correlated Monte Carlo Simulation	Equity volatility - BTC		56.7%
		Equity volatility - Kindly		77.4%
		Expected term		Through January 30, 2026
		Risk-free rate		3.88%
		Discount for lack of marketability		5.1%
		Correlation coefficient		0.90

Assets	Level 1	Level 2	Level 3	Total
Equity securities – Metaplanet, Inc.	$30,956,627	$-	$-	$30,956,627
Total assets at fair value	$30,956,627	$-	$-	$30,956,627

Liabilities	Level 1	Level 2	Level 3	Total
Put option liability-related party	$-	$-	$5,469,000	$5,469,000
Total liabilities at fair value	$-	$-	$5,469,000	$5,469,000

	For The Three Months Ended September 30,
	2025		2024
Professional expenses	$2,543,651		$171,884
Personnel expenses		5,798,570		1,138,561
Cost of revenues		2,015		7,790
Research and development		-		-
Insurance		525,242		75,457
Marketing expenses		304,104		45,884

	For The Nine Months Ended September 30,
	2025		2024
Professional expenses	$3,626,046		$486,801
Personnel expenses		8,458,035		2,648,814
Cost of revenues		17,481		77,481
Research and development		101		377,731
Insurance		715,164		109,074
Marketing expenses		354,742		148,127

1.	Realized loss on digital assets increased by $1,411,204, or 100.0%, to $1,411,204 for the three months ended September 30, 2025, from $0 for the three months ended September 30, 2024. This increase is attributable to loss in fair value of Bitcoin sold during the period.
2.	Unrealized loss on digital assets increased by $22,066,010, or 100.0%, to $22,066,010 for the three months ended September 30, 2025 from $0 for the three months ended September 30, 2024. This increase is primarily attributable to the unrealized loss in fair value of Bitcoin held by the Company during the period.
3.	Unrealized gain on investments increased by $930,431, or 100.0%, to $930,431 for the three months ended September 30, 2025, from $0 for the three months ended September 30, 2024. This increase is primarily due to the investment in minority interest in Metaplanet, Inc. and Treasury B.V. during the period.
4.	Change in fair value of put option liability-related party increased by $21,845,000, or 100.0%, to $21,845,000 for the three months ended September 30, 2025 from $0 for the three months ended September 30, 2024. The increase in the change in fair value was due to the remeasurement of the put option as of September 30, 2025, resulting in a gain of $21,845,000. The gain was primarily driven by a decrease in the fair value of Common Stock as of September 30, 2025 as compared to the fair value as of the August 14, 2025 acquisition date.
5.	Loss on extinguishment of debt increased by $14,454,485, or 100.0%, to $14,454,485 for the three months ended September 30, 2025 from $0 for the three months ended September 30, 2024. The increase in the loss on extinguishment of debt is primarily attributed to the Convertible Debenture repaid in full, $3 million in prepayment fees, and $3,304,485 in fair value of shares issued in conjunction with the issuance of the Convertible Debenture.
6.	Loss on the acquisition of Nakamoto increased by $59,753,811, or 100.0%, to $59,753,811 for the three months ended September 30, 2025 from $0 for the three months ended September 30, 2024. This increase was due to the difference between the fair value of the 22,321,142 shares of Common Stock issued as consideration for the acquisition of Nakamoto and the net assets/liabilities of Nakamoto acquired.

1.	Salaries and wages increased by $5,809,221, or 219.3%, to $8,458,035 for the nine months ended September 30, 2025, from $2,648,814 for the nine months ended September 30, 2024. The increase in salaries and wages is primarily attributed to increases in costs related to employment and consulting agreements related the Merger and the expansion of our leadership team.
2.	General and administrative expenses increased by $5,436,818, or 431.5%, to $6,696,673 for the nine months ended September 30, 2025, from $1,259,855 for the nine months ended September 30, 2024. The increase in general and administrative expenses is primarily attributed to increased legal fees, professional fees such as investor public relations, increased insurance for directors and officers as a publicly traded company and expenses related to the Merger and funding costs.
3.	Research and development decreased by $377,630, or 100.0%, to $101 for the nine months ended September 30, 2025, from $377,731 for the nine months ended September 30, 2024. The decrease in research and development is primarily attributed to the discontinuation of the enterprise data management project.

Exhibit
Number	Exhibit Description
2.1**	Merger Agreement, dated as of May 12, 2025 (incorporated by reference to Annex A filed with Kindly MD, Inc.’s Information Statement on Schedule 14C filed on July 22, 2025).
3.1**	Second Amended and Restated Articles of Incorporation of Kindly MD, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed with the SEC on August 15, 2025).
3.2**	Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on August 15, 2025).
4.1**	Secured Convertible Debenture, dated August 15, 2025, by Kindly MD, Inc. (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed with the SEC on August 15, 2025).
4.2**	Form of Indenture (incorporated by reference to Exhibit 4.1 to the Company’s Form S-3, filed with the SEC on August 26, 2025).
10.1**	Registration Rights Agreement, dated as of August 14, 2025, by and among Kindly MD, Inc. and the stockholders of Nakamoto Holdings, Inc. (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on August 15, 2025).

10.8**+	Addendum to Executive Employment Agreement with Tim Pickett, dated August 14, 2025 (incorporated by reference to Exhibit 10.13 to the Company’s Current Report on Form 8-K, filed with the SEC on August 15, 2025).
10.9**+	Addendum to Executive Employment Agreement with Jared Barrera, dated August 14, 2025 (incorporated by reference to Exhibit 10.14 to the Company’s Current Report on Form 8-K, filed with the SEC on August 15, 2025).
10.10**+	Consulting Agreement, by and between BTC Consulting, LLC and Kindly MD, Inc., dated August 14, 2025 (incorporated by reference to Exhibit 10.15 to the Company’s Current Report on Form 8-K, filed with the SEC on August 15, 2025).
10.11**+	Employment Agreement, by and between Tyler Evans and Kindly MD, Inc., dated August 14, 2025 (incorporated by reference to Exhibit 10.16 to the Company’s Current Report on Form 8-K, filed with the SEC on August 15, 2025).
10.12**+	Employment Agreement, by and between Andrew Creighton and Kindly MD, Inc., dated August 14, 2025 (incorporated by reference to Exhibit 10.17 to the Company’s Current Report on Form 8-K, filed with the SEC on August 15, 2025).
10.13**+	Consulting Agreement, by and between Second Gate Advisory LLC and Kindly MD, Inc. dated August 14, 2025 (incorporated by reference to Exhibit 10.18 to the Company’s Current Report on Form 8-K, filed with the SEC on August 15, 2025).
10.14**	Sales Agreement, dated August 26, 2025, by and among the Company and TD Securities (USA) LLC, Cantor Fitzgerald & Co., B. Riley Securities, Inc., The Benchmark Company, LLC, Canaccord Genuity LLC, Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, Craig-Hallum Capital Group LLC, Needham & Company, LLC and Yorkville Securities, LLC (incorporated by reference to Exhibit 1.2 to the Company’s Form S-3, filed with the SEC on August 26, 2025).
10.15**	Private Deed, dated as of September 4, 2025, by and among Treasury, Stichting, and Nakamoto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on September 5, 2025).

Tables in the 10-Q of Nakamoto Inc.

Table 1 after “TABLE OF CONTENTS”

Table 2 after “UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS”

Table 3 after “CONDENSED CONSOLIDATED BALANCE SHEETS”

Table 4 after “(UNAUDITED)”

Table 5 after “(UNAUDITED)”

Table 6 after “(UNAUDITED)”

Table 7 after “, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market p”

Table 8 after “SCHEDULE OF PRELIMINARY PRICE ALLOCATION”

Table 9 after “SCHEDULE OF DISAGGREGATION OF REVENUES”

Table 10 after “SCHEDULE OF DIGITAL ASSETS”

Table 11 after “SCHEDULE OF PROPERTY AND EQUIPMENT”

Table 12 after “SCHEDULE OF CAPITALIZED SOFTWARE”

Table 13 after “SCHEDULE OF OPERATING LEASE ASSETS AND LIABILITIES”

Table 14 after “SCHEDULE OF LEASE EXPENSE”

Table 15 after “SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES”

Table 16 after “SCHEDULE OF FINANCE LEASES”

Table 17 after “SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES”

Table 18 after “SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES”

Table 19 after “SCHEDULE OF QUANTITATIVE INFORMATION ABOUT THE SIGNIFICANT UNOBSERVABLE INPUTS”

Table 20 after “SCHEDULE OF SEGMENT INFORMATION”

Table 21 after “SCHEDULE OF SEGMENT INFORMATION”

Table 22 after “The following table sets forth key components of our results of operations during the three months ended September 30, 2025 and 2024, both i”

Table 23 after “Operating expenses increased by $9,096,046 or 535.8%, to $10,793,731 for the three months ended September 30, 2025, from $1,697,685 for the ”

Table 24 after “Net other expenses increased by $75,665,957, or 212,121.8%, to $75,630,286 for the three months ended September 30, 2025, from net other inc”

Table 25 after “The following table sets forth key components of our results of operations during the nine months ended September 30, 2025 and 2024, both in”

Table 26 after “Operating expenses increased by $10,775,054 or 242.7%, to $15,215,145 for the nine months ended September 30, 2025, from $4,440,091 for the ”

Table 27 after “Net other expense increased by $75,356,864, or 25,808.2%, to $75,648,852 for the nine months ended September 30, 2025, from $291,988 for the”

Table 28 after “The following table sets forth key components of our results of cash flow activities during the nine months ended September 30, 2025 and 202”

Table 29 after “, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market p”

Table 30 after “ITEM 6. EXHIBITS”

Table 31 after “ITEM 6. EXHIBITS”