F
FORUM MARKETS Inc
FRMMCIK 0001690080NasdaqNon-AcceleratedSmaller ReportingFinance ServicesFY ends Dec 31
Period
FY 2025
Revenue
$6.55M
Net Income
$-450.52M
Total Assets
$306.30M
Equity
$239.42M
Shares Out
20.31M
Op. Cash Flow
$-26.05M
Business
ETHZilla Corp is a company transitioning from clinical-stage biotechnology into operating and commercializing an online blockchain-enabled iGaming business while seeking to monetize legacy therapeutic assets. It offers a Gaming Technology Platform including blockchain casino back-end, cryptocurrency–fiat exchange components, APIs, player account management, loyalty systems and affiliate tracking, alongside legacy biotech programs in anti‑TNF and synthetic CBD analogs. The company operates via two principal strategies: B2C blockchain casino operations and a potential B2B platform offering technology to operators, plus M&A and asset monetization efforts. It targets global iGaming markets—initially high-growth jurisdictions in Europe, North America and Latin America—and plans to distribute through direct online channels (affiliate marketing, social and digital advertising) and B2B partnerships and licensing.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 7 | — | — | — | — | |
| Total Revenue | 7 | — | — | — | — | |
| General and administrative | 240 | 4 | 11 | 15 | 11 | |
| Total Operating Expenses | 240 | 4 | 13 | 18 | 16 | |
| Loss From Operations | −233 | −4 | −13 | −18 | −16 | |
| Dividend income | 1 | — | — | — | — | |
| Interest income | 5 | — | — | — | — | |
| Other income | — | 2 | 21,074 | — | −146,822 | |
| Interest expense | −3 | −35,000 | −44,828 | — | — | |
| Change in fair value of convertible debt | −104 | — | — | — | — | |
| Change in fair value of available for sale securities | −138,000 | — | — | — | — | |
| Digital asset gains and losses | −21 | — | — | — | — | |
| Change in fair value of long-term receivable derivative | −81 | — | 75,323 | 15 | −5 | |
| Loss on make whole provision | −6 | — | — | — | — | |
| Gain on settlement of liabilities | — | 53,000 | — | — | — | |
| Total other (expense) income, net | −210 | 2 | −9 | −22 | −5 | |
| Loss Before Income Taxes | −444 | −3 | −22 | −40 | −20 | |
| Income tax expense (benefit) | — | −2,000 | 2 | 942,749 | 23,204 | |
| Net Loss From Continuing Operations | −444 | −3 | — | — | — | |
| Net Loss From Discontinued Operations | −7 | −4 | — | — | — | |
| Deemed dividend | — | −8 | — | — | — | |
| Net Loss | −451 | −14 | −20 | −39 | −20 | |
| Foreign currency translation adjustments | −114,000 | −16,000 | −15,816 | −4 | — | |
| Change in fair value of held to maturity securities | 38,000 | — | — | — | — | |
| Total other comprehensive income (loss) | −76,000 | −16,000 | — | — | — | |
| Total Comprehensive Loss | −451 | −14 | −20 | −42 | −20 | |
| Continuing operations, basic (in Dollars per share) | −54.32 | −28.56 | — | — | — | |
| Continuing operations, diluted (in Dollars per share) | −54.32 | −28.56 | — | — | — | |
| Discontinued operations, basic (in Dollars per share) | −0.86 | −38.83 | — | — | — | |
| Discontinued operations, diluted (in Dollars per share) | −0.86 | −38.83 | — | — | — | |
| Basic (in Shares) | 8 | 91,537 | 379,089 | 100,021 | 2 | |
| Diluted (in Shares) | 8 | 91,537 | 379,089 | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 8 | 5 | 2 | — | — | |
| Restricted cash equivalents | 1 | — | — | — | — | |
| Prepaid expenses and other current assets | 5 | 478,000 | 2 | 2 | 3 | |
| Current assets of discontinued operations | 22,000 | 97,000 | — | — | — | |
| Total Current Assets | 14 | 5 | 4 | 9 | 11 | |
| Marketable securities | 4 | — | — | — | — | |
| Non-marketable securities | 46 | — | — | — | — | |
| Digital assets | 62 | — | — | — | — | |
| Staking receivables | 181 | — | — | — | — | |
| Other assets of discontinued operations | — | 8 | 2 | 2 | 2 | |
| Total Assets | 306 | 13 | 5 | 20 | 63 | |
| Accounts payable | 2 | 306,000 | 2 | 2 | 586,611 | |
| Accrued expenses | 6 | 304,000 | 2 | 2 | 2 | |
| Loans payable current portion | 251,000 | 1,000 | 1 | 1 | 2 | |
| Collateralized loan current portion | 32 | — | — | — | — | |
| Current liabilities of discontinued operations | 1 | 3 | — | — | — | |
| Total Current Liabilities | 41 | 4 | 5 | 6 | 20 | |
| Collateralized loan non current | 26 | — | — | — | — | |
| Long term liabilities of discontinued operations | — | 7,000 | — | — | — | |
| Total Liabilities | 67 | 4 | 5 | 8 | 23 | |
| Commitments and contingencies (Note 14) | — | — | — | — | — | |
| Preferred stock, value | — | — | — | — | — | |
| Common stock, $0.0001 par value; 5,000,000,000 shares authorized; 19,012,231 and 317,705 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 2,000 | — | 54 | 20 | 170 | |
| Additional paid-in capital | 834 | 154 | 130 | 122 | 107 | |
| Accumulated other comprehensive income | −3 | −3 | −3 | −3 | 817,440 | |
| Accumulated deficit | −592 | −142 | −127 | −107 | −69 | |
| Total Stockholders Equity | 239 | 9 | −127,000 | 11 | 39 | |
| Total Liabilities and Stockholders Equity | 306 | 13 | 5 | 20 | 63 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Stock-based compensation | 213 | 280,000 | — | 3 | — | |
| Change in fair value of cryptocurrency | 21 | — | — | — | — | |
| Change in fair value of available for sale securities | 138,000 | — | — | — | — | |
| Non-cash staking and incentive revenue | −7 | — | — | — | — | |
| Gain on settlement of liabilities | — | −53,000 | — | — | — | |
| Prepaid expenses and other current assets | −3 | 1 | — | — | — | |
| Accounts payable | 1 | −200,000 | 230,402 | — | — | |
| Accounts payable - related parties | −36,000 | 51,000 | 56,008 | — | — | |
| Accrued expenses | 500,000 | 94,000 | −197,175 | 169,788 | −436,581 | |
| Total adjustments | 418 | 1 | 9 | 27 | — | |
| Net cash used in operating activities from continuing operations | −25 | −1 | — | — | — | |
| Net cash used in operating activities from discontinued operations | −758,000 | −24,000 | — | — | — | |
| Net cash used in operating activities | −26 | −1 | −11 | −12 | −19 | |
| Purchases of marketable securities | −5 | — | — | — | — | |
| Purchases of digital assets | −244 | — | — | — | — | |
| Purchase of non-marketable securities | −13 | — | — | — | — | |
| Sale of digital asset | 134 | — | — | — | — | |
| Net cash used in investing activities from continuing operations | −128 | — | — | — | — | |
| Net used in investing activities from discontinued operations | — | — | — | — | — | |
| Net cash used in investing activities | −128 | — | — | — | — | |
| Proceeds from sale of December 2024 Offering stock and warrants | — | 3 | — | — | — | |
| Repayment of loans payable | −364,000 | −1 | −1 | — | — | |
| Repayment of loans payable related parties | −1 | — | — | −81,277 | −431,805 | |
| Treasury stock purchases | −46 | — | — | — | — | |
| Proceeds from collateralized loan | 50 | — | — | — | — | |
| Repayment of collateralized loan | −50 | — | — | — | — | |
| Proceeds from convertible debt, net | 500 | — | — | — | — | |
| Repayment of convertible debt, net | −604 | — | — | — | −10,000 | |
| Proceeds from exercise of common stock options | 455,000 | — | — | — | — | |
| Proceeds from exercise of common stock warrants | 6 | 3 | — | — | — | |
| Proceeds from shares issued for cash and warrants, net | 304 | — | — | — | — | |
| Net cash provided by financing activities from continuing operations | 158 | 4 | — | — | — | |
| Net cash used in financing activities from discontinued operations | −151,000 | −33,000 | — | — | — | |
| Net cash provided by financing activities | 158 | 4 | 6 | 11 | 25 | |
| Net Change In Cash, cash equivalents and restricted cash equivalents | 4 | 3 | −5 | −1 | 6 | |
| Cash paid during the period for income taxes | — | — | — | — | — | |
| Cash paid during the period for interest expense | — | 12,000 | 21,722 | 15,060 | 35,351 | |
| Shares issued for settlement of liabilities | 751,000 | 685,000 | — | — | — | |
| Prepaid expense financed with notes payable | 722,000 | 778,000 | — | — | — | |
| Loan proceeds received in cryptocurrency | 57 | — | — | — | — | |
| Warrants and Series B Convertible Preferred Stock issued for asset acquisition | — | 8 | — | — | — | |
| ETH holdings contributed in exchange for common stock | 171 | — | — | — | — | |
| Deposits into liquid staking protocols (i.e., staking receivables) | 260 | — | — | — | — | |
| Deemed dividend from warrant inducement | — | 8 | — | — | — | |
| Shares issued for non-marketable securities | 33 | — | — | — | — |
Filings
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