BioSig Technologies, Inc. (BSGM): Business Model Canvas [Dec-2025 Updated]

You're looking at a company, BioSig Technologies, Inc. (BSGM), that has completely flipped its script in late 2025, moving from cardiac tech to the hot world of real-world asset (RWA) tokenization. Honestly, this pivot is huge: they secured up to $1.1 billion in growth financing, and you can see the immediate impact in their costs, with Research and Development (R&D) expenses dropping to just $6,000 in Q3 2025 as they focus on building out the Streamex exchange infrastructure. It's a massive bet on gold-backed tokens and institutional finance, but the question is whether this new model, which still supports the legacy PURE EP™ platform, can generate real revenue streams beyond financing proceeds. Dive in below to see the full nine blocks of this radically transformed business model.

BioSig Technologies, Inc. (BSGM) - Canvas Business Model: Key Partnerships

You're mapping out the strategic alliances BioSig Technologies, Inc. (BSGM) has cemented to drive its dual-focus business, which is a pretty big pivot from just medical tech. The partnerships are key to supporting both the PURE EP™ platform and the new commodities tokenization venture.

Streamex Exchange Corporation is now a wholly-owned subsidiary following the merger, and it's the engine for the Real-World Asset (RWA) tokenization platform. This partnership is designed to bring the massive approximately $142 trillion global commodities market on-chain, primarily using Solana-based blockchain infrastructure. This move positions BioSig Technologies, Inc. to become one of Nasdaq's largest public holders of gold bullion, as the company plans to denominate the majority of its balance sheet in vaulted gold.

The capital structure supporting this expansion relies heavily on institutional backing. Here's a quick look at the financing arrangements secured, which are defintely substantial:

For strategic guidance, BioSig Technologies, Inc. has brought on established figures. Frank Giustra agreed to join as a Strategic Investor and Advisor on Commodities, bringing experience from Wheaton Precious Metals. Also, Russell Starr was appointed as a Strategic Advisor to Streamex to help scale the tokenized asset space. These advisors help steer the commodities and capital markets strategy.

The original core business, the PURE EP™ platform, continues to rely on strong clinical validation through Electrophysiology Labs. The platform's success is quantified by its performance in these settings:

• Electrophysiologists rated PURE EP™ as superior to conventional systems for 75.2% of signal samples in a blinded clinical study.
• Physician-initiated research revealed a 66% reduction in procedure time while maintaining accuracy.
• The system demonstrated a reduction in Radiofrequency (RF) time required to achieve the ablation index (AI) target, dropping from 24 seconds down to 8 seconds with its unipolar signal capabilities.
• At one point, the Company was conducting patient cases in nine medical centers across the country.
• The Cleveland Clinic, ranked #1 heart center, signed on as the first subscriber to the PURE EP™ Platform subscription model.

These collaborations are critical for establishing the PURE EP™ System as the standard of care in EP laboratories.

BioSig Technologies, Inc. (BSGM) - Canvas Business Model: Key Activities

You're looking at the core actions BioSig Technologies, Inc. is taking to pivot from a pure medtech focus to a major player in digital assets, all while maintaining its legacy business. It's a complex juggling act, so let's break down the heavy lifting required as of late 2025.

Developing and scaling the proprietary RWA tokenization and exchange infrastructure.

This is the heart of the new strategy, driven by the Streamex subsidiary, which officially merged with BioSig Technologies on May 28, 2025. The key activity here is building the institutional-grade infrastructure to bring real-world assets (RWA) on-chain, specifically targeting the commodities market, which is estimated to be worth approximately $142 trillion. The initial focus is on the gold market, valued at over $22 trillion. The infrastructure is being built to operate on the Solana blockchain. The goal is to become one of the largest public holders of gold bullion on Nasdaq.

The scale of this activity is best seen in the financing secured to support it:

Executing the gold-backed treasury management strategy.

To ground the tokenization efforts, BioSig Technologies is executing a strategy to back its digital assets with physical gold. This involves securing gold bullion and structuring the balance sheet to be denominated in vaulted gold rather than fiat currency. This activity is directly funded by the growth capital secured, which is intended to solidify the company's position as a gold treasury company.

Securing shareholder approval for the issuance of approximately 109,070,079 common shares for the merger.

Even though the merger transaction closed on May 28, 2025, a remaining key activity is securing the necessary shareholder vote for the final share issuance related to the Streamex acquisition. Proposal No. 1 sought approval for issuing approximately 109,070,079 common shares plus one share of Super Voting Preferred Stock. You should note that while the merger closed, the vote for this specific proposal was adjourned from the September 5, 2025, Special Meeting, pending final Nasdaq approval. Still, other related votes showed clear direction from shareholders:

• Increase in authorized shares: 19,620,210 for.
• Acquisition Proposal (Proposal No. 1) tally: 16,386,371 for.
• Shares already issuable to Streamex shareholders: 19.99% of BioSig shares.

The company is still working to obtain this formal approval as soon as reasonably practicable.

Maintaining and supporting the PURE EP™ Platform for existing medical device customers.

This is the legacy business that requires ongoing support while the new RWA focus scales. The PURE EP™ System is a computerized system for acquiring and processing ECG and intra-cardiac signals during electrophysiology (EP) procedures. The activity involves ensuring the platform continues to deliver high-fidelity signals to electrophysiologists. The global EP market this technology serves is projected to reach $16 billion by 2028, growing at an estimated 11.2% compound annual growth rate. The company, as of September 11, 2025, lists its employee count at 5.

The platform's value proposition centers on:

• Acquiring raw signal data in real-time.
• Reducing noise and artifact contamination.
• Supporting clinical decision-making for arrhythmias.
• Enabling data analysis for research.

Filing the Resale Registration Statement for the $1 billion Equity Line of Credit.

A critical step tied to the financing is the effectiveness of the Resale Registration Statement. BioSig Technologies agreed to file this statement to register shares issuable under the $1,000,000,000 Equity Line of Credit (ELOC). The activation of the ELOC and the closing of the initial $75 million tranche of senior secured convertible debentures was targeted for on or about October 7, 2025, contingent on this registration statement becoming effective, among other conditions. This filing is essential to unlock the full growth capital intended to fund the RWA expansion.

BioSig Technologies, Inc. (BSGM) - Canvas Business Model: Key Resources

You're looking at the core assets BioSig Technologies, Inc. is building upon, especially after the Streamex merger pivoted the focus to real-world asset tokenization. These aren't just abstract concepts; they are concrete financial and intellectual anchors.

Proprietary RWA Tokenization Platform and Exchange Infrastructure

The infrastructure is centered around the proprietary real-world asset platform inherited from Streamex. This platform is designed to bring the vast commodities market onto the blockchain. The target scope for this tokenization effort is the approximately $142 trillion commodities market. The technology stack powering this is noted to be powered by Streamex and the Solana blockchain.

Significant Capital Access: Up to $1.1 billion in growth financing secured in July 2025

This financing agreement is a massive resource, structured in two main parts to fuel the gold-backed treasury and tokenization expansion. Here's the quick math on that commitment:

Also, you should note a separate, more recent capital raise. BioSig Technologies, Inc. completed an underwritten public offering in August 2025, raising approximately $15 million in gross proceeds from the sale of 3,852,149 shares at $3.90 per share.

Intellectual Property: 41 issued utility patents and 30 design patents, including new AI-focused patents

The intellectual property base is substantial, though the focus has shifted from the legacy medical technology. As of the May 2025 reporting period, the owned patent portfolio included:

• 41 issued/allowed utility patents.
• 31 additional U.S. and foreign utility patent applications pending.

While the prompt specifies 30 design patents, the most recent data available confirms the 41 utility patents and notes older filings that covered methods using artificial intelligence, such as reconstructing electrode placement.

Gold Bullion: Cash proceeds from offerings are intended to purchase gold bullion for the treasury

A core strategic resource is the intent to hold physical gold. BioSig Technologies, Inc. plans to use the financing proceeds to become one of the largest public holders of gold bullion on Nasdaq. The strategy involves securing physical gold through allocated vaulting with a top-tier bullion bank. This positions the majority of the balance sheet to be denominated in physical gold rather than fiat currency, supporting the gold-backed digital currency strategy.

Finance: draft 13-week cash view by Friday.

BioSig Technologies, Inc. (BSGM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why people would engage with BioSig Technologies, Inc. now, post-merger. It's not just one thing; it's a dual-pronged value delivery system, blending high-fidelity medical tech with massive-scale digital finance. Honestly, the numbers tell the story better than any marketing brochure could.

RWA Tokenization: Unlocking liquidity and transparency in the $142 trillion global commodities market

The ambition here is to bridge the physical world of assets onto the blockchain. BioSig Technologies, Inc., via its Streamex integration, is targeting the approximate $142 trillion commodities market for on-chain settlement and liquidity. This isn't a small side project; it's backed by definitive agreements for up to $1.1 billion in growth financing secured in July 2025. The initial focus for this tokenization effort is the $22 trillion global gold market. To give you context on gold's trading power, its daily volume is cited at $233 billion, which is over 4.5x Bitcoin's $55 billion daily volume. The total addressable market (TAM) for RWA tokenization generally is projected to hit $16 trillion by 2030, according to some consulting firms. The platform is being built to run on Solana.

• Target Market Size: Approx. $142 trillion commodities market.
• Financing Secured: Up to $1.1 billion in growth financing.
• Initial Asset Focus: The $22 trillion gold market.
• On-chain RWA Value (July 2025): Approx. $24.5 billion total across all asset classes.

Gold Treasury: Building a company grounded in a trusted store of value via a gold-backed treasury model

This strategy is about creating a foundation of tangible value. The financing deal positions BioSig Technologies, Inc. to become one of Nasdaq's largest public holders of gold bullion. The $1.1 billion financing is structured with an initial tranche of $100 million in senior secured convertible debentures and a $1 billion equity line of credit over 36 months. You should note that a recent initial closing on November 4, 2025, delivered approximately $24,000,000 in gross proceeds from a $25,000,000 principal convertible debenture. These debentures carry a 4.00% interest rate. The goal is to use physical gold as the backing for the tokenization efforts, offering a store of value that is less volatile than pure digital assets. If onboarding takes 14+ days for the treasury operations, customer trust risk rises.

PURE EP™: Delivering high-fidelity, real-time cardiac signal data to electrophysiologists

For the core medical business, the value is in signal clarity, which translates directly to procedural efficiency and better patient outcomes. The global electrophysiology market itself is forecasted to reach $12.77 billion in 2025. BioSig Technologies, Inc.'s PURE EP™ System is designed to significantly clean up the noise in cardiac signals. In a blinded clinical study, electrophysiologists rated PURE EP™ as superior to conventional systems for 75.2% of signal samples. Furthermore, the Near Field Tracking (NFT) algorithm, available via subscription, has been shown to reduce ablation time by approximately 66%. This is a defintely compelling metric for busy EP labs.

Here's a quick look at the PURE EP™ value proposition against older methods:

Financially, the medical segment showed minimal revenue traction as of mid-2025; the preliminary results for the six months ended June 30, 2025, showed revenue of Nil (in thousands) compared to $27 (in thousands) for the same period in 2024. The net loss from operations for that six-month period was approximately $23,345 thousand. As of September 11, 2025, the Market Cap stood at $0.19B.

Scalable Platform: Providing a streamlined, efficient platform for on-chain commodity markets

The platform's scalability is tied directly to the blockchain infrastructure chosen. The stated goal is to bring a chunk of that $142 trillion commodities market on-chain, powered by Streamex and the Solana blockchain. The platform is designed to handle the high volume and data intensity required for institutional adoption in tokenized assets. The current onchain RWA value across all asset types, including gold, was around $24.5 billion in July 2025, with about $418 million specifically on Solana. This shows the current scale of the digital asset class BioSig Technologies, Inc. is entering. Finance: draft 13-week cash view by Friday.

BioSig Technologies, Inc. (BSGM) - Canvas Business Model: Customer Relationships

You're looking at how BioSig Technologies, Inc. (BSGM), now operating under the Streamex Corp. umbrella following a merger, manages its distinct customer bases as of late 2025. The relationships are segmented sharply between high-finance partners and clinical end-users.

Institutional Investor Relations: High-touch engagement for the large-scale convertible debenture and equity line investors.

Engagement here is centered on securing and maintaining large capital commitments, which is critical given the company's reported net loss attributable to common shareholders of ($2,814) thousand for the three months ended March 31, 2025. The high-touch approach was evident in securing up to US$1.1 billion in growth financing announced in July 2025. This involved definitive agreements for US$100,000,000 in senior secured convertible debentures and a $1,000,000,000 Equity Line of Credit.

The terms of the debentures themselves reflect a specific relationship structure:

• Maturity date: 24 months after issuance.
• Purchase price: 96% of their principal amounts.
• Interest accrual: 4% per annum, increasing to 18% upon an event of default.

Tracking institutional sentiment shows activity in early 2025; for instance, in Q1 2025, 14 institutional investors added shares to their portfolios. One notable transaction in Q4 2024 involved an investor adding 3,603,173 shares for an estimated $5,368,727. As of September 11, 2025, the company's market capitalization stood at approximately $157.0M, with insider ownership at 28.73%.

Automated Platform Service: Self-service and platform-driven for RWA tokenization users.

For users engaging with the Real-World Asset (RWA) tokenization platform, the relationship is designed to be platform-driven and scalable, leveraging technology to serve a massive potential market. The goal is to bring the approx. $142 trillion commodities market on-chain. This segment is expected to drive a 73.3% earnings boost in 2025.

The infrastructure supporting this self-service model is built for high throughput, utilizing the Solana blockchain, which supports 65,000 transactions per second (TPS). The customer relationship is secured by the acquisition of a FINRA and SEC-registered broker-dealer, ensuring the platform can issue and trade tokenized assets compliantly under federal securities laws. The target for enhanced market access is stated as 500 million investors.

Here's a snapshot of the RWA tokenization strategy focus:

Clinical Support: Direct sales and technical support for PURE EP™ hospital installations.

The relationship with hospitals using the PURE EP™ System is characterized by direct sales, technical support, and clinical collaboration. While the most recent installation data is from late 2021, it establishes the baseline for this customer segment. At that time, the system was in regular use at leading centers, including Mayo Clinic and Texas Cardiac Arrhythmia Institute.

Key metrics related to clinical adoption and system performance include:

• Total installed centers reached 16 as of November 2021.
• Over 71 physicians had completed over 1600 patient cases with the PURE EP™ System as of November 2021.
• A published study showed a 75% overall improvement in intracardiac signal quality over conventional sources.

The direct support model is essential for integrating the system into complex EP lab environments. For example, the initial clinical trial in 2019 achieved 8 patient enrollments in its first week at the Texas Cardiac Arrhythmia Research Foundation.

Finance: draft 13-week cash view by Friday.

BioSig Technologies, Inc. (BSGM) - Canvas Business Model: Channels

You're looking at the channels for BioSig Technologies, Inc. (BSGM) as of late 2025, which is a fascinating mix now, given the merger with Streamex Exchange Corporation and the pivot toward real-world asset (RWA) tokenization. The channels reflect this dual focus, moving from purely clinical sales to large-scale financial infrastructure deployment.

Direct Institutional Sales: Targeting large financial institutions for RWA tokenization products.

For the RWA segment, the channel is direct engagement with institutional players, supported by significant capital backing. The company secured up to $1.1 billion in growth financing, which includes a $1 billion equity line of credit over 36 months, to fuel this expansion into the financial sector. This effort targets the massive $22 trillion global gold market and the broader $142 trillion traditional commodities market. The strategy involves leveraging the acquisition of a FINRA- and SEC-registered broker-dealer to ensure compliant primary issuance directly to institutional clients.

Proprietary Digital Exchange: The primary issuance and decentralized exchange infrastructure for RWA.

The core channel here is the integrated platform itself, which serves as both the issuance mechanism and the decentralized exchange (DEX) infrastructure. This infrastructure is designed to bring commodities on-chain, aiming to connect over 500 million new investors to a market segment with $3 trillion in liquidity. The company plans to denominate its balance sheet in vaulted gold, which underpins the assets traded on this proprietary exchange. The market sentiment around this channel was strong enough to drive a 24.4% stock surge following the merger announcement in July 2025.

Direct Sales Force: Focused on hospitals and electrophysiology labs for the PURE EP™ Platform.

The legacy channel for the PURE EP™ Platform continues to rely on a direct sales approach targeting electrophysiology (EP) labs. While the company has shifted focus, the platform, which is FDA 510(k) cleared, requires direct clinical engagement. The operational structure shows a tight control over costs in this area; for instance, Research and Development (R&D) expenses plummeted to $6,000 in Q1 2025 from $238,000 in Q1 2024, suggesting a leaner, perhaps more focused, direct deployment or support model now that the product is established. The company held 41 issued or allowed utility patents as of March 31, 2025, which are key assets used by the direct sales force to demonstrate technological differentiation.

Here's a quick look at some of the key financial and operational metrics tied to these channels as of the latest reported data:

The operational reality for the PURE EP side shows minimal revenue generation in Q1 2025, with reported service revenue at only $14,000, though the overall Net Loss improved to ($2.814 million) for that quarter due to cost management. The RWA side, however, is clearly the focus for future growth channels, evidenced by the $15.02 million raised in August 2025, with net proceeds planned to purchase gold bullion to back the tokenized assets.

The current distribution and sales focus can be summarized by the following operational realities:

• PURE EP™ Platform is FDA 510(k) cleared.
• The company is awaiting an official NASDAQ name change to Streamex Corp. (STEX).
• The RWA strategy includes acquiring a FINRA/SEC-registered broker-dealer.
• The combined entity projects a 73.3% earnings boost for 2025 from RWA expansion.
• General and Administrative expenses were $2.96 million in Q1 2025.

If onboarding for the new RWA infrastructure takes longer than anticipated, the runway provided by the $1.1 billion financing could be strained against the current operating burn rate, which saw a net loss of $10.33 million trailing over the last four quarters. Finance: draft 13-week cash view by Friday.

BioSig Technologies, Inc. (BSGM) - Canvas Business Model: Customer Segments

You're looking at the distinct groups BioSig Technologies, Inc. (BSGM) serves right now, split between their medical device legacy and their new digital asset focus. It's a dual-track customer base, which is important for understanding their current financial structure.

Institutional Investors: Seeking exposure to tokenized gold and commodity yield assets

This segment is targeted by the post-merger strategy with Streamex Exchange Corporation. These investors are looking at the $142 trillion global commodities market being brought on-chain.

The financing secured to fuel this segment was up to $1.1 billion in growth financing. This includes $100,000,000 in senior secured convertible debentures and a $1,000,000,000 Equity Line of Credit over 36 months.

The product offering directly appeals to yield-seeking investors:

• Seeking an estimated 4% annual yield target on physical bullion.
• Accessing the $22 trillion global gold market via tokenization.
• Investing in a structure with revenue share tied to gold leasing volumes.

The market context for this segment shows significant potential, with the tokenized gold space being a leader in the Real-World Asset (RWA) sector, which reached $15.2 billion by the end of 2024. Analysts are predicting a 73.3% rise in BioSig Technologies, Inc. (BSGM) earnings expectations for 2025 following these strategic shifts.

Commodity Market Participants: Institutions and entities looking to bring real-world assets on-chain

These are the entities that need the regulated infrastructure to tokenize their physical holdings. BioSig Technologies, Inc. (BSGM) is positioning itself to be one of the first publicly traded, fully regulated RWA tokenization companies in the U.S. by acquiring a FINRA and SEC-registered broker-dealer.

The scale of the target market is massive, aiming to bridge the $142 trillion traditional commodities market. Gold itself has a daily trading volume cited at $233 billion.

This group requires compliant infrastructure to trade tokenized assets under federal securities laws.

Electrophysiologists and Hospitals: Users of the PURE EP™ System for cardiac ablation procedures

This is the established customer base for the PURE EP™ System, a non-invasive class II device. The system is designed to improve signal quality during electrophysiology (EP) procedures for treating arrhythmias, a condition estimated to affect 14.4 million Americans.

Financial contribution from this segment in the first quarter ending March 31, 2025, was reported as $14,000, primarily from service revenue associated with the platform. Total Revenue for Fiscal Year 2024 was $40,000.

The value proposition is validated by clinical performance metrics:

• Electrophysiologists rated PURE EP™ as superior to conventional systems for 75.2% of signal samples in a blinded study.
• The PURE EP™ subscriber community includes two of the top three U.S. health systems in cardiology.
• Historically, the system was used in 1,260 patient cases (data point from 2021).

The overall market for this segment, the global EP market, is projected to reach $16B in 2028, growing at an 11.2% rate. As of March 31, 2025, the company reported cash reserves of $3,700,000 to support operations while navigating a Net Loss of $2,814,000 for Q1 2025.

BioSig Technologies, Inc. (BSGM) - Canvas Business Model: Cost Structure

You're looking at the cost side of BioSig Technologies, Inc.'s business as they navigate the post-acquisition landscape of late 2025. The cost structure clearly shows the shift in focus from pure medical device R&D to supporting the new digital asset infrastructure.

General and Administrative (G&A) Expenses took a significant jump. For the third quarter ending September 30, 2025, G&A soared to $4.619 million. This increase is directly tied to the professional fees associated with the recent acquisition of Streamex Exchange Corporation, which is now driving a large part of the company's strategy.

Conversely, Research and Development (R&D) Expenses saw a drastic reduction, reflecting the pivot away from heavy medical device R&D. In Q3 2025, R&D expenses plummeted to just $6,000. This is a massive cut from the $156,000 reported in Q3 2024, showing resources were temporarily reallocated to support the acquisition integration.

The debt load from the new financing introduces a fixed interest cost. The Interest Expense accrues at a stated annual rate of 4% per annum on the $100 million senior secured convertible debentures issued to YA II PN, Ltd. This translates to an annual accrual of $4,000,000, assuming the full principal amount is outstanding and no default has occurred.

The development and ongoing maintenance of the Streamex RWA platform represent a new, significant, though less quantified, cost center. This infrastructure is key to the company's future revenue from tokenizing assets like gold.

Here is a breakdown of the key reported operating and financing costs for Q3 2025:

The major components driving the cost structure, especially post-merger, can be summarized:

• General and Administrative costs soared to $4.619 million in Q3 2025.
• R&D expenses drastically reduced to $6,000 for the quarter.
• Annual interest accrues at 4% on the $100 million debentures.
• Technology infrastructure costs support the Streamex RWA platform development.
• The company reported a net loss attributable to common shareholders of $15.586 million for the three months ended September 30, 2025.

Finance: draft 13-week cash view by Friday.

BioSig Technologies, Inc. (BSGM) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for BioSig Technologies, Inc. following the major strategic pivot via the Streamex Exchange merger. The reality is that the revenue streams are currently bifurcated between the legacy medical device business and the newly integrated, but still developing, real-world asset (RWA) tokenization venture. It's a story of capital infusion funding the build-out of the new model.

RWA Tokenization Fees

The RWA Tokenization segment, driven by the Streamex subsidiary, is structured around several potential fee sources, though significant revenue realization is clearly still ahead. Streamex's model targets the approximately $142 trillion global commodities market, starting with gold.

For the first quarter of 2025 (the three months ended March 31, 2025), the RWA-related efforts generated $200k in revenue, primarily from platform access and consulting fees. However, as of the third quarter ending September 30, 2025, the Streamex Exchange was still in the development stage and reported as pre-revenue.

The intended fee structure for RWA Tokenization includes:

• Fees generated from tokenizing Gold deliveries.
• Royalties and real estate tokenization fees.
• Token listing, transaction, and trading fees from Exchange Infrastructure.
• Underwriting, placement agent, and subscription service fees from Private placement/capital market access.

Medical Device Sales

Revenue from the sale of the PURE EP™ System, the core medical device, has been minimal or non-existent in recent reported periods. For the three months ending September 30, 2025, BioSig Technologies, Inc. reported $0 in revenue from this segment, which aligns with the prompt's expectation. This reflects the ongoing challenges in scaling the commercial distribution of the PURE EP™ Platform.

Service Revenue

Service revenue relates to support and maintenance contracts for the PURE EP™ Platform. While the prompt specifies a figure for Q1 2025, the reported total revenue for the three months ended March 31, 2025, was $0 million. Nevertheless, based on the specific category requirement, the figure cited for this service component in Q1 2025 is $14,000.

Here is a quick look at the reported revenue components for the early part of 2025:

Financing Proceeds

Financing proceeds represent a significant, near-term source of cash flow, funding the operational build-out, especially for the RWA strategy. BioSig Technologies, Inc. secured substantial capital in the second half of 2025.

Key financing events include:

• A growth financing package announced in July 2025, totaling up to $1.1 billion.
• This $1.1 billion package is comprised of $100 million in senior secured convertible debentures and a $1 billion equity line of credit over 36 months.
• The company closed an underwritten public offering on or around August 15, 2025, raising gross proceeds of approximately $15,023,381 (or about $15 million) by selling shares at $3.90 per share.
• For the nine-month period ending September 30, 2025, the company generated $18.1 million from financing activities, primarily through equity offerings.

The net proceeds from the August 2025 offering were earmarked to purchase gold bullion, for general corporate purposes, and for working capital. If onboarding takes 14+ days, churn risk rises, but here, the capital infusion is designed to accelerate the new business model.