| Cash Flow | 2026-03-31 | 2025-12-31 |
|---|---|---|
| Net income (loss) | -2,168,157 | -91,982,136 |
| Fair value of stock-based compensation | 248,057 | 4,091,449 |
| Non-cash interest expense related to debt discount amortization | 75,670 | 2,765,453 |
| Amortization of intangible assets | 1,025,175 | 9,165,798 |
| Depreciation of property, plant and equipment | 1,435,955 | 5,984,384 |
| Loss on valuation / impairment | NaN | 91,819,422 |
| Bad debt expense | 102,176 | 725,061 |
| (increase) decrease in accounts receivable | -2,357,254 | 2,606,175 |
| (increase) decrease in accounts receivable - related party | 39,250 | -176,840 |
| (increase) decrease in taxes receivable | -127,226 | -139,196 |
| (increase) decrease in prepaid expenses | 15,305 | -322,245 |
| (increase) decrease in other current assets | 106,021 | -461,662 |
| (increase) decrease in inventories | -597,556 | 1,278,092 |
| (increase) decrease in deposits | 3,680 | 628,210 |
| (increase) decrease in other non-current assets | -14,369 | 449,039 |
| Increase (decrease) in accounts payable and accrued liabilities | -1,863,677 | 7,690,470 |
| Increase (decrease) in accounts payable - related party | 142,627 | 273,995 |
| Increase (decrease) in taxes payable | -534,454 | 1,334,474 |
| Increase (decrease) in deferred revenues | -36,875 | -60,378 |
| Increase (decrease) in customer deposit | -564,203 | 567,667 |
| Increase (decrease) in other current liabilities | 108,107 | -495,751 |
| Increase (decrease) in other liabilities | -641,246 | -4,039,351 |
| Increase (decrease) in operating lease liabilities | 557,819 | 1,379,124 |
| Net cash provided by operating activities | 5,155,437 | 25,358,108 |
| Cash paid for intangible assets | 1,405,432 | 7,464,849 |
| Cash paid for investments | 0 | 5,431,507 |
| Cash paid for property, plant and equipment | NaN | 6,184,530 |
| Proceeds from sale of property, plant and equipment | -37,227 | NaN |
| Cash paid for purchase of subsidiaries | 806,390 | 1,097,395 |
| Cash distribution to former owners of meridianbet group in connection with the purchase | 294,000 | 1,824,971 |
| Cash assumed from acquisition with golden matrix | NaN | 0 |
| Net cash used in investing activities | -2,468,595 | -22,003,252 |
| Repayment on debt | 3,791,674 | 21,502,312 |
| Proceeds from loans and borrowings | NaN | 2,154,564 |
| Proceeds from sale of note and warrant | NaN | 0 |
| Proceeds from sale of stock | NaN | 2,960,897 |
| Repayment of lease | 780,668 | 2,750,092 |
| Payments of dividends | NaN | 144,782 |
| Share repurchase | NaN | 122,778 |
| Proceeds from option exercise | NaN | 0 |
| Payments of fractional shares | 1,115 | NaN |
| Net cash used in financing activities | -4,573,457 | -19,404,503 |
| Effect of exchange rate changes on cash | 42,756 | 4,002,003 |
| Net increase in cash and cash equivalents | -1,843,859 | -12,047,644 |
| Cash and cash equivalents at beginning of year | 18,078,300 | 30,125,944 |
| Cash and cash equivalents at end of the quarter | 16,234,441 | 18,078,300 |
Meridian Holdings Inc. NV (MRDN)
Meridian Holdings Inc. NV (MRDN)