EX-99.2
Published on February 26, 2025
Fourth Quarter Fiscal 2024 Earnings Presentation Adam Sullivan, CEO Denise Sterling, CFO February 26, 2025
2 FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale, and grow its business and execute on its growth plans and hosting contracts, source clean and renewable energy, the advantages, and expected growth, and anticipated future revenue of the Company, and the Company’s ability to source and retain talent. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “estimate,” “plan,” “project,” “forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to earn digital assets profitably and to attract customers for our digital asset and high performance compute hosting capabilities; our ability to perform under our existing colocation agreements, our ability to maintain our competitive position in our existing operating segments, the impact of increases in total network hash rate; our ability to raise additional capital to continue our expansion efforts or other operations; our need for significant electric power and the limited availability of power resources; the potential failure in our critical systems, facilities or services we provide; the physical risks and regulatory changes relating to climate change; our vulnerability to physical security breaches, which could disrupt our operations; a potential slowdown in market and economic conditions, particularly those impacting high performance computing, the blockchain industry and the blockchain hosting market; the identification of material weaknesses in our internal control over financial reporting; price volatility of digital assets and bitcoin in particular; potential changes in the interpretive positions of the SEC or its staff with respect to digital asset mining firms; the increasing likelihood that U.S. federal and state legislatures and regulatory agencies will enact laws and regulations to regulate digital assets and digital asset intermediaries; increasing scrutiny and changing expectations with respect to our ESG policies; the effectiveness of our compliance and risk management methods. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this presentation. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Year over year comparisons are based on the combined results of Core Scientific and its acquired entities. Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Additional important factors that may affect the Company’s business, results of operations and financial position are described from time to time in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q and the Company’s other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. NON-GAAP FINANCIAL MEASURES This presentation also contains non-GAAP financial measures as defined by the SEC rules, including Adjusted EBITDA and adjusted earnings (loss) per diluted share. The Company believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company's management uses certain of these non-GAAP measures to compare the Company's performance to that of prior periods for trend analyses and for budgeting and planning purposes. The Company urges investors not to rely on any single financial measure to evaluate its business.
3 Approximately 1,300 MW of contracted power ~700 MW Critical IT Load1 Core Scientific is well positioned for continued growth and market leadership, delivering digital infrastructure at scale HPC Hosting | ~900 MW Bitcoin Mining | ~400 MW Optimizing operations at two sites with favorable power costs ~70 MW critical IT load available to contract1 Pursuing growth through existing site expansions and new site acquisitions ~ 590 MW critical IT load contracted to CoreWeave for delivery 2025 - 20271 Well positioned for an increase in hash price Seeking to diversify client base Note: All figures are as of 2/26/25; Includes ~100 MW gross capacity / ~70 MW critical IT load expansion at Denton site; Also includes Austin, Texas site representing 20MW gross capacity / ~18 MW critical IT load. 1 Critical IT load figures are estimates based on current engineering and design plans and are subject to change.
4 Accomplishments 1 Critical IT load figures are estimates based on current engineering and design plans and are subject to change Q2Q1 Q3 Q4 Q1
5 2024 snapshot Financial (Q4) • $94.9 million revenue • $265.5 million net loss, mainly driven by non-cash adjustments • $13.3 million adjusted EBITDA • $836.2 million in cash • $23.9 million in digital assets • Strengthened balance sheet and positioned well for growth, with the 0% interest rate convertible note issued in Q4 Operational (Q4) • Earned 974 bitcoin • Operated 19.1 EH/s self-mining hash rate • Migrated all miners from two data centers designated for HPC hosting • Continued sunset of hosted mining to ~4% of total fleet2 • Signed a lease (includes option to buy) for an existing data center with 11 MW of current critical IT load in Auburn, Alabama • Signed aggregate ~500 MW HPC hosting contracts with anticipated potential revenue of $8.7 billion over 12-year contracts • Refinanced debt, added cash to balance sheet and eliminated covenants • Added 100 MW of infrastructure at Pecos, TX bitcoin mining data center • Approved for ~100 MW gross capacity / ~70 MW critical IT load expansion at Denton, TX HPC data center1 Strategic (2024) 1 Critical IT load figures are estimates based on current engineering and design plans and are subject to change 2 As of December 31, 2024
6 Expanding our portfolio of powered digital infrastructure Gross capacity by site1 Grand Forks, ND 100 MW Muskogee, OK 100 MW Pecos, TX ~250 MW Austin, TX ~20 MW Denton, TX 394 MW2 Calvert City, KY 150 MW Marble, NC 103 MW Dalton, GA 195 MW Auburn, AL 16 MW3 1 All figures are as of 12/31/24; 2 Includes the ~100 MW expansion announced on 11/20/24, 3 Includes additional capacity currently under development.
7 Q4 2024 Revenue Mix (In Millions) Revenue by Segment Diversified business poised for growth 84% 7% 9% Self-Mining Hosting HPC $112 $80 $30 $7 $9 Q4 2023 Q4 2024 HPC Hosting Self-Mining Gross Margin by Segment 29% 23% 0%2% 36% 9% Self-Mining Hosting HPC Q4 2023 Q4 2024
8 Cash Cost to self-mine a bitcoin in fourth quarter 2024 1 Represents our direct, cash costs of power and facilities operations divided by total bitcoin self-mined in 2024 Q4 of 974 Future changes in power cost, operational cost or self-mining/hosting mix could change the cash cost to mine 2 Represents our direct, cash costs of power and facilities operations divided by our self-mining fleet hash rate, in terahash, per day 3 Includes personnel and related costs, software, telecommunications, security, etc. Excludes stock-based compensation and depreciation Fourth Quarter 2024 Cash Cost Per Bitcoin1 $37,661 Fourth Quarter 2024 Cash-Based Hash Cost2 2.4¢ $13,374 0.9¢ $51,035 3.3¢ Direct Power Cost Operational Cost3 Total Direct Cash Cost
9 $998 ($560) ($4) ($99) ($177) ($28) ($37) ($54) $460 $625 $1,124 December 31, 2024 December Convertible Note August Convertible Note Financing Lease Repayment Other Infrastructure and Construction Miner Equipment Loans Equitized and Paid Down Liabilities Subject to Compromise DIP Financing Equitization and Refinancing of Sec. & Sec. Convertible Notes December 31, 2023 $ -$ -$ -$ 56 $ 37 $ 62 $ 180$ 99 $ 4 $ 560 $ 998 12/31/23 $ 1,124$ 625 $ 460$ 2$ -$ 34 $ 3$ -$ -$ --12/31/24 $ 836$ 50Cash Bal. For December 31, 2023, amount represents Notes Payable current ($124.4M) and non-current ($684.1M), Finance Lease Liabilities current ($19.8M) and non-current ($35.7M), unamortized discounts – post petition ($4.2M), LSTC ($41.8M) and Accrued Liabilities ($87.5M) For December 31, 2024, amount represents Notes Payable current ($16.3M) and non-current ($1,074.0M), Finance Lease Liabilities current ($1.7M) and unamortized discount and debt issuance costs – post petition ($31.8M) Change in Debt Position YoY – December 31, 2024 ($959M)
10 294 98 18 18 3 42 28 501 Sharecount @ February 20, 2025 Tranche 1 Warrants Tranche 2 Warrants Restricted Stock and Performance Based Units Other Reserve Shares August Convertible Note December Convertible Note Total Pro Forma Diluted Share Count Pro forma share count – December 31, 2024 Shares in millions ~207M Shares 1 1 Represents the remaining 3.3 million (originally ~4.8 million) shares and warrants reserved for distribution to holders of Allowed Claims and Existing Common Interests (as defined in the Company’s Plan of Reorganization). Please refer to the Debtor’s Fourth Amended Joint Chapter 11 Plan of Reorganization of Core Scientific, Inc. dated January 15, 2024, included as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated January 23, 2024.
11 CoreWeave transaction summary 1. Represents the estimated average annual revenue over the 12-year contract periods; Austin, Texas contract term is a 7-year period. 2. Expenses include facilities operations, repairs & maintenance, security, FTEs, insurance, property taxes, etc. 3. Austin, Texas HPC contract term is 7 years with elective extensions. 4. Up to $1.5 million per HPC MW (or approximately $750 million) of data center build out costs are funded by CoreWeave and credited against hosting payments at no more than 50% of monthly fees until fully repaid. The balance of modification costs relate to items purchased directly by CoreWeave and contributed for use in the facility. For the additional 70MW expansion, Core Scientific is responsible for funding $104 million of capex ($1.5M per MW) for the powered core and shell with no capex credit associated with this new agreement. ~$850 million avg. annual run rate revenue1 Over $10 billion In revenue potential over contracts’ term ~590 MW HPC infrastructure (~800 MW gross) 2026 250MW ~590MW Cumulative infrastructure delivery timeline Client pays for capex4, power and utilities 12-year contracts with two 5-year options3 75% to 80% anticipated profit margin2 2025
12 Core Scientific is building one of the largest public data center companies in the United States Levering our experience, talent and asset portfolio to launch and grow this business Evaluating new sites for new customers Pursuing additional power at existing sites for existing or new customers ~$10 Billion1 In potential revenue over 12-year contracts ~570 MW Contracted with CoreWeave ~300 MW of additional power available at existing sites 400 MW of potential additional power available at new sites ~$25 Million1 annual revenue run rate 18 MW Austin HPC Data Center Currently in discussion with multiple potential clients 11 MW Alabama HPC Data Center 1 Does not include power pass-through Pathway to 1.3 GW+ of Critical IT Load by 2027
CORE SCIENTIFIC13 2025 catalysts Diversify our customer base Execute on existing HPC contracts Expand HPC capacity through organic growth and M&A activity 1 2 3
Appendix
15 Summary of New Senior Unsecured Convertible Notes Description Terms December Convertible NoteAugust Convertible Note • $625 million• $460 millionPrincipal • 0% cash interest• 3% cash interestInterest Rate • None• Semi-annually in arrears: March 1st and September 1stInterest Payments • June 15, 2031• September 1, 2029Maturity • 42.5% Conversion Premium • Stock Price = $15.7844 • Conversion Price = $22.49 / Share • Conversion ratio – initial conversion rate of 44.4587 shares per $1,000 in principal • Underlying shares = 27,786,688 • 30% Conversion Premium • Stock Price = $8.46 • Conversion Price = $11.00 / Share • Conversion ratio – initial conversion rate of 90.9256 shares per $1,000 in principal • Underlying shares = 41,825,776 Conversion Rate • After March 31, 2025, noteholders may convert if price per share exceeds 130% of the conversion price ($29.237 / share) for at least 20 non-consecutive trading days during the 30 consecutive trading days ending on, and including, the last trading day of the preceding quarter • The company has the right to settle conversion in cash, common stock or a combination of both • Noteholders may require the Company to repurchase their Notes on December 15, 2027, at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid special and additional interest • After December 31, 2024, noteholders may convert if price per share exceeds 130% of the conversion price ($14.30 / share) for at least 20 non-consecutive trading days during the 30 consecutive trading days ending on, and including, the last trading day of the preceding quarter • The company has the right to settle conversion in cash, common stock or a combination of both Conversion Terms • On or after June 22, 2028, Company has the right to redeem any portion of the Notes if: (i) the price per share exceeds 130% of the conversion price ($29.237 / share) for 20 non-consecutive trading days and (ii) the Company cannot redeem less than all Notes unless at least $100 million in principal remains outstanding after the Redemption • On or after September 7, 2027, Company has the right to redeem any portion of the Notes if: (i) the price per share exceeds 130% of the conversion price ($14.30 / share) for 20 non-consecutive trading days and (ii) the Company cannot redeem less than all Notes unless at least $100 million in principal remains outstanding after the Redemption Company call feature • None, except change of control• None, except change of controlCovenants
16 Debt Summary – December 31, 2024 TotalFinancing Leases Mechanics Liens (Infrastructure and Construction Miner Equipment 0% Convertible Note 3% Convertible NoteInstrument -Various~ 5% - 5.5%0% Cash / 15% Effective0% Cash3% CashInterest Rate $ 512 $ 2 $ 39 $ 11$ -$ 460 September 30, 2024 612(0.5) (5) (8)625-Additions and (Paydown) $ 1,124 $ 2$ 34$ 3 $ 625 $ 460 December 31, 2024 Note: The two recently issued convertible were recorded entirely as debt at par, less issuance costs. No allocation of value was made to an embedded derivative nor to paid in capital. Issuance costs will be amortized over the term of the notes as part of interest expense. ($ Millions)
17 Total Debt – December 31, 2024 -$ 39 $ 2 $ 11 $ -$ 460 $ 512 9/30/24 $ 1,124 $ 34$ 2 $ 3 $ 625 $ 460 -12/31/24 For September 30, 2024, amount represents Notes Payable Current ($17.9M) and Non-Current ($474.6M), Finance Lease Liabilities Current ($2.4M) and Non-Current ($-M), plus unamortized discount and debt issuance costs ($17.0M) For December 31, 2024, amount represents Notes Payable Current ($16.3M) and Non-Current ($1,074.0M), Finance Lease Liabilities Current ($1.7M) and Non-Current ($0.0M), plus unamortized discount and debt issuance costs ($31.8M) $512 $- $625 $(0) $(5) $1,124 $(8) Total Debt - September 30, 2024 3% Convertible Note (Due 2029) 0% Convertible Note (Due 2031) Miner Equipment Loans Finance Leases Infrastructure and Construction Total Debt - 12/31/24 ~$612M ($ Millions)
18 Twelve Months Ended December 31,Three Months Ended December 31, 2023202420232024 Cash Costs per Bitcoin $ 12,464$ 24,375$ 14,032$ 37,661Direct power cost per bitcoin self-mined 2,4436,0122,51613,374Operational costs per bitcoin self-mined1 $ 14,907$ 30,387$ 16,548$ 51,035Total cost to self-mine one bitcoin2 Cash-Based Hash Cost3 $ 0.033$ 0.025$ 0.031$ 0.024Direct power cost per terahash, per day 0.0060.0060.0060.009Operational costs per terahash, per day1 $ 0.039$ 0.031$ 0.037$ 0.033Total cash-based hash cost3 Cash cost to mine bitcoin: three and twelve months ended December 31, 2024 1 Includes personnel and related costs, software, telecommunications, security, etc. Amount excludes stock-based compensation and depreciation. 2 Represents our direct cash costs of power and operational costs based on our self-mining/hosting mix divided by total bitcoin self-mined during the periods presented. 3 Represents the cash expense of power and facilities operation cost divided by our self-mining fleet hash rate, in terahash, per day.
19 Period over Period ChangeYear Ended December 31,Period over Period ChangeThree Months Ended December 31, PercentageDollar20232024PercentageDollar20232024 (in thousands, except percentages)Revenue: 5%$ 18,407$ 390,333$ 408,740(29)%$ (32,269)$ 112,169$ 79,900Digital asset self-mining revenue (24)%(24,451)102,00577,554(78)%(23,256)29,7606,504Digital asset hosted mining revenue from customers (100)%(10,062)10,062——%———Digital asset hosted mining revenue from related parties 100%24,378—24,378100%8,521—8,521HPC hosting revenue 2%8,272502,400510,672(33)%(47,004)141,92994,925Total revenue Cost of revenue: 8%22,639291,696314,335(2)%(1,356)79,57178,215Cost of digital asset self-mining (39)%(33,687)87,24553,558(82)%(18,888)23,0584,170Cost of digital asset hosted mining services 100%21,709—21,709100%7,777—7,777Cost of HPC hosting services 3%10,661378,941389,602(12)%(12,467)102,62990,162Total cost of revenue (2)%(2,389)123,459121,070(88)%(34,537)39,3004,763Gross profit (100)%(1,052)—(1,052)(100)%(805)—(805)Change in fair value of digital assets (100)%(3,893)3,893—(100)%(1,535)1,535—Gain from sale of digital assets 100%4,406(4,406)—100%1,542(1,542)—Impairment of digital assets 30%1,161(3,918)(2,757)100%3,918(3,918)—Change in fair value of energy derivatives (115)%(2,254)(1,956)(4,210)90%1,293(1,442)(149)Losses on exchange or disposal of property, plant and equip. Operating expenses: 65%4,6467,18411,830167%3,1401,8765,016Research and development 42%2,9507,0199,969(26)%(1,016)3,8862,870Sales and marketing 18%16,54093,908110,44847%11,46924,23735,706General and administrative 22%24,136108,111132,24745%13,59329,99943,592Total operating expenses (314)%(28,157)8,961(19,196)(1,111)%(43,717)3,934(39,783)Operating (loss) income Non-operating (income) expenses, net: 102%20,552(20,065)487(100)%(1,070)1,070—Loss (gain) on debt extinguishment (57)%(49,168)86,23837,070(99)%(82,785)83,9211,136Interest expense, net (158)%(302,561)191,122(111,439)(100)%(112,852)112,852—Reorganization items, net 100%1,369,157—1,369,157100%224,716—224,716Change in fair value of warrants and contingent value rights 87%2,205(2,530)(325)(132)%(1,917)1,448(469)Other non-operating (income) expense, net 408%1,040,185254,7651,294,95013%26,092199,291225,383Total non-operating expenses, net (435)%(1,068,342)(245,804)(1,314,146)(36)%(69,809)(195,357)(265,166)Loss before income taxes 26%17668385912%39336375Income tax expense (benefit) (433)%$ (1,068,518)$ (246,487)$ (1,315,005)(36)%$ (69,848)$ (195,693)$ (265,541)Net loss Consolidated Statement Of Operations: three and twelve months ended December 31, 2024 ($ Thousands)
20 Adjusted EBITDA Reconciliation - three and twelve months ended December 31, 2024 Year Ended December 31, 2024 Three Months Ended December 31, 2024 ($ Millions) $ (1,315.0)$ (265.5)Net loss 37.11.1Interest expense, net 0.90.4Income tax expense $ (1,277.1)$ (264.0)Earnings Before Interest and Taxes (EBIT) 113.226.0Depreciation and amortization $ (1,163.9)$ (238.0)Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Adjustments: 51.924.2Stock-based compensation expense (2.3)—Unrealized fair value adjustment on energy derivatives 4.20.1Losses on exchange or disposal of property, plant and equipment 4.6—HPC advisory startup costs 4.82.7Post-emergence bankruptcy advisory costs 0.5—Loss (gain) on debt extinguishment (111.4)—Reorganization items, net 1,369.2224.7Change in fair value of warrants and contingent value rights (0.3)(0.5)Other non-operating income, net 0.1—Other $ 157.4$ 13.3 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) $ 0.62$ 0.04Adjusted EPS – Basic and Diluted1 1 For the three months ended December 31, 2024, weighted average shares of approximately 306M used in basic and diluted EPS. For the year ended December 31, 2024, weighted average shares of approximately 256M used in basic and diluted EPS.
21 Year Ended December 31,Three Months Ended December 31, 2023202420232024 (in thousands, except percentages)Digital Asset Self-Mining Segment $ 390,333$ 408,740$ 112,169$ 79,900Digital asset self-mining revenue Cost of digital asset self-mining: 165,848160,83342,81037,249Power fees 88,628108,49927,74625,432Depreciation expense 16,85326,1294,41910,417Employee compensation 14,05513,2743,3593,580Facility operations expense 6,3125,6001,2371,537Other segment items 291,696314,35579,57178,215Total cost of digital asset self-mining $ 98,637$ 94,405$ 32,598$ 1,685Digital Asset Self-Mining gross profit 25 %23 %29 %2 %Digital Asset Self-Mining gross margin Digital Asset Hosted Mining Segment $ 112,067$ 77,554$ 29,760$ 6,504Digital asset hosted mining revenue from customers Cost of digital asset hosted mining services: 62,36635,40814,8342,738Power fees 6,8063,6043,195359Depreciation expense 6,3374,9331,531689Employee compensation 5,2852,7651,164266Facility operations expense 6,4516,8482,334118Other segment items 87,24553,55823,0584,170Total cost of digital asset hosted mining services $ 24,822$ 23,996$ 6,702$ 2,334Digital Asset Hosted Mining gross profit 22 %31 %23 %36 %Digital Asset Hosted Mining gross margin Segment Reporting - three and twelve months ended December 31, 2024
22 Year Ended December 31,Three Months Ended December 31, 2023202420232024 (in thousands, except percentages)HPC Hosting Segment HPC hosting revenue: $ —$ 17,498$ —$ 5,873License fees —73—(9)Maintenance and other —17,571—5,864Licensing revenues —6,807—2,657Power fees passed through to customer $ —$ 24,378$ —$ 8,521Total HPC hosting revenue Cost of HPC hosting services: —3—3Depreciation expense —2,514—1,037Employee compensation —11,907—3,943Facility operations expense —478—137Other segment items —14,902—5,120Cost of licensing revenues —6,807—2,657Power fees passed through to customer —21,709—7,777Total cost of HPC hosting services $ —$ 2,669$ —$ 744HPC Hosting gross profit — %15 %— %13 %HPC Licensing gross margin — %11 %— %9 %HPC Hosting gross margin Consolidated $ 502,400$ 510,672$ 141,929$ 94,925Consolidated total revenue $ 378,941$ 389,602$ 102,629$ 90,162Consolidated cost of revenue $ 123,459$ 121,070$ 39,300$ 4,763Consolidated gross profit 25%24%28%5%Consolidated gross margin Segment Reporting - three and twelve months ended December 31, 2024
23 Balance Sheet: As of December 31, 2024 Total Assets December 31, 2023December 31, 2024 ($ Thousands) UnauditedAssets Current Assets: $ 50,409$ 836,197Cash and cash equivalents 19,300783Restricted cash 1,0011,025Accounts receivable 2,28423,893Digital assets 24,02242,064Prepaid expenses and other current assets 97,016903,962Total Current Assets 585,431556,342Property, plant and equipment, net 7,844114,472Operating lease right-of-use assets 21,86524,039Other noncurrent assets $ 712,156$ 1,598,815Total Assets
24 Dec 31, 2023December 31, 2024($ Thousands) UnauditedLiabilities and Stockholders’ Deficit Current Liabilities: $ 154,751$ 19,265Accounts payable 179,63669,230Accrued expenses and other current liabilities 9,83018,134Deferred revenue 779,974Operating lease liabilities, current portion 19,7711,669Finance lease liabilities, current portion 124,35816,290Notes payable, current portion 488,423134,562Total Current Liabilities 1,51297,843Operating lease liabilities, net of current portion 35,7453Finance lease liabilities, net of current portion 684,0821,073,990Convertible and other notes payable, net of current portion —4,272Contingent value rights, net of current portion —1,097,285Warrant liabilities —11,040Other noncurrent liabilities 1,209,7622,418,995Total liabilities not subject to compromise 99,335—Liabilities subject to compromise 1,309,0972,418,995Total Liabilities Stockholders’ Deficit: ——Preferred stock; $0.00001 par value; 2,000,000 and nil shares authorized at December 31, 2024 and December 31, 2023, respectively; none issued and outstanding at December 31, 2024 and December 31, 2023 363Common stock; $0.00001 and $0.0001 par value at December 31, 2024 and December 31, 2023; 10,000,000 shares authorized at December 31, 2024 and December 31, 2023; 292,606 and 386,883 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 1,823,2602,915,035Additional paid-in capital (2,420,237)(3,735,218)Accumulated deficit (596,941)(820,180)Total Stockholders’ Deficit $ 712,156$ 1,598,815Total Liabilities and Stockholders’ Deficit Balance Sheet: As of December 31, 2024 Total Liabilities and Stockholders’ Deficit