[10-Q] I-ON Digital Corp. Quarterly Earnings Report
I-ON Digital Corp. (IONI) filed its Q3 2025 10-Q, showing its first meaningful operating revenue tied to a new Master Treasury Lease and Custody Agreement with GGBR Inc. The company recognized $356,335 of revenue in the quarter, all collected, with no cost of sales recorded, delivering equal gross profit.
Operating expenses were $477,705, leading to a quarterly net loss of $121,370 and a nine‑month net loss of $894,287. Cash stood at $106,735 and the company reported a working capital deficit of $3,154,322. The balance sheet remains dominated by intangible assets at $18,042,980.
Management disclosed substantial doubt about continuing as a going concern and noted continued reliance on related‑party financing. Loans of $550,000 and accrued interest of $660,000 are in default as of July 1, 2025. Internal controls were assessed as not effective. As of November 13, 2025, 31,106,234 common shares were outstanding.
- None.
- Going concern uncertainty disclosed due to limited revenues and recurring losses.
- $550,000 loans and $660,000 accrued interest are in default after July 1, 2025.
- Working capital deficit of $3,154,322 and cash of $106,735 at quarter end.
- Disclosure controls deemed not effective due to material weaknesses.
Insights
Revenue started, but liquidity is tight with debt in default.
I-ON Digital posted Q3 revenue of
Liquidity pressure is evident: cash was
Execution of the GGBR agreement drove Q3 revenue, but durability depends on continued activity under that contract. Subsequent filings may provide detail on additional revenues or financing outcomes tied to disclosed term sheets.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended
or
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______________________ to ______________________
Commission
file number:
(Exact name of registrant as specified in its charter)
(formerly known as I-ON Communications Corp.)
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices, including zip code)
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act: None
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Smaller
reporting company | |
| Emerging
growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
As
of November 13, 2025, I-ON Digital Corp. had [
I-ON Digital Corp.
Table of Contents
| Financial Statements (UNAUDITED) | |
| Condensed Consolidated Balance Sheets (UNAUDITED) | 3 |
| Condensed Consolidated Statements of Operations (UNAUDITED) | 4 |
| Condensed Consolidated Statements of Stockholders’ Equity (UNAUDITED) | 5 |
| Condensed Consolidated Statements of Cash Flows (UNAUDITED) | 6 |
| Notes to Condensed Consolidated Financial Statements (UNAUDITED) | 7 |
| 2 |
Part 1 – Financial Information
| Item 1. | Financial Statements |
Condensed Consolidated Balance Sheets
September 30, 2025 | December 31, 2024 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Prepaid expenses | ||||||||
| Total current assets | ||||||||
| Non-current assets: | ||||||||
| Intangible assets, net | ||||||||
| Total non-current assets | ||||||||
| Total Assets | $ | $ | ||||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | $ | ||||||
| Accrued interest | ||||||||
| Due to related parties | ||||||||
| Loans payable, in default | ||||||||
| Total current liabilities | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies | - | - | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock-$ | ||||||||
| Preferred stock Series A - $ | - | - | ||||||
| Preferred stock Series C - $ | ||||||||
| Preferred stock, value | ||||||||
| Common stock - $ | ||||||||
| Additional paid-in-capital | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total stockholders’ equity | ||||||||
| Total Liabilities and Stockholders’ Equity | $ | $ | ||||||
See accompanying notes to unaudited condensed consolidated financial statements.
| 3 |
I-ON Digital Corp.
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended September 30, 2025 | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | |||||||||||||
| Net sales | $ | $ | - | $ | $ | |||||||||||
| Cost of sales | - | - | - | |||||||||||||
| Gross profit | - | |||||||||||||||
| Operating expenses | ||||||||||||||||
| Professional fees | ||||||||||||||||
| General and administrative expenses | ||||||||||||||||
| Total expenses from operations | ||||||||||||||||
| Income (loss) from operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Other income (expenses) | ||||||||||||||||
| Gain on sale of intangible assets | - | - | ||||||||||||||
| Gain on exchange of intangible assets | - | - | ||||||||||||||
| Interest expenses | - | ( | ) | - | ( | ) | ||||||||||
| Income (loss) before income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Provision for income taxes | - | - | - | - | ||||||||||||
| Net income (loss) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Net income (loss) per share, basic and diluted | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Weighted average number of shares outstanding, basic and diluted | ||||||||||||||||
See accompanying notes to unaudited condensed consolidated financial statements.
| 4 |
I-ON Digital Corp.
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
For the three and nine months ended September 30, 2025 and 2024
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Capital | Earnings | Equity | ||||||||||||||||||||||||||||||||||||||||
| Preferred Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Series A | Series A to be issued | Series B | Series C | Additional Paid-in | Retained | Company Stockholders’ | |||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Capital | Earnings | Equity | ||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2023 | $ | $ | - | $ | - | $ | - | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2024 | - | - | - | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2024 | - | - | - | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||
| Balance at September 30, 2024 | $ | $ | - | $ | - | $ | - | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||||||||||
See accompanying notes to unaudited condensed consolidated financial statements.
| Preferred Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Series A | Series A to be issued | Series B | Series C | Additional Paid-in | Retained | Company Stockholders’ | |||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Capital | Earnings | Equity | ||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | $ | - | - | $ | - | - | $ | - | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2025 | - | - | - | - | - | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
| Balance | - | - | - | - | - | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | - | - | - | - | - | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
| Balance | - | - | - | - | - | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||
| Balance at September 30, 2025 | $ | $ | - | - | $ | - | - | $ | - | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||||||||
| Balance | $ | $ | - | - | $ | - | - | $ | - | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||||||||
See accompanying notes to unaudited condensed consolidated financial statements.
| 5 |
I-ON Digital Corp.
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | ( | ) | $ | ( | ) | ||
| Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||
| Amortization | ||||||||
| Accretion of debt discount | - | |||||||
| Gain on sale of intangible assets | ( | ) | ||||||
| Changes in assets and liabilities: | ||||||||
| Prepaid expenses and other current assets | ||||||||
| Accrued expenses | ( | ) | ||||||
| Accrued interest | - | |||||||
| Deferred revenue – related party | - | ( | ) | |||||
| Due to related party | - | |||||||
| Net cash provided by (used in) operating activities | ( | ) | ( | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds from sale of intangible assets | - | |||||||
| Payments for the purchase of intangible assets | ( | ) | - | |||||
| Gain on exchange of intangible assets | - | ( | ) | |||||
| Total net cash provided by (used in) investing activities | ( | ) | ||||||
| Cash flows from financing activities: | ||||||||
| Advances from related parties | ||||||||
| Repayments to related parties | ( | ) | - | |||||
| Total net cash provided by (used in) financing activities | ||||||||
| Net increase (decrease) in cash and cash equivalents | ( | ) | ||||||
| Cash and cash equivalents, beginning of period | ||||||||
| Cash and cash equivalents, end of period | $ | $ | ||||||
| Supplemental disclosure of cash flow information: | ||||||||
| Interest paid | $ | - | $ | - | ||||
| Taxes paid | $ | - | $ | - | ||||
| Supplemental disclosure of non-cash flow information: | ||||||||
| Continuing operations: | ||||||||
| Issuance of common stock for intangible assets | $ | - | $ | - | ||||
| Issuance of common stock for services | $ | - | $ | - | ||||
See accompanying notes to unaudited condensed consolidated financial statements.
| 6 |
I-ON Digital Corp.
Notes to Condensed Consolidated Financial Statements (Unaudited)
As of September 30, 2025
NOTE 1. Organization and Operations
I-ON Digital Corp. (the “Company”) is engaged in providing digital-based enterprise solutions, including the digitization and distribution of digital tokens, primarily gold, and other asset-based digital securities on the block chain.
On
December 15, 2023, the Company consummated its previously announced transaction contemplated by that certain Contribution and Exchange
Agreement, dated as of October 30, 2023 (the “Contribution and Exchange Agreement”), by and between the Company and Orebits
Acquisition Group, a Wyoming limited liability company (“OAG”), pursuant to which the Company acquired
The
acquisition of Orebits has had a significant impact on the Company’s consolidated balance sheets. Prior to consummation of the
Transaction, Orebits carried only one asset –
NOTE 2. Summary of Significant Accounting Policies
The summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, who is responsible for integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.
In the opinion of management, these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended September 30, 2025 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2025 or for any future period.
These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2024.
Basis of Consolidation
The consolidated financial statements include the accounts of I-On Digital Corp. and its wholly owned subsidiary Orebits Corp, (collectively, the Company). All significant intercompany transactions and balances have been eliminated in consolidation. Subsidiaries are entities over which the Company has control, typically through a majority voting interest. The Company consolidates entities in which it holds a controlling financial interest, as defined by Accounting Standards Codification (ASC) 810, Consolidation. Investments in entities where the Company does not have control but has significant influence are accounted for under the equity method.
| 7 |
Going Concern
The accompanying consolidated financial statements have been prepared in conformity with GAAP, which contemplate continuation of the Company as a going concern. The Company has had limited revenues since the Company, under the prior ownership group, sold-off all of its subsidiaries in September 2022. In addition, the Company has reported recurring losses. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.
As of September 30, 2025, the Company believes that its investment in the development of ION Digital Hybrid Blockchain Platform will allow it to project and plan forward for a period of increasing revenues based on fee-driven digitization activities involving both closely held and third-party gold claims. The Company has recently concluded negotiations, resulting in multiple term sheets, that were executed in the third quarter of 2025. Consummation of these transactions will be subject to successful completion efforts on the part of the Company.
The
Company’s business prospects have changed since the new management took control of operations in January 2023. Since the new ownership
took over the Company, management commenced new initiatives in technology development and acquisitions. Management currently intends
to conduct one or more private placements during the balance of 2025 to raise up to $
Use of Estimates in the Preparation of Financial Statements
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. As a result, actual results could materially differ from these estimates.
Revenue Recognition
The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: 1: Identify the contract with the customer; 2: Identify the performance obligations in the contract; 3: Determine the transaction price; 4: Allocate the transaction price to the performance obligations in the contract; and Step 5: Recognize revenue when the Company satisfies a performance obligation.
Revenue
for the nine months ended September 30, 2024 ($
The Company’s primary source of revenue during the three and nine months ended September 30, 2025, consisted of fees earned by deploying assets owned and/or assets under management (AUM) and, more specifically, under its Master Treasury Lease and Custody Agreement (“MTLCA”) with GGBR Inc. (“GGBR”). Under the MTLCA arrangement, the Company, performing in its role as the Lessor under the MTLCA, facilitates GGBR’s minting, issuance, and management of digital tokens (“GoldFish Tokens”) collateralized against ION.au Gold-backed Digital Assets (“ION.au”) leased from the Company. Revenue is recognized when the Company’s performance obligations are satisfied, which occurs upon delivery of vault access to the ION.au. This represents the point at which the Company has provided the related access services, effectively allowing GGBR to create the Goldfish Token, for control and use of the Token by its customers. The transaction price is determined based on contractual terms with GGBR, including a base lease rate factor and a share of proceeds from token-related activities.
Consideration
received in advance of performance is recorded as a contract liability and recognized as revenue when the performance obligations are
satisfied. During the quarter ended September 30, 2025, the Company recognized $
The
Company recorded
Cash and Cash Equivalents
The
Company considers all money market funds and highly liquid financial investments with maturities of three months or less when acquired
to be cash equivalents. As of September 30, 2025 and December 31, 2024 there were
Intangible Assets
Intangible assets represent non-physical assets that lack a physical substance but have value. These assets are typically long-term in nature and can include items such as patents, trademarks, copyrights, digital assets, and software. When the Company acquires an intangible asset, it is recorded either at fair value or at historical cost. The fair value is used if the asset is acquired from an entity not under common control in a business combination, and the historical cost is used if the asset is acquired from an entity under common control. Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives.
| 8 |
The estimated useful lives of the respective asset categories are as follows:
Schedule of Estimated Useful Lives of Asset Categories
| Development costs | ||
| Intangible assets excluding development costs | ||
| Other intangible assets – core technology platforms |
The Company follows ASC 350-30-35 and recognizes costs incurred to renew or extend the term of a recognized intangible asset as an expense in the period in which they are incurred. These costs are not capitalized but are instead treated as operating expenses, ensuring that the financial statements accurately reflect the current period’s operational activities.
Digital assets are accounted for as indefinite-lived intangible assets, therefore, they are not amortized, but are assessed for impairment annually, or upon a triggering event that indicates it is more likely than not that the indefinite-lived intangible asset is impaired.
Impairment Analysis for Long-lived Assets and Intangible Assets
The Company’s long-lived assets and other assets (consisting of property and equipment and purchased intangible assets) are reviewed for impairment in accordance with the guidance of the FASB ASC 360, Property, Plant, and Equipment, FASB ASC 350, Intangibles, and FASB ASC 205 Presentation of Financial Statements. The Company tests for impairment losses on long-lived assets used in operations whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable or is less than fair value. If recoverability of an asset to be held and used is in question it is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations can involve management’s estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial positions. Fair value is determined through various valuation techniques including undiscounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Whenever the exchange-traded price of digital assets declines below its carrying value, the Company has determined that impairment exists and records impairment equal to the amount by which the carrying value exceeds the fair value. Once an intangible asset is impaired, the loss is not reversed if the fair value subsequently increases.
Earnings Per Share
FASB ASC Topic 260, Earnings Per Share, requires a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share (EPS) computations. Basic earnings (loss) per share are computed by dividing net earnings available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. In periods where losses are reported, the weighted-average number of common stock outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. As of September 30, 2025 and December 31, 2024, the Company had the following common stock equivalents:
Schedule of Anti-dilutive of Common Stock Equivalents
| Series A preferred stock convertible into | ||||
| Series C preferred stock convertible into | ||||
| Total common stock equivalents |
Fair Value Measurements
The Company follows FASB ASC Topic 820, Fair Value Measurements. ASC 820 defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.
| 9 |
ASC 820 establishes a hierarchy of valuation inputs based on the extent to which the inputs are observable in the marketplace. Observable inputs reflect market data obtained from sources independent of the reporting entity and unobservable inputs reflect the entity’s own assumptions about how market participants would value an asset or liability based on the best information available.
Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value.
The following describes the hierarchy of inputs used to measure fair value and the primary valuation methodologies used by the Company for financial instruments measured at fair value on a recurring basis.
The three levels of inputs are as follows:
| Level 1 | Quoted prices in active markets for identical assets or liabilities that the Company has an ability to access as of the measurement date. | |
| Level 2 | Inputs that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the same term of the assets or liabilities. | |
| Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Our financial instruments include cash and cash equivalents, short-term financial instruments, short-term loans, accounts receivable, investments, accounts payables and debt. The carrying values of these financial instruments approximate their fair value due to their short maturities. The carrying amount of our debt approximates fair value because the interest rates on these instruments approximate the interest rate on debt with similar terms available to us.
Income Taxes
Income taxes are provided for the tax effects of transactions reported in the financial statements and consists of taxes currently due and deferred taxes. Deferred taxes are recognized for the differences between the basis of assets and liabilities for financial statement and income tax purposes.
The Company follows FASB ASC 740, Income Taxes, which require the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
FASB ASC 740-10-25 provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax position. The Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company did not recognize additional liabilities for uncertain tax positions pursuant to FASB ASC 740-10-25 as of September 30, 2025.
| 10 |
Contingencies
Accounting guidance requires that the Company record an estimated loss from a loss contingency when information available prior to issuance of the consolidated financial statements indicates that it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Accounting for contingencies such as legal matters requires significant judgment. Many of these legal matters can take years to resolve. Generally, as the time period increases over which the uncertainties are resolved, the likelihood of changes to the estimate of the ultimate outcome increases.
Concentration of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk are cash arising from its normal business activities.
The Company has its cash in high credit quality institutions. At times, such investments may be in excess of the FDIC insurance limit
of $
The Company currently does not provide for or issue extensions of credit to its clients, vendors or employees. If the Company’s board of directors elected to make a change in current policy, management, pursuant to policy and procedure implementation of the same, would establish methodologies for monitoring and assessing corresponding risks, inclusive of the potential for concentrations and the related adequacy of loss reserves going forward.
Segment Reporting
The Company operates as a single operating and reportable segment, a resource management expertise and services provider. Our Chief Executive Officer is our Chief Operating Decision Maker, (CODM) who evaluates performance and makes operating decisions about allocating resources (see NOTE 4).
Advertising
Costs
associated with advertising and marketing expenses are expensed as incurred. The Company incurred $
Employee Stock Based Compensation
The Company accounts for its share-based compensation plan in accordance with FASB ASC 718, Stock Compensation, which establishes a fair value method of accounting for stock-based compensation plans. The Company records stock compensation expense based on the value of the number of shares vesting specified periods over three years.
Stock-based compensation issued to employees and members of our board of directors is measured at the date of grant based on the estimated fair value of the award, net of estimated forfeitures. The grant date fair value of a stock-based award is recognized as an expense over the requisite service period of the award on a straight-line basis.
For purposes of determining the variables used in the calculation of stock-based compensation issued to employees, the Company performs an analysis of current market data and historical data to calculate an estimate of implied volatility, the expected term of the option and the expected forfeiture rate. With the exception of the expected forfeiture rate, which is not an input, we use these estimates as variables in the Black-Scholes option pricing model. Depending upon the number of stock options granted any fluctuations in these calculations could have a material effect on the results presented in our statements of operations. In addition, any differences between estimated forfeitures and actual forfeitures could also have a material impact on our financial statements.
| 11 |
Recently Issued Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-03, Income Statement—Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses. The update requires public business entities to disclose, in tabular form, certain natural expense categories—such as employee compensation, depreciation, amortization, and inventory or transaction-related costs—within relevant income statement captions.
The Company will adopt ASU 2024-03 at its effective date for annual periods beginning after December 15, 2026. Early adoption has not been elected. The Company is currently evaluating the impact of this standard on its future financial statement disclosures and does not expect it to have a material effect on the recognition or measurement of amounts reported in the consolidated financial statements. Upon adoption, the Company expects the enhanced expense disaggregation disclosures to provide greater transparency and comparability for investors and other financial statement users.
The Company has reviewed all the recent accounting pronouncements issued through the date of these financial statements and has determined that there have been no standards that had, or will have, a material impact on its consolidated financial statements.
NOTE 3. Treasury Lease and Custody Agreement
In July 2025, the Company entered into a Master Treasury Lease and Custody Agreement (“MTLCA”) with GGBR Inc. (“GGBR”). Under the agreement, GGBR agreed to lease, from the Company, up to 1,000,000 ION.au Gold-backed Digital Assets in connection with GGBR’s further issuance of tokenized digital assets (“GoldFishTokens”). The purpose of the arrangement is to support GGBR’s digital treasury operations and independently operated and proprietary tokenization platform.
Pursuant to the terms of the MTLCA, the Company retains ownership and/or management control of the underlying ION.au Gold-backed Digital Asset throughout the term of the lease. As a result, GGBR does not record the leased gold as an asset on its own balance sheet. GGBR is responsible for managing the minting, issuance, and redemption of GoldFish Tokens, for which, it pays a moderate discount to the current price of gold and an applicable fee from the minting of GoldFish Tokens.
During
the quarter ended September 30, 2025, the GGBR commenced operations under the MTLCA and the Company, in turn, recognized $
As of September 30, 2025, all amounts due from GGBR related to such revenue had been collected, and no receivables were outstanding.
NOTE 4. Segment Reporting
The
Company operates as a
NOTE 5. Prepaid Expenses
In
August 2023, the Company signed an agreement with M2 Compliance LLC (“M2”) for M2 to provide EDGAR filing services for the
Company. The term of the services was from August 19, 2023 to August 18, 2024 for an annual fee of $
Also
in August 2023, the Company paid the annual fees to OTC Markets for two categories of services. The fee was $
In
March 2025, the Company upgraded the OTC Markets services and paid the annual fee of $
As
of September 30, 2025, the balance of prepaid expenses was $
NOTE 6. Intangible Assets
As of September 30, 2025, the net book value of the intangible assets was $
Software to be Sold, Leased, or Marketed
In
March 2023 the Company paid, through OAG (a related party), $
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Internal-use Software
In
January 2023, the Company entered into a service agreement with Nodalium, Inc. (“Nodalium”) through which Nodalium would
provide workflow automation for the KYC and AML onboarding of gold reserves. The consideration for this project was $
In
March 2023, the Company signed an agreement with Instruxi Limited, through which Instruxi Limited was to build a technology stack for
the tokenization of precious metal, mineral, and/or commodity asset rights for unextracted deposits. The technology stack allows the
Company to provide specialist consultation, through its ION’s Digital Architecture & Hybrid Blockchain Platform. The Company
paid $
In
August 2025, the Company engaged Instruxi Limited to upgrade and modify its existing technology platform. The total cost of the project
is estimated to be approximately $
The
Company expects to record amortization of $
Indefinite-lived Intangible Assets
In
February 2023, ION Acquisition Corp., a company owned
In
December 2023, the Company obtained
In
July 2024, the Company sold 50 units of the Orebits AU Certificates in exchange for 2 units of Bitcoin (“BTC”). The selling
price was $
The
Orebits AU Certificates have been determined to have an indefinite life, therefore no amortization has been recognized, instead the asset
is evaluated for impairment in accordance with the Company’s policy for such. During the nine months ended September 30, 2025
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NOTE 7. Related-Party Transactions
During
2023, the Company received $
As described in NOTE 6 the Company purchased certain intangible assets from related parties.
Through
an entity controlled by Carlos Montoya, the Company’s CEO and controlling stockholder, Mr. Montoya currently pays substantially
all the expenses for the Company’s operations and certain capital expenditures. For the nine months ended September 30, 2025 and
2024, the related party deposited cash into the Company and/or paid Company expenses of $
During
the nine months ended September 30, 2025, the Company, on behalf of one of its related parties, Oktane Media LLC (“Oktane”),
owned by the Company’s Chief Marketing Officer, conducted the payroll process for Oktane. The Company paid Oktane’s employee
payroll, payroll taxes and employee benefits in the amount of $
On
March 30, 2023, the Company sub-leased its Enterprise Workflow/Intelligent Automation Platform, as allowed under a relicensing provision
within that certain master software license agreement, to I-ON Acquisition Corp., an entity owned by Carlos Montoya, the Company’s
Chief Executive Officer, for annual fees of $
In
September 2025, the Company received $
NOTE 8. Loans Payable, in Default
In
November 2023, the Company issued promissory notes in the amount of $
Effective
November 1, 2024, all promissory notes were amended to extend the maturity date to July 1, 2025 and the Company was responsible to pay
an additional interest amount that was
For
the nine and three months ended September 30, 2024, the Company recorded interest expenses of $
As
of September 30, 2025 the balance of the loans payable balance was $
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NOTE 9. Stockholders’ Equity
Series A Preferred Stock
In
September 2022, the Company established the Series A Preferred Stock. The authorized number of shares of Series A Preferred Stock is
six thousand (
In
May and September 2023, the Company received $
During
the year ending December 31, 2024, the Company recorded the issuance of their Series A Preferred Stock therefore increasing their Series
A shares by
As
of September 30, 2025 there were
Series B Preferred Stock
In
September 2022, the Company established the Series B Preferred Stock. The authorized number of shares of Series B Preferred Stock is
six thousand (
During
the nine months ended September 30, 2025 and 2024, there were no Series B Preferred Stock transactions and as of September 30, 2025 and
December 31, 2024 there were
Series C Preferred Stock
In
December 2023, the Company established the Series C Preferred Stock. The authorized number of shares of Series C Preferred Stock is
During
the nine months ended September 30, 2025 and 2024 there were no Series C Preferred Stock transactions and as of September 30, 2025 and
December 31, 2024 there were
Series E Preferred Stock
On
January 5, 2025,
During
the nine months ended September 30, 2025 there were no Series E Preferred Stock transactions and as of September 30, 2025 there were
Common Stock
During
the nine months ended September 30, 2025 and 2024 there were no Common Stock transactions and as of September 30, 2025 and December 31,
2024, the Company had
Warrants
In
November 2023, the Company issued
NOTE 10. Subsequent Events
The Company follows the guidance in FASB ASC 855-10 for the disclosure of subsequent events. The Company evaluated subsequent events through the date the financial statements were available to be issued and determined the Company did not have any reportable subsequent events except the following:
In
October 2025, the related party, Orebits Acquisition Group LLC, owned by the Company’s CEO, funded $
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| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Forward Looking Statements
This quarterly report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
Our unaudited interim financial statements for the nine months ended September 30, 2025 and 2024 and as of September 30, 2025 are expressed in US dollars and are prepared in accordance with generally accepted accounting principles in the United States of America. They reflect all adjustments (all of which are normal and recurring in nature) that, in the opinion of management, are necessary for fair presentation of our interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter. Our unaudited financial statements and notes included therein have been prepared on a basis consistent with and should be read in conjunction with our audited financial statements and notes for the year ended December 31, 2024, as filed in our annual report on Form 10-K.
The following discussion should be read in conjunction with our interim financial statements and the related notes that appear elsewhere in this quarterly report.
Business Overview
Organization and Corporate History
I-ON is a leading-edge provider of asset-digitization and securitization solutions engineered to provide a secure, fast, transparent, and institutional-grade ecosystem. We specialize in digitizing documentary evidence of ownership into secure, asset-backed digital certificates, thus bringing liquidity and recognized value to a diverse array of asset classes. Our cutting-edge technology includes a zero-trust, hybrid blockchain architecture that incorporates state-of-the-art smart contracts and sophisticated workflow management AI technologies. This system enables the digitization of ownership records for recoverable gold, precious metals, and mineral reserves, transforming them into digital certificates that facilitate wealth transfer through innovative asset-backed financial instruments.
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In the fiscal year 2023, I-ON continued to expand its market presence and product offerings. We notably acquired Orebits’ gold digitization patent portfolio, trademarks, brand marks, and core intellectual property in the Orebits Transaction. This acquisition has allowed us to enhance our capabilities and broaden our service offerings, particularly through a new SaaS platform designed for banks, broker-dealers, and other financial intermediaries. This platform supports the receipt, management, and reporting of digital assets, reinforcing our commitment to innovation in the banking, financial technology, and mineral asset industries.
Results of Operations
Net Sales
The sales for the nine months ended September 30, 2025 and 2024 were $356,335 and $32,625, respectively, and the sales for the three months ended September 30, 2025 and 2024 were $356,335 and $0, respectively. During the prior year, the Company subleased its license to a related party for one year from April 2023 through March 2024 for an annual fee of $130,500. The Company received the full amount and recorded it as deferred revenue which was recognized ratably into revenue over the twelve-month licensing period beginning in April 2023, thus explaining the $32,625 of sales to related parties for the nine months ended September 30, 2024.
In July 2025, the Company entered into a Master Treasury Lease and Custody Agreement (“MTLCA”) with GGBR Inc. (“GGBR”). Under the agreement, the Company facilitates the minting, issuance, and related management of gold-backed digital assets (“GoldFin Tokens”) supported by gold leased from GGBR Inc. The purpose of the arrangement is to support the Company’s digital treasury operations and tokenization platform and resulted in $356,335 worth of revenue during the nine and three months ended September 30, 2025. The reason of the significant change in revenue was the MTLCA commenced in July 2025, so no revenue was recognized in the first two quarters (See Notes 2 and 3 above).
Cost of Sales
The cost of sales for the nine months ended September 30, 2025 and 2024 were $0 and $21,000, respectively, and the cost of sales for the three months ended September 30, 2025 and 2024 were $0 and $0, respectively. The costs recognized in the prior year for the license subleased to a related party was recognized over the same period revenue was generated, from April 2023 through March 2024. The Company incurred no costs during the current year related to the MTLCA with GGBR.
Gross Profit
The gross profit for the nine months ended September 30, 2025 and 2024 was $356,335 and $11,625, respectively, and the gross profit for the three months ended September 30, 2025 and 2024 was $356,335 and $0, respectively. This was explained in the Net Sales and Cost of Sales discussion above.
Operating Expenses
Operating expenses consist of professional fees and general and administrative expenses.
Operating expenses for the nine months ended September 30, 2025 was $1,250,622, containing $437,289 of professional fees and $813,333 of general and administrative expenses. Comparing with the nine months ended September 30, 2024, the operating expenses were $771,208, containing $334,469 of professional fees and $436,739 of general and administrative expenses.
Operating expenses for the three months ended September 30, 2025 was $477,705, containing $127,348 of professional fees and $350,357 of general and administrative expenses. Comparing with the three months ended September 30, 2024, the operating expenses were $344,289, containing $142,890 of professional fees and $201,399 of general and administrative expenses.
The increase in operating expenses was due to overall growth efforts to expand the Company’s operations and offerings which resulted in increased professional fees, marketing expenses, travel expenses, computer and internet expenses, payroll expenses, and amortization during the three and nine months ended September 30, 2025.
Other Income (Expense)
For the three and nine months ended September 30, 2024, the Company had interest expenses of $160,623 and $478,856, respectively. There were no such expenses for the three and nine months ended September 30, 2025, as the Company obtained loans of $550,000, recorded with debt discount at inception, in November 2023, which was amortized over the original loan term of one year, thus the Company did not recognize any interest or amortization of debt discount after December 31, 2024.
For the three and nine months ended September 30, 2024, the Company exchanged 50 units of Orebits for 2 units of Bitcoin, resulting in a gain on exchange of intangible assets of $25,682, and sold the 2 units of Bitcoin for cash of $120,425 resulting in a gain on sale of intangible assets of $3,795. No similar transactions happened during the current year.
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Liquidity and Capital Resources
As of September 30, 2025 the Company had its cash of $106,735 and a working capital deficit of $3,154,322. The Company’s limited cash balance and working capital deficit raise substantial doubt about its ability to continue as a going concern without additional financing.
Operating Activities
Net cash used in operating activities was $681,601 for the nine months ended September 30, 2025, compared to $745,920 used during the same period in 2024. The decrease was primarily attributable to a lower net loss of $894,287 in 2025 compared to $1,208,962 in 2024, partially offset by changes in accrued expenses, prepaid expenses, and other working capital accounts.
Investing Activities
Net cash used in investing activities was $6,000 for the nine months ended September 30, 2025, consisting primarily of platform upgrades to the Company’s ION Digital Hybrid Blockchain Platform. In the prior-year period, investing activities provided $94,743, mainly from proceeds related to the sale of intangible assets.
Financing Activities
Net cash provided by financing activities totaled $524,241 for the nine months ended September 30, 2025, compared to $815,061 in the same period in 2024. The decrease was primarily due to lower advances received from related parties during the current period. The Company continues to rely on related party funding to support ongoing operations and development activities
Liquidity Outlook
The Company expects to require approximately $1.0 million to $1.5 million in cash over the next 12 months to fund operations and platform development. Management believes that anticipated revenues from recently executed term sheets, together with continued related party support and potential capital raises, will provide sufficient liquidity to meet operating needs during this period. The Company intends to conduct one or more private placements during the remainder of 2025 to raise up to $100 million; however, there can be no assurance that such financing will be successfully completed.
Capital Resources
The Company does not have any material commitments for capital expenditures as of September 30, 2025. Management anticipates that future investments in technology and compliance infrastructure will be required as operations expand. The Company does not maintain any credit facilities or external lines of credit.
Known Trends and Uncertainties
The Company’s liquidity is primarily dependent on its ability to generate revenues from digital asset activities, secure related party funding, and raise additional capital. The execution of multiple term sheets in the third quarter of 2025 is expected to generate future fee-based revenues, subject to completion of related transactions. While management believes these developments represent a positive trend, the Company’s recurring losses, working capital deficit, and reliance on external financing continue to present uncertainties that may affect future liquidity and capital resources.
Critical Accounting Estimates
Our financial statements are affected by the accounting policies used and the estimates and assumptions made by management during their preparation. A complete summary of these policies is included in Note 2 of the notes to our financial statements. We have identified below the accounting policies that are of particular importance in the presentation of our financial position, results of operations and cash flows, and which require the application of significant judgment by our management. Management has carefully considered the recently issued accounting pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term.
Disclosure Controls and Procedures
As required by Rule 15d-15(b) under the Exchange Act, our management, including our principal executive and financial officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 15d-15(e) under the Exchange Act) as of September 30, 2025, the last day of the period covered by this Quarterly Report. Based on this evaluation, our management, including our principal executive and financial officer, concluded that, as of September 30, 2025, our disclosure controls and procedures were not effective at the reasonable assurance level due to material weaknesses identified, as previously disclosed in our Form 10-K for the year ended December 31, 2024.
Limitations on Effectiveness of Controls
Our management, including our principal executive and financial officer, does not expect that our disclosure controls and procedures, or our system of internal control over financial reporting (as defined in Rule 15d-15(f) under the Exchange Act), will prevent or detect all errors and all fraud. A control system, no matter how well designed or operated, can provide only reasonable, but not absolute, assurance that the objectives of the system are met. The design of our control system reflects the fact that there are resource constraints, and that the benefits of such control system must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control failures and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the intentional acts of individuals, by collusion of two or more people, or by management override of the controls. The design of any system of controls is also based in part on certain assumptions about the likelihood of future events, and there can be no assurance that the design of any particular control will always succeed in achieving its objective under all potential future conditions.
Changes in Internal Control over Financial Reporting
There have not been any changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect our internal control over financial reporting.
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PART II – OTHER INFORMATION
| Item 1. | Legal Proceedings |
None.
| Item 1A. | Risk Factors |
In addition to the Risk Factors contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and filed with the SEC on May 11, 2025, the following Risk Factors should also be considered:
Technological Obsolescence and Protocol Risk
The rapid pace of innovation in blockchain and digital asset technologies means that platforms, protocols, or standards can become obsolete quickly. The Company’s products or services may be rendered less competitive or irrelevant if new, superior technologies emerge or if there are significant changes to underlying blockchain protocols (such as forks or upgrades). Failure to adapt to technological advancements could adversely affect the company’s market position and financial performance.
Counterparty and Custodial Risk
Digital asset companies often rely on third-party custodians, exchanges, or service providers. Failures, insolvencies, or breaches at these counterparties can result in loss of assets or business disruption. Additionally, the loss or compromise of private keys can result in irreversible loss of digital assets. The company may have limited recourse in the event of such losses.
Legal and Tax Uncertainty
The tax treatment of digital assets remains uncertain in many jurisdictions and is subject to change. The company may face unexpected tax liabilities, reporting obligations, or penalties due to evolving interpretations by tax authorities. Changes in tax law or policy could have a material adverse effect on the company’s business, financial condition, and results of operations.
Anti-Money Laundering (AML) and Know Your Customer (KYC) Compliance
Non-compliance with global AML/KYC standards can result in severe penalties, loss of banking relationships, or exclusion from key markets. The company is subject to complex and evolving AML/KYC regulations in multiple jurisdictions, and failure to maintain effective compliance programs could expose the company to regulatory enforcement actions and reputational harm.
Network and Consensus Attacks
Digital currencies and blockchain networks are susceptible to various attacks, such as 51% attacks, double-spending, or denial-of-service attacks, which can undermine trust in the platform and result in financial loss. Successful attacks could lead to a loss of assets, disruption of operations, and damage to the company’s reputation.
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Token Volatility and Valuation Risk
The value of digital assets and tokens can be highly volatile, which may impact the company’s balance sheet, collateralization models, or the attractiveness of its products to customers and investors. Significant fluctuations in token prices could result in substantial losses or impair the company’s ability to operate effectively.
Jurisdictional and Cross-Border Risks
Operating in multiple jurisdictions exposes the company to conflicting laws, regulatory arbitrage, and the risk of being subject to enforcement actions in foreign countries, including potential extradition or asset seizure. Compliance with diverse and sometimes contradictory legal requirements increases operational complexity and risk.
Reputational Risk from Association with Illicit Activity
Even with robust compliance, digital asset companies may be inadvertently associated with illicit activities (such as ransomware or darknet markets), which can damage reputation and result in de-banking or regulatory scrutiny. Negative publicity or association with criminal activity could materially harm the company’s business and prospects.
Smart Contract and Code Vulnerabilities
Many digital asset platforms rely on smart contracts, which, if not properly audited, can contain bugs or vulnerabilities that may be exploited, leading to loss of funds or operational disruption. The company may be unable to prevent or mitigate losses resulting from such vulnerabilities.
Insurance Limitations
Insurance coverage for digital assets is limited and may not cover all types of losses, especially those resulting from cyberattacks, fraud, or regulatory actions. The Company may be unable to obtain adequate insurance at reasonable rates, or at all, which could leave it exposed to significant financial losses.
Forks and Airdrops
Blockchain forks or airdrops can create operational, legal, and tax complexities, including disputes over asset ownership, accounting treatment, and compliance with securities laws. The Company may face challenges in managing and accounting for such events, which could result in financial or legal exposure.
| Item 2. | Unregistered Sales of Equity Securities |
None.
| Item 3. | Defaults Upon Senior Securities |
None.
| Item 4. | Mine Safety Disclosures |
Not applicable.
| Item 5. | Other Information |
Rule
10b-5(1) Trading Plans. During the three months ended September 30, 2025, no director or officer of the Company
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| Item 6. | Exhibits |
Exhibit Number |
Exhibit Description | |
| 3.1 | Certificate of Amendment to Certificate of Incorporation. | |
| 31.1 | Certification of Chief Executive and Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act Of 2002 | |
| 32.1 | Certification of Chief Executive and Financial Officer Pursuant to 18 U.S.C. 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** | |
| ** | The certifications furnished herein are deemed to accompany this Form 10-Q and are not deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall they be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document |
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: November 14, 2025 | ||
|
I-ON DIGITAL CORP. | |
| By: | /s/ Carlos X. Montoya | |
| Carlos X. Montoya | ||
Chairman, President (Principal Executive, Financial and Accounting Officer) | ||
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FAQ
What were IONI’s Q3 2025 revenues and profit metrics?
What drove IONI’s Q3 2025 revenue?
What is IONI’s liquidity position as of September 30, 2025?
Are there any debt issues noted in the filing?
How many IONI shares are outstanding?
Were internal controls effective in Q3 2025?
What are the key balance sheet drivers?
