Company: HSDTW
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001104659-25-113714
Chunk: 28

Company: Solana Co
Filing Date: 2025-11-18
Form: 10-Q
Item: Part I, Item 8
Chunk 28
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Notes to Unaudited Condensed Consolidated Financial Statements

1.    BUSINESS ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATIONSolana Company (together with its wholly owned subsidiaries the “Company”), formerly known as Helius Medical Technologies, Inc., is a U.S. publicly listed company building a long-term strategic digital asset treasury of Solana tokens (“SOL”). The Company is working to provide its shareholders with simplified exposure to the Solana network with institutional level investment management. At the same time, the Company continues to execute the commercialization of the PoNS device. SOL is the native token of the Solana network. Solana is fast, cheap and accessible, processing 912 transactions per second with <400ms block time and consistent uptime, <$0.01 fees per transaction that enables high volume activities and is accessible by anyone with a smart phone or internet connection. Solana is a widely adopted blockchain with 7,500+ new developers onboarded in 2024.Beginning in September 2025, the Company used the proceeds from its capital raising activities to acquire and deploy SOL to earn staking yield. Basis of PresentationThe accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 that was filed with the Securities and Exchange Commission on March 25, 2025 (“2024 10-K”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") have been condensed or omitted. There have been no material changes to the Company's significant accounting policies from those described in the 2024 Form 10-K other than those described in Note 2 to our unaudited condensed consolidated financial statements.The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair statement of the results for the interim periods presented. All such adjustments, unless otherwise noted herein, are of a normal, recurring nature. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full