Company: GEDC
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001641172-25-002190
Chunk: 587

Company: CalEthos, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 5
Chunk 587
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 evaluating the overall presentation of the financial statements. We believe that our audits provide
a reasonable basis for our opinion.

Critical
Audit Matters

The critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required
to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements
and (2) involved our especially challenging, subjective or complex judgments. RBSM determined there were no CAM’s for the audit
of the year ended December 31, 2024.

/s/
RBSM LLP

We have served as the Company’s
auditor since 2018.

New York, NY

April 1, 2025

PCAOB
ID No. 587

F-2

CalEthos,
Inc.

Consolidated
Balance Sheets

As
of December 31,

    2024  
    2023 

    Assets 

    Current assets 

    Cash and cash equivalents 
    $286,000  
    $308,000 
  
    Prepaid and other current expenses 
     10,000  
     10,000 
  
    Total current assets 
     296,000  
     318,000 
  
    Data center Campus costs 
     5,849,000  
     2,262,000 
  
    Total assets 
    $6,145,000  
    $2,580,000 

    Liabilities and stockholders’ equity 

    Current liabilities 

    Accounts payable and accrued expenses 
    $504,000  
    $670,000 
  
    Convertible promissory notes, net 
     -  
     341,000 
  
    Notes payable, net of discount 
     11,000  
     11,000 
  
    Total current liabilities 
     515,000  
     1,022,000 

    Convertible debentures, net 
     1,313,000  
     - 
  
    Total liabilities 
     1,828,000  
     1,022,000 

    Stockholders’ equity 

    Series A convertible preferred stock, par value $0.001, 3,600,000 shares authorized; no shares issued and outstanding 
     -  
     - 
  
    Preferred stock, par value $0