10-K: Dogecoin Cash Reports Deepened Losses on Digital Asset Impairment
Annual Report
Dogecoin Cash, Inc. posted a substantially wider net loss for fiscal year 2025, primarily due to a significant impairment charge on its digital asset holdings, despite a reduction in its operating loss from core telemedicine services.
Summary
- Net loss widened significantly to $(10,043,831) in 2025 from $(1,780,240) in 2024, primarily due to a $9,451,890 impairment expense on digital currency.
- Revenue from telemedicine services decreased by 8% to $738,907 in 2025 from $802,704 in 2024, attributed to increased competition in the cannabis telemedicine industry.
- Operating expenses decreased by 14% to $1,019,906 in 2025, driven by reductions in professional fees, depreciation, wages, and advertising.
- Cash on hand decreased to $29,553 at December 31, 2025, from $34,934 in 2024.
- The company has an accumulated deficit of $84,389,964 as of December 31, 2025, which raises substantial doubt about its ability to continue as a going concern.
- A special distribution of Dogecoin Cash Units was declared to shareholders of record as of December 22, 2025, with the underlying tokens not withdrawable until January 7, 2027.
Sentiment
Score: 2
Explanation: StockSavvy.ai views this filing with significant concern due to the massive net loss driven by digital asset impairment, declining core revenue, and explicit 'going concern' doubt, overshadowing any operational cost efficiencies.
Positives
- Net loss from continuing operations improved by 21% to $(546,703) in 2025 from $(693,229) in 2024.
- Net loss attributable to Dogecoin Cash, Inc. improved to $(573,391) in 2025 from $(1,730,340) in 2024.
- Total operating expenses decreased by 14% in 2025, reflecting cost consolidation efforts including reductions in professional fees, wages, and advertising.
- Cash used in operating activities decreased to $39,583 in 2025 from $107,671 in 2024.
- Gross profit margin increased to 64% in 2025 from 61% in 2024.
Negatives
- Overall net loss significantly widened to $(10,043,831) in 2025, primarily due to a $9,451,890 impairment expense on digital currency.
- Revenue from core telemedicine services declined by 8% to $738,907 in 2025, attributed to increased market competition.
- Cash on hand decreased to $29,553 at year-end 2025.
- Accumulated deficit increased to $84,389,964 as of December 31, 2025.
- Financing activities provided less capital in 2025 ($34,202) compared to 2024 ($60,092).
- The company faces substantial doubt about its ability to continue as a going concern.
Risks
- Dependence on telemedicine revenue, which is subject to increased competition.
- Regulatory changes affecting telemedicine or medical cannabis programs could impact operations and increase compliance costs.
- Competition from larger telemedicine providers with greater financial resources and infrastructure.
- Reliance on third-party physicians for the PrestoDoctor platform.
- Potential need for additional capital to fund future expansion and operations.
- Cannabis remains a Schedule I controlled substance under federal law, posing regulatory uncertainty and legal risks for any future cannabis-related product or licensing activities.
- Cybersecurity risks related to information technology systems and third-party service providers.
- Limited liquidity of common stock on the OTCQB Venture Market.
- The company's accumulated deficit of $84,389,964 raises substantial doubt about its ability to continue as a going concern.
- Raising capital through equity or convertible debt will cause dilution to current shareholders.
- Digital asset market instability, low trading volume, limited exchange availability, high price volatility, and minimal market depth for Dogecoin Cash tokens.
Future Outlook
The company plans to continue expanding its telemedicine platform while maintaining a capital-efficient operating structure. Future expansion may necessitate additional capital, which the company intends to raise through public offerings of equity or private placements of equity or convertible debt. Success in these capital-raising efforts is crucial for aggressive business plan execution, though it will lead to shareholder dilution. The company also intends to appoint additional independent directors as it grows.
Management Comments
- The reason for the decrease in revenue is there is a significant increase in competition for market share in the cannabis tele-medicine industry.
- Advertising costs were reduced by taking a more focused approach to our target markets.
- PrestoDoctor salaries decreased with an effort to consolidate and reduce employees and officers reducing their salaries.
- Professional fees decreased due to a decrease in legal and accounting.
- Management identifies and manages risks facing the Company, while the Board exercises oversight as part of its overall supervision of the Company's business and affairs.
Industry Context
StockSavvy.ai notes that Dogecoin Cash, Inc. operates in the evolving and highly regulated telemedicine sector, specifically targeting medical cannabis evaluations. This niche faces increasing competition, as indicated by the company's revenue decline. The company's significant digital asset impairment highlights the extreme volatility and speculative nature of the blockchain and cryptocurrency markets, a stark contrast to its primary, regulated healthcare business. The strategic shift towards digital assets, while potentially offering long-term upside, introduces substantial risk and financial instability, diverging from traditional healthcare technology trends.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Chairman | NA | David M. Tobias | 2025-01-01 | Appointed by the Board of Directors. |
Legal Proceedings
- The company is not currently a party to any material legal proceedings.
Related Party Transactions
- Officers' wages totaled $50,645 in 2025, down from $82,737 in 2024.
- Board of director fees were $0 in 2025, down from $23,750 in 2024.
- Consulting expense to David Tobias (CEO & Director) was $187,500 for both 2025 and 2024.
- Director fees to Mr. Tobias were $0 in 2025, down from $6,250 in 2024.
- The company owed Mr. Tobias $681,250 in stock payable for consulting services and director fees as of December 31, 2025.
- The company owed the Estate of Brad Herr (prior CFO) $100,000 in stock payable for consulting services and director fees as of December 31, 2025.
- Consulting expense to Patrick Bilton (COO) was $0 in 2025, down from $84,375 in 2024.
- The company owed Mr. Bilton $253,125 in stock payable for consulting services as of December 31, 2025.
- Consulting expense to Catherine J. Carroll (Treasurer & Director) was $50,000 for both 2025 and 2024.
- Director fees to Ms. Carroll were $0 in 2025, down from $5,000 in 2024, with her compensation increasing her note payable.
- David Tobias loaned money to the company in 2025 and 2024, bearing 5% interest per annum.
- David Tobias repaid $18,557 of short swing profit to the company in 2025, deducted from his note payable.
- Catherine J. Carroll's note payable balance was $214,250 at December 31, 2025, bearing 5% interest per annum.
- Trevor Reed (Director) loaned $8,000 to the company in 2024, bearing 10% interest (increasing to 12% if unpaid by June 4, 2025).
- An advance of $75,055 to MJ Harvest, Inc. (a related party with common directors) was allowed for as bad debt in April 2025 due to MJ Harvest's delisting.
- An advance of $1,250 to a director for consulting services was outstanding at December 31, 2025.
Stakeholder Impact
- Shareholders face significant dilution risk from potential future capital raises. The special distribution of Dogecoin Cash Units may offer speculative value but is illiquid until 2027. The substantial net loss and going concern warning negatively impact shareholder value.
- Employees experienced salary reductions as part of cost consolidation efforts.
- Creditors hold various convertible notes and notes payable, including significant amounts owed to related parties, indicating reliance on insider financing.
- Customers (Patients) continue to have access to telemedicine services through PrestoDoctor, but the company's financial instability could pose long-term risks to service continuity.
Next Steps
- Continue expanding the telemedicine platform.
- Evaluate technology initiatives through subsidiaries.
- Seek to raise additional capital for working capital and future expansion.
- Appoint additional independent directors as the company grows.
- Monitor market developments for digital asset holdings and evaluate potential impairment or revaluation.
- Continue efforts to collect the $75,055 advance from MJ Harvest, Inc.
- Dogecoin Cash Units distributed to shareholders will not be withdrawable until on or after January 7, 2027.
Key Dates
| Date | Description |
|---|---|
| 2004-11-01 | Company incorporated as Ultra Sun Corp. |
| 2013-11-13 | Name changed to Cannabis Sativa, Inc. |
| 2017-08-01 | Acquisition of PrestoCorp, Inc. |
| 2020-09-25 | Adopted Cannabis Sativa 2020 Stock Plan. |
| 2021-01-27 | 2020 Stock Plan shares authorized increased to 2,000,000. |
| 2021-12-31 | Received CBDG shares as consideration for sale of iBud and GKMP. |
| 2022-04-12 | PrestoCorp signed a two-year lease in New York. |
| 2022-08-08 | Entered into Merger Agreement with MJ Harvest, Inc. |
| 2023-01-01 | Entered into convertible note agreement with Carolyn Merrill ($72,262 principal). |
| 2023-08-01 | MJ Harvest merger agreement effectively abandoned with the SEC. |
| 2023-12-19 | $11,500 of Carolyn Merrill's note converted to 6,700,000 common shares. |
| 2024-01-01 | CBDG preferred shares returned to CBDG. |
| 2024-01-15 | Entered into convertible note agreement with Carolyn Merrill ($75,000 principal). |
| 2024-01-29 | $6,916 of Carolyn Merrill's note converted to 1,900,000 common shares. |
| 2024-04-12 | PrestoCorp signed a new 12-month lease. |
| 2024-05-01 | New PrestoCorp lease commenced. |
| 2024-05-22 | Entered into convertible note agreement with Quick Capital, LLC ($33,333 principal). |
| 2024-08-05 | Entered into convertible note agreement with Colonial Stock Transfer Company, Inc. ($15,626 principal). |
| 2024-10-01 | $10,045 of Carolyn Merrill's note converted to 3,500,000 common shares. |
| 2024-10-01 | 5,539 common shares issued for shorted conversion on December 19, 2023. |
| 2024-11-13 | Name changed to Dogecoin Cash, Inc. |
| 2024-11-13 | Acquired 100% of DogeSPAC LLC, issuing 4,500,000 Series A Preferred Stock. |
| 2024-11-25 | Record date for preferred stock dividend (1 share preferred for every 1,000 common shares held). |
| 2024-12-18 | Quick Capital converted $23,024 note plus interest/fees into 6,837,782 common shares. |
| 2025-04-01 | MJ Harvest, Inc. delisted from OTC markets, leading to allowance for bad debt on $75,055 advance. |
| 2025-05-21 | Quick Capital converted $10,831 note plus fees into 843,941 common shares. |
| 2025-05-22 | Entered into agreement with Bots, Inc. to purchase 420,000,000 Dogecoin Cash tokens. |
| 2025-05-31 | Preferred shares totaling 152,675 issued to satisfy 2024 dividend. |
| 2025-06-12 | 4,200,000 common shares issued to Bots, Inc. for Dogecoin Cash tokens. |
| 2025-06-25 | Meme Coins Inc. acquired 3,000,000,000 Dogecoin Cash tokens from Tipestry, Inc. |
| 2025-08-19 | Entered into convertible note agreement with Colonial Stock Transfer Company, Inc. ($15,843 principal). |
| 2025-10-29 | Meme Coins Inc. acquired 4,000,000,000 Dogecoin Cash tokens from Tipestry, Inc. |
| 2025-11-25 | Eligibility date for Series A Preferred Stock dividend for fiscal year 2025. |
| 2025-12-22 | Record date for special distribution of Dogecoin Cash Units to shareholders. |
| 2025-12-31 | Fiscal year ended. |
| 2026-02-28 | 160,109,031 common shares outstanding and 71 holders of record. |
| 2026-03-15 | Beneficial ownership reporting date. |
| 2026-03-20 | Audit report date. |
| 2026-03-27 | Annual Report on Form 10-K filed. |
| 2027-01-07 | Earliest date Dogecoin Cash tokens may be withdrawn by unit holders. |
| 2034-10-25 | Latest date for redemption of Series A Preferred Stock at the Company's option. |
Recommendation
strong sellThe company's financial position is highly precarious, marked by a substantial net loss of over $10 million in 2025, primarily due to a massive digital asset impairment. This, coupled with declining core telemedicine revenue and an accumulated deficit exceeding $84 million, has led to a 'going concern' warning from auditors. The stated need for future capital raises, which will dilute existing shareholders, and the inherent volatility and illiquidity of its digital asset strategy, present an exceptionally high-risk profile. The abandonment of the MJ Harvest merger and the write-off of related advances further underscore operational and strategic challenges. For a seasoned investor, these factors collectively point to a strong sell recommendation, as the risks far outweigh any potential upside in the near to medium term.
Keywords
Telemedicine, Medical Cannabis, Digital Assets, Blockchain, PrestoDoctor, DOGP, SEC Filing, Annual Report, Healthcare Technology, Cryptocurrency Impairment, Going Concern
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