$IP token mark flips the same mark channel between record profit and the loss

Q2 2026: the same mark reverses. The preliminary quarter swings to a $13.8M-$17.8M net loss and the 10-Q is delayed via a Form 12b-25.

Tip: switch the $IP token mark to see the identical channel print the record profit.

Token-treasury accounting flip: the same mark-to-market channel prints record profit and reverses into a Q2 loss plus a delayed 10-Q A PIPE funds the token treasury; the identical mark-to-market channel books a $245.8M gain as net income when the token rises and, when the token falls, produces a $13.8M-$17.8M preliminary net loss, a delayed Form 12b-25 10-Q, and a valuation with no cash-flow floor. Aug 2025 PIPE Q3 2025 mark up Q2 2026 mark down PIPE $223.8M 53.2M $IP tokens bought as reserve Deferred tax $49.4M pegged to the mark 12-month lockup tokens held, not sold tokens token reserve $IP token marked to market, not sold while locked mark mark channel same pipe, both ways token price is the only lever income register marked to market mark $245.8M rev $0.39-0.5M net loss -$13.8 to $17.8M realized unrealized $7.4-9.4M $2.9-4.9M Form 12b-25 Q2 10-Q delayed mark down the loss, now $13.8-$17.8M net loss; 10-Q delayed mark up the "record profit", then +$245.8M gain, now reversed the same mark prints; reversing it, no cash-flow floor economic substance = token-price derivative 1 2 3 4 5
Preliminary Q2 figures are unaudited and may be revised. The specific $IP/$DATA token prices are not attested in the evidence. The micro-cap history is distorted by reverse splits, so no per-share comparison is implied.