v3.24.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (73,421) $ (90,791)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Amortization of debt issuance costs, commitment fees and accretion of debt discount 19,515 11,676
Related party expense to be settled with respect to common stock 2,917 2,083
Common stock issued for interest expense 26 82
Stock-based compensation expense 5,859 1,568
Depreciation 28,350 6,667
Amortization of right-of-use asset 1,001 303
Increase in digital currency from mining (63,877) (10,810)
Impairment of digital currency 3,043 1,457
Realized gain on sale of digital currency (3,174) (569)
Proceeds from sale of digital currency 83,902 9,739
Loss on disposals of property, plant, and equipment 1,209 0
Loss on nonmonetary miner exchange 0 804
Loss on extinguishment of debt 0 2,054
Deferred income tax benefit 0 (256)
Equity in net loss of investee, net of tax 9,290 15,712
Loss from discontinued operations, net of tax 129 4,857
Changes in operating assets and liabilities:    
Decrease (increase) in prepaid expenses 555 (3,601)
Decrease in amounts due from related parties 0 815
Increase in other receivables (1,001) 0
Increase in other current assets (215) (46)
Decrease (increase) in other assets 310 (994)
(Decrease) increase in accounts payable (7,272) 10,197
(Decrease) increase in other accrued liabilities (931) 5,916
(Decrease) increase in other amounts due to related parties (2,013) 700
(Decrease) increase in operating lease liability (42) 175
Net cash provided by (used in) operating activities from continuing operations 4,160 (32,262)
Net cash provided by (used in) operating activities from discontinued operations 103 (1,804)
Net cash provided by (used in) operating activities 4,263 (34,066)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investments in joint venture, including direct payments made on behalf of joint venture (2,845) (46,172)
Reimbursable payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner 0 (11,741)
Reimbursement of payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner 0 11,716
Purchase of and deposits on plant and equipment (75,168) (61,116)
Proceeds from sale of net assets held for sale 0 13,266
Net cash used in investing activities (78,013) (94,047)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of long-term debt, net of issuance costs paid of $0 and $38 0 22,462
Principal payments on long-term debt (6,599) 0
Proceeds from insurance premium and property, plant and equipment financing 2,513 7,041
Principal payments on insurance premium and property, plant and equipment financing (2,738) (4,924)
Proceeds from issuance of promissory notes to stockholders 0 3,416
Proceeds from issuance of common stock, net of issuance costs paid of $1,051 and $142 135,917 47,326
Proceeds from warrant issuances in conjunction with equity offerings 2,500 5,700
Payments of tax withholding related to net share settlements of stock-based compensation awards (2,013) 0
Proceeds from issuance of preferred stock 0 9,566
Proceeds from issuance of convertible promissory note 1,250 14,700
Principal payments on convertible promissory note 0 (15,306)
Payment of contingent value rights liability related to proceeds from sale of net assets held for sale (10,964) 0
Net cash provided by financing activities 119,866 89,981
Net change in cash, cash equivalents and restricted cash 46,116 (38,132)
Cash, cash equivalents and restricted cash at beginning of period 8,323 46,455
Cash, cash equivalents and restricted cash at end of period 54,439 8,323
Cash paid during the period for:    
Interest 19,572 13,989
Income taxes $ 0 $ 0

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