v3.24.1.1.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (9,613) $ (26,257)
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 7,593 3,549
Related party expense to be settled with respect to common stock 0 313
Common stock issued for interest expense 0 26
Stock-based compensation expense 6,931 876
Depreciation 15,088 5,433
Amortization of right-of-use asset 252 250
Increase in digital currency from mining and hosting services (41,537) (9,940)
Gain on fair value of digital currency, net (1,329) 0
Realized gain on sale of digital currency 0 (603)
Impairment of digital currency 0 627
Proceeds from sale of digital currency 54,391 9,982
Loss on extinguishment of debt 2,027 0
Equity in net (income) loss of investee, net of tax (5,275) 10,167
Loss from discontinued operations, net of tax 0 35
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 567 717
Increase in other receivables (667) 0
Increase in other current assets (67) (241)
Decrease (increase) in other assets 22 (83)
Decrease in accounts payable (1,686) (2,435)
Decrease in other accrued liabilities (3,906) (1,354)
Increase in other amounts due to related parties 67 325
Decrease in operating lease liability (12) (10)
Net cash provided by (used in) operating activities from continuing operations 22,846 (8,623)
Net cash used in operating activities from discontinued operations 0 (90)
Net cash provided by (used in) operating activities 22,846 (8,713)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investments in joint venture, including direct payments made on behalf of joint venture 0 (2,285)
Purchase of and deposits on plant and equipment (46,979) (9,986)
Net cash used in investing activities (46,979) (12,271)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on long-term debt (33,412) 0
Payments of prepayment fees associated with early extinguishment of long-term debt (314) 0
Proceeds from insurance premium and property, plant and equipment financing 0 295
Principal payments on insurance premium and property, plant and equipment financing (827) (1,451)
Proceeds from issuance of common stock, net of issuance costs paid of $0 and $1,051 50,722 26,562
Proceeds from common stock to be issued, net of issuance costs of $0 and $56 0 4,390
Proceeds from warrant issuances 0 2,500
Payments of tax withholding related to net share settlements of stock-based compensation awards (651) 0
Proceeds from issuance of convertible promissory note 0 1,250
Payment of contingent value rights liability related to proceeds from sale of net assets held for sale 0 (3,899)
Net cash provided by financing activities 15,518 29,647
Net change in cash and cash equivalents (8,615) 8,663
Cash and cash equivalents at beginning of period 54,439 8,323
Cash and cash equivalents at end of period 45,824 16,986
Cash paid during the period for:    
Interest 3,726 5,399
Income taxes $ 0 $ 0

Source