v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (43,222,000) $ (62,896,000)
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 10,931,000 14,316,000
Related party expense to be settled with respect to common stock 0 2,502,000
Common stock issued for interest expense 0 26,000
Stock-based compensation expense 14,181,000 4,023,000
Depreciation 44,864,000 20,085,000
Amortization of right-of-use asset 755,000 750,000
Revenue recognized from digital currency mined and hosting services (104,461,000) (41,936,000)
Gain on fair value of digital currency, net (1,580,000) 0
Realized gain on sale of digital currency 0 (1,883,000)
Impairment of digital currency 0 2,231,000
Proceeds from sale of digital currency 97,559,000 52,570,000
Digital currency paid as consideration for services 278,000 0
Impairment of property, plant, and equipment 355,000 0
Loss on disposals of property, plant, and equipment 0 420,000
Loss on extinguishment of debt 6,300,000 0
Equity in net (income) loss of investee, net of tax (3,363,000) 12,613,000
Loss from discontinued operations, net of tax 0 106,000
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 1,449,000 2,735,000
Increase in other receivables (3,382,000) (2,723,000)
Decrease (increase) in other current assets 336,000 (97,000)
(Increase) decrease in other assets (148,000) 69,000
Increase (decrease) in accounts payable 499,000 (3,936,000)
Decrease in other accrued liabilities (2,499,000) (3,463,000)
Decrease in other amounts due to related parties (515,000) (2,396,000)
Decrease in operating lease liability (35,000) (31,000)
Net cash provided by (used in) operating activities from continuing operations 18,302,000 (6,915,000)
Net cash provided by operating activities from discontinued operations 0 283,000
Net cash provided by (used in) operating activities 18,302,000 (6,632,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investments in joint venture 0 (2,845,000)
Purchase of and deposits on plant and equipment (114,307,000) (41,392,000)
Proceeds from sale of digital currency 31,911,000 0
Net cash used in investing activities (82,396,000) (44,237,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on long-term debt (139,401,000) 0
Payments of prepayment fees associated with early extinguishment of long-term debt (1,261,000) 0
Proceeds from insurance premium and property, plant and equipment financing 211,000 790,000
Principal payments on insurance premium and property, plant and equipment financing (2,103,000) (2,613,000)
Proceeds from issuance of common stock, net of issuance costs paid of $663 and $1,051 188,715,000 57,664,000
Proceeds from exercise of warrants 4,193,000 2,500,000
Payments of tax withholding related to net share settlements of stock-based compensation awards (16,761,000) (852,000)
Proceeds from issuance of convertible promissory note 0 1,250,000
Payment of contingent value rights liability related to proceeds from sale of net assets held for sale 0 (9,598,000)
Net cash provided by financing activities 33,593,000 49,141,000
Net change in cash and cash equivalents (30,501,000) (1,728,000)
Cash and cash equivalents at beginning of period 54,439,000 8,323,000
Cash and cash equivalents at end of period 23,938,000 6,595,000
Cash paid during the period for:    
Interest 6,955,000 15,542,000
Income taxes $ 0 $ 0

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