v3.24.2.u1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue $ 35,574,000 $ 15,456,000 $ 78,007,000 $ 26,989,000
Cost of revenue (exclusive of depreciation shown below) 13,918,000 5,113,000 28,326,000 10,115,000
Gross profit 21,656,000 10,343,000 49,681,000 16,874,000
Cost of operations:        
Depreciation 14,133,000 6,428,000 29,221,000 11,861,000
Loss (gain) on fair value of digital currency, net 700,000 0 (629,000) 0
Realized gain on sale of digital currency 0 (583,000) 0 (1,186,000)
Impairment of digital currency 0 682,000 0 1,309,000
Total cost of operations 28,421,000 16,188,000 58,762,000 31,940,000
Operating loss (6,765,000) (5,845,000) (9,081,000) (15,066,000)
Interest expense (5,325,000) (8,450,000) (16,370,000) (15,284,000)
Loss on extinguishment of debt 0 0 (2,027,000) 0
Other income 447,000 54,000 947,000 54,000
Loss before income tax and equity in net income (loss) of investee (11,643,000) (14,241,000) (26,531,000) (30,296,000)
Income tax benefit 0 0 0 0
Equity in net income (loss) of investee, net of tax 767,000 (3,296,000) 6,042,000 (13,463,000)
Loss from continuing operations (10,876,000) (17,537,000) (20,489,000) (43,759,000)
Loss from discontinued operations, net of tax 0 (3,000) 0 (38,000)
Net loss (10,876,000) (17,540,000) (20,489,000) (43,797,000)
Preferred stock dividends (292,000) (265,000) (578,000) (524,000)
Net loss available to common stockholders, basic (11,168,000) (17,805,000) (21,067,000) (44,321,000)
Net loss available to common stockholders, diluted $ (11,168,000) $ (17,805,000) $ (21,067,000) $ (44,321,000)
Loss per common share:        
Continuing operations, basic (in dollars per share) $ (0.03) $ (0.08) $ (0.07) $ (0.24)
Continuing operations, diluted (in dollars per share) (0.03) (0.08) (0.07) (0.24)
Discontinued operations, basic (in dollars per share) 0 0 0 0
Discontinued operations, diluted (in dollars per share) 0 0 0 0
Loss per common share, basic (in dollars per share) (0.03) (0.08) (0.07) (0.24)
Loss per common share, diluted (in dollars per share) $ (0.03) $ (0.08) $ (0.07) $ (0.24)
Weighted average common shares outstanding:        
Basic (in shares) 340,662,826 210,421,237 315,714,178 187,843,663
Diluted (in shares) 340,662,826 210,421,237 315,714,178 187,843,663
Nonrelated Party        
Cost of operations:        
Operating expenses – related party $ 797,000 $ 468,000 $ 1,582,000 $ 776,000
Selling, general and administrative expenses – related party 9,113,000 5,878,000 21,402,000 12,370,000
Related Party        
Cost of operations:        
Operating expenses – related party 875,000 639,000 1,763,000 1,236,000
Selling, general and administrative expenses – related party $ 2,803,000 $ 2,676,000 $ 5,423,000 $ 5,574,000

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