v3.24.1.1.u2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (11,744,000) $ (6,910,000)
Adjustments to reconcile net loss to cash (used in) provided by operating activities    
Impairment loss on digital assets 1,000
Realized gain from use of digital assets (2,881,000)
Realized gain on disposition of digital assets (157,000)
Unrealized gain on digital assets (1,703,000)
Depreciation expense 3,247,000 3,981,000
Forfeiture of restricted stock grants (1,515,000)
Compensation cost related to restricted common stock awards 208,000 300,000
Compensation for services contributed by the Company’s President 63,000
Unrealized loss (gain) on marketable securities 216,000 (63,000)
Loss on asset disposal 53,000
Change in fair value of notes payable 9,638,000 8,085,000
Interest expense 287,000 184,000
Digital asset revenue (7,490,000) (4,840,000)
Changes in operating assets and liabilities    
Proceeds from sale of digital assets 6,106,000 5,542,000
Accounts receivable 485,000 (415,000)
Prepaid expense (28,000) 17,000
Accounts payable and accrued liabilities (205,000) 368,000
Net cash (used in) provided by operating activities (983,000) 1,807,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of mining equipment (42,000)
Net cash used in investing activities (42,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock 1,395,000
Cash acquired in connection with the reverse recapitalization 500,000
Payment for insurance payable (90,000) (18,000)
Net cash provided by (used in) financing activities 1,805,000 (18,000)
Net change in cash 822,000 1,747,000
Cash-beginning of period 915,000 269,000
Cash-end of period 1,737,000 2,016,000
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents 1,737,000 2,016,000
Restricted cash 2,000
Cash and cash equivalents and restricted cash 1,737,000 2,018,000
Non-Cash investing and financing activities:    
Value of common stock issued for acquisition of Akerna’s net book value (2,256,000)
Accrued compensation for issuance of common stock 55,000
Digital assets used for principal and interest payment of note payable $ 1,750,000 $ 4,818,000

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