v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (21,300,000) $ (28,599,000)
Adjustments to reconcile net loss to cash (used in) provided by operating activities    
Gain from settlement of BTC Note (6,248,000)
Impairment of digital assets 275,000
Realized gain from sale of digital assets (535,000)
Realized gain from use of digital assets (3,899,000)
Unrealized gain on digital assets (1,566,000)
Impairment of miners 8,335,000
Depreciation expense 11,179,000 14,958,000
Forfeiture of restricted common stock awards (1,910,000)
Compensation cost related to restricted common stock awards 1,588,000 1,508,000
Fair value of common stock issued to consultants 1,884,000
Compensation for services contributed by the Company’s President 250,000
Unrealized loss (gain) on marketable securities 288,000 (168,000)
Loss on asset disposal 146,000 55,000
Change in fair value of BTC Note 8,058,000 13,193,000
Interest expense 914,000 758,000
Digital asset revenue (20,539,000) (21,052,000)
Other 67,000
Changes in operating assets and liabilities    
Proceeds from the sale of digital assets 20,260,000 18,512,000
Accounts receivable 486,000 (456,000)
Prepaid expenses (230,000) (249,000)
Accounts payable and accrued liabilities 1,684,000 1,968,000
Net cash (used in) provided by operating activities (3,396,000) 3,011,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of mining equipment (1,075,000) (1,894,000)
Proceeds from the sale of miners 170,000
Refundable deposit (1,842,000) (360,000)
Net cash used in investing activities (2,747,000) (2,254,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payment for insurance payable (601,000) (109,000)
Issuance of note payable for insurance premiums 569,000
Payment for interest on notes payable (40,000)
Cash paid for legal fees incurred for BTC Note restructuring (230,000)
Proceeds from registered direct offering 670,000
Cash acquired in connection with the reverse recapitalization 500,000
Proceeds from issuance of common stock - private placement 1,395,000
Proceeds from issuance of common stock - ATM 4,043,000
Cash expenses for issuance of common stock (343,000)
Net cash provided by (used in) financing activities 5,963,000 (109,000)
Net change in cash (180,000) 648,000
Cash-beginning of period 915,000 267,000
Cash-end of period 735,000 915,000
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents 735,000 915,000
Restricted cash 8,000
Cash and cash equivalents and restricted cash 735,000 923,000
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 40,000
Cash paid for income taxes 176,000
Non-Cash investing and financing activities:    
Accrued expenses for issuance of common stock 322,000 845,000
ASC 2023-08 fair value adjustment 740,000
Fair value of common stock issued for settlement of BTC Note 5,072,000
Fair value of warrants issued for settlement of BTC Note 3,048,000
Promissory note issued for settlement of BTC Note 5,000,000
Digital assets used for principal and interest payment BTC Note $ 3,665,000 $ 7,770,000

Source

10-K PDF
XBRL