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Unaudited Condensed Consolidated Statement of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (15,753,000) $ (9,533,000)
Adjustments to reconcile net loss to cash (used in) provided by operating activities    
Impairment of digital assets 233,000
Realized gain from sale of digital assets (467,000)
Realized gain from use of digital assets (3,800,000)
Unrealized gain on digital assets (1,385,000)
Depreciation expense 6,539,000 7,839,000
Forfeiture of restricted stock grants (1,910,000)
Compensation cost related to restricted common stock awards 348,000 763,000
Fair value of common stock issued to consultants 1,447,000
Compensation for services contributed by the Company’s president 126,000
Unrealized loss (gain) on marketable securities 272,000 (1,000)
Loss on asset disposal 146,000 53,000
Change in fair value of notes payable 6,895,000 9,053,000
Interest expense 608,000 368,000
Digital asset revenue (13,005,000) (9,803,000)
Changes in operating assets and liabilities    
Proceeds from the sale of digital assets 12,969,000 9,155,000
Accounts receivable 486,000 (167,000)
Prepaid expense 108,000 23,000
Accounts payable and accrued liabilities (457,000) 744,000
Net cash (used in) provided by operating activities (782,000) 2,676,000
CASH FLOWS FROM INVESTING ACTIVITY    
Purchase of mining equipment (1,075,000) (1,542,000)
Proceeds from the sale of miners 171,000
Refundable deposit (50,000) (360,000)
Net cash used in investing activities (954,000) (1,902,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payment for insurance payable (279,000) (24,000)
Issuance of note payable for insurance premiums 65,000
Loan modification payment for BTC note (104,000)
Cash acquired in connection with the reverse recapitalization 500,000
Proceeds from issuance of common stock 2,054,000
Cash expenses for issuance of common stock (235,000)
Net cash provided by (used in) financing activities 2,040,000 (63,000)
Net change in cash 304,000 711,000
Cash-beginning of period 915,000 269,000
Cash-end of period 1,219,000 980,000
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents 1,219,000 960,000
Restricted cash 20,000
Cash and cash equivalents and restricted cash 1,219,000 980,000
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest
Cash paid for income taxes
Non-Cash investing and financing activities:    
Accrued expenses for issuance of common stock 267,000 620,000
Digital assets used for principal and interest payment of note payable $ 3,283,000 $ 6,243,000

Source

10-Q PDF
XBRL