v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income (loss) $ (330,705) $ 26,867
Adjustments to reconcile net income to net cash used in operating activities:    
Stock-based compensation 3,743 1,905
Depreciation and amortization 34,807 8,584
Amortization of license fee revenue (48) (48)
Amortization of right of use assets 807 54
Income tax expense (5,887) 3,730
Impairment of cryptocurrencies 126,177 17,507
Impairment of goodwill 349,148  
Change in fair value of derivative asset (104,614) (16,393)
Change in fair value of contingent consideration 176
Realized loss on sale of marketable equity securities 1,624
Realized gain on sale/exchange of long-term investment (26,260)
Realized gain on sale/exchange of cryptocurrencies (23,589) (29)
Unrealized (gain)/loss on marketable equity securities 6,448 (339)
Gain on exchange of equipment (8,614)
Cryptocurrencies - mining, net (102,734) (54,106)
Changes in assets and liabilities:    
Proceeds from sale of cryptocurrencies 33,116
Accounts receivable (693) 1,045
Costs and estimated earnings in excess of billings (3,917)
Prepaid expenses and other current assets (5,858) 2,373
Future power credits 29,451
Accounts payable (1,276) 15,036
Billings in excess of costs and estimated earnings 1,125
Accrued compensation (2,680) 659
Accrued expenses (10,607) 1,720
Customer deposits 2,032 2,693
Deferred revenue (1,089) (12,071)
Lease liability (736) (87)
Net cash used in operating activities (14,393) (27,160)
Cash flows from investing activities    
Proceeds from the sale of marketable equity securities 704
Acquisition of Whinstone, net of cash acquired (40,879)
Proceeds from the sale of long-term investments 1,800
Deposits on equipment (192,485) (84,986)
Other deposits (709)
Purchases of property and equipment, including construction in progress (77,403) (7,126)
Patent costs incurred (28) (16)
Net cash used in investing activities (269,921) (131,207)
Cash flows from financing activities    
Proceeds from the issuance of common stock / At-the-market offering 272,737 84,817
Offering costs for the issuance of common stock / At-the-market offering (5,715) (2,137)
Proceeds from exercise of common stock warrants 806
Payments on contingent consideration liability – future power credits (15,725)
Repurchase of common shares to pay employee withholding taxes (8,815) (1,318)
Net cash provided by financing activities 242,482 82,168
Net decrease in cash and cash equivalents (41,832) (76,199)
Cash and cash equivalents at beginning of period 312,315 223,382
Cash and cash equivalents at end of period 270,483 147,183
Supplemental disclosure of cash flow information:    
Cash paid for interest
Cash paid for taxes
Supplemental disclosure of noncash investing and financing activities:    
Issuance of common stock for business combination 326,152
Reclassification of deposits to property and equipment 96,348 40,993
Conversion of preferred stock to common stock 11 11
Property and equipment obtained in exchange transaction $ 10,409

Source