v3.21.2
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income (loss) $ 11,524 $ (16,584)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation 37,928 2,848
Depreciation and amortization 20,791 2,761
Amortization of license fee revenue (73) (73)
Amortization of right of use assets (25) 367
Deferred income tax expense 3,730
Issuance of common stock warrant for settlement of advisory fees 1,157
Impairment of long-term investment 9,413
Impairment of cryptocurrencies 17,507 989
Reversal of registration rights penalty (1,358)
Change in fair value of derivative asset (23,806)
Change in fair value of contingent consideration 444
Realized gain on sale/exchange of long-term investment (26,260)
Realized gain on sale/exchange of cryptocurrencies (94) (491)
Unrealized loss on marketable equity securities 10,812
Gain on sale of equipment (31)
Changes in assets and liabilities:    
Accounts receivable (2,559)
Prepaid expenses and other current assets 1,881 536
Cryptocurrencies - mining (108,213) (6,623)
Security deposits (3,101)
Future power credits (444)
Accounts payable 1,080 63
Accrued expenses 3,380 (271)
Customer deposits 6,120
Deferred revenue (12,757)
Lease liability (9) (368)
Net cash used in operating activities (60,987) (8,822)
Cash flows from investing activities    
Acquisition of Whinstone, net of cash acquired (40,879)
Proceeds from the sale of long-term investments 1,800
Proceeds from sale of cryptocurrencies 113 1,029
Proceeds from the sale of equipment 96
Deposits on equipment (103,158) (11,354)
Purchases of property and equipment, including construction in progress (78,858) (6,265)
Patent costs incurred (16) (31)
Net cash used in investing activities (220,998) (16,525)
Cash flows from financing activities    
Proceeds from the issuance of common stock / At-the-market offering 120,516 49,551
Offering costs for the issuance of common stock / At-the-market offering (3,045) (1,594)
Proceeds from exercise of common stock warrants 806 388
Repurchase of common shares to pay employee withholding taxes (1,794) (352)
Net cash provided by financing activities 116,483 47,993
Net (decrease) increase in cash and cash equivalents (165,502) 22,646
Cash and cash equivalents at beginning of period 223,382 7,440
Cash and cash equivalents at end of period 57,880 30,086
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
Issuance of common stock to settle previously accrued executive compensation 175
Reclassification of deposits to property and equipment 46,711
Construction in progress included in accrued expenses 1,787
Cryptocurrencies received from sale of equipment 52
Conversion of preferred stock to common stock $ 11

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