Quarterly report pursuant to Section 13 or 15(d)

Condensed Interim Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net income (loss) $ 7,530 $ (4,277)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation 936 1,914
Depreciation and amortization 2,846 663
Amortization of license fee revenue (24) (24)
Amortization of right of use assets 643
Impairment of cryptocurrencies 989
Realized gain on sale/exchange of cryptocurrencies (106)
Gain on sale of equipment (17)
Changes in assets and liabilities:    
Prepaid expenses and other current assets 628 543
Cryptocurrencies - mining, net of mining pool operating fees (22,941) (2,326)
Accounts payable 2,186 (135)
Accrued expenses 2,850 45
Lease liability (571)
Net cash used in operating activities (5,989) (2,659)
Cash flows from investing activities    
Proceeds from the sale of equipment 18
Deposits on equipment (56,353)
Purchases of property and equipment (2,270)
Patent costs incurred (38) (27)
Net cash used in investing activities (58,661) (9)
Cash flows from financing activities    
Proceeds from the issuance of common stock / At-the-market offering 84,817 9,495
Offering costs for the issuance of common stock / At-the-market offering (2,137) (311)
Proceeds from exercise of common stock warrants 806
Repurchase of common shares to pay employee withholding taxes (1,206)
Net cash provided by financing activities 82,280 9,184
Net increase in cash and cash equivalents 17,630 6,516
Cash and cash equivalents at beginning of period 223,382 7,440
Cash and cash equivalents at end of period 241,012 13,956
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 to settle previously accrued executive compensation 175
Reclassification of deposits to property and equipment 18,716 1,449
Conversion of preferred stock to common stock $ 11