Quarterly report pursuant to Section 13 or 15(d)

Condensed Interim Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net income (loss) $ 26,867 $ (14,867)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation 1,905 2,381
Depreciation and amortization 8,584 1,493
Amortization of license fee revenue (48) (48)
Amortization of right of use assets 54 648
Deferred income tax expense 3,730
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 (16,393)
Realized gain on sale/exchange of long-term investment (26,260)
Realized gain on sale/exchange of cryptocurrencies (29) (106)
Unrealized gain on marketable equity securities (339)
Gain on sale of equipment (35)
Changes in assets and liabilities:    
Accounts receivable 1,045
Prepaid expenses and other current assets 2,373 1,206
Cryptocurrencies - mining, net of mining pool operating fees (54,139) (4,216)
Accounts payable 15,036 141
Accrued expenses 2,379 (278)
Customer deposits 2,693
Deferred revenue (12,071)
Lease liability (87) (649)
Net cash used in operating activities (27,193) (5,286)
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 digital currencies 33
Proceeds from the sale of equipment 98
Deposits on equipment (84,986) (5,520)
Purchases of property and equipment, including construction in progress (7,126) (1,449)
Patent costs incurred (16) (28)
Net cash used in investing activities (131,174) (6,899)
Cash flows from financing activities    
Proceeds from the issuance of common stock / At-the-market offering 84,817 14,610
Offering costs for the issuance of common stock / At-the-market offering (2,137) (504)
Proceeds from exercise of common stock warrants 806
Repurchase of common shares to pay employee withholding taxes (1,318) (221)
Net cash provided by financing activities 82,168 13,885
Net increase in cash and cash equivalents (76,199) 1,700
Cash and cash equivalents at beginning of period 223,382 7,440
Cash and cash equivalents at end of period 147,183 9,140
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 40,993
Conversion of preferred stock to common stock $ 11