Quarterly report pursuant to Section 13 or 15(d)

Long-Term Assets

v3.21.2
Long-Term Assets
9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Long-Term Assets

Note 9. Long-Term Assets

Deposits:

Deposits consisted of the following as of September 30, 2021:

Deposits on equipment

 

Balance at January 1, 2021

$

33,093

 

Additions

103,158

Reclassification to property and equipment

(46,711

)

Balance at September 30, 2021

89,540

Security deposits

4,876

Deposits at September 30, 2021

$

94,416

During the nine months ended September 30, 2021, the Company paid approximately $103.2 million as deposits, primarily for miners, and, as of September 30, 2021, had reclassified $46.7 million to property and equipment in connection with the receipt of 18,603 miners at the Coinmint Facility and the Whinstone Facility. See Note 5, “Revenue from Contracts with Customers”.

Security Deposits:

During the nine months ended September 30, 2021, the Company paid approximately $3.1 million in connection with an amended and restated Transmission/Substation Facility Extension Agreement for the construction of the Oncor-owned Delivery System facilities to serve the expansion of the Whinstone Facility. The deposit can be returned in two tranches: 1) upon verification by Oncor that the load demand meets or exceeds 394 MW, approximately $1.3 million can be returned, and 2) upon verification by Oncor that the load demand meets or exceeds 725 MW, the remaining $1.8 million can be returned. As of September 30, 2021, the Company has security deposits totaling $4.9 million, including its ground lease of $1.8 million.

Right of Use Assets:

See Note 11, “Leases”.